§ 29-3-101. Short Title

This article shall be known and may be cited as the “County and Municipality Development Revenue Bond Act”. Source: L. 67: p. 671, § 1. C.R.S. 1963: § 36-24-1. L. 73: p. 475, § 1.

§ 29-3-102. Legislative Declaration

It is the intent of the general assembly by the passage of this article to authorize counties and municipalities to finance, acquire, own, lease, improve, and dispose of properties to the end that such counties and municipalities may be able to promote industry and develop trade or other economic activity by inducing profit or nonprofit […]

§ 29-3-103. Definitions

As used in this article, unless the context otherwise requires: “Bonds” or “revenue bonds” means bonds, notes, or other securities evidencing an obligation and issued under this article by a county or municipality. “County” means any county within this state. “Finance” or “financing” means the issuing of bonds by a county or municipality and the […]

§ 29-3-104. General Powers

In addition to any other powers, each county and municipality has the following powers: To acquire, whether by construction, purchase, gift, devise, lease, or sublease; to improve and equip; and to finance, refinance, sell, lease, or otherwise dispose of one or more projects or part thereof. If a county issues revenue bonds as provided in […]

§ 29-3-105. Bonds to Be Special Obligations

All bonds issued by a county or municipality under the authority of this article shall be special, limited obligations of the county or municipality. Except as provided in section 29-3-116, the principal of and interest on such bonds shall be payable, subject to the mortgage provisions in this article, solely out of the revenues derived […]

§ 29-3-106. Form and Terms of Bonds – Exemption From Colorado Income Tax

The bonds shall be authorized by resolution of the county commissioners or by ordinance of the municipality; shall be subject to such maximum net effective interest rate; and shall be in such denominations, bear such date, mature at such time not exceeding forty years from their respective dates, bear such interest at a rate, be […]

§ 29-3-107. Bond Security

The principal of, the interest on, and any prior redemption premiums due in connection with the bonds shall be payable from, secured by a pledge of, and constitute a lien on the revenues out of which such bonds shall be made payable. In addition, they may be secured by a mortgage covering all or any […]

§ 29-3-108. Terms of Proceedings and Instruments

The proceedings under which the bonds are authorized to be issued and any mortgage or trust indenture given to secure the same may contain any provisions customarily contained in instruments securing bonds and constituting a covenant with the bondholders, including, but not limited to: Provisions respecting custody of the proceeds from the sale of the […]

§ 29-3-109. Investments and Bank Deposits

The county or municipality may provide that proceeds from the sale of bonds and special funds from the revenues of the project shall be invested and reinvested in such securities and other investments, whether or not any such investment or reinvestment is authorized under any other law of this state, as may be provided in […]

§ 29-3-110. Acquisition of Project

The county or municipality may also provide that: The project and improvements to be constructed, if any, shall be constructed by the county or municipality, the user, the user’s designee, or any one or more of them on real estate owned by the county or municipality, the user, or the user’s designee, as the case […]

§ 29-3-111. Limited Obligation

In making such agreements or provisions, a county or municipality shall not obligate itself, except with respect to the project and the application of the revenues therefrom and bond proceeds therefor. Source: L. 67: p. 674, § 11. C.R.S. 1963: § 36-24-11.

§ 29-3-112. Rights Upon Default

The proceedings authorizing any bonds, or any mortgage securing such bonds, may provide that if there is a default in the payment of the principal of, the interest on, or any prior redemption premiums due in connection with the bonds or in the performance of any agreement contained in such proceedings or mortgage, the payment […]

§ 29-3-113. Determination of Revenue

Prior to entering into a financing agreement for the project and the issuance of bonds in connection therewith, the governing body must determine: The amount necessary in each year to pay the principal of and the interest on the first bonds proposed to be issued to finance such project; The amount necessary to be paid […]

§ 29-3-114. Financing of Project

Prior to the issuance of any bonds authorized by this article, the county or municipality shall enter into a financing agreement with respect to the project with a user providing for payment to the county or municipality of such revenues as, upon the basis of such determinations and findings, will be sufficient to pay the […]

§ 29-3-115. Option to Purchase

A lease may grant the user of a project an option to purchase all or a part of the project at a stipulated purchase price or at a price to be determined upon appraisal as is provided in the lease. The option may be exercised at such time as the lease may provide. The county […]

§ 29-3-116. Refunding

Any bonds issued pursuant to the provisions of this article and at any time outstanding may be refunded at any time and from time to time by a county or municipality by the issuance of its refunding bonds in such amount as the governing body may determine to refund the principal of the bonds to […]

§ 29-3-117. Application of Proceeds

The proceeds from the sale of any bonds shall be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such proceeds are not needed for the purpose for which the bonds were issued, such unneeded portion of the proceeds shall be applied to the payment […]

§ 29-3-118. No Payment by County or Municipality

No county or municipality has the power to pay out of its general fund or otherwise contribute any part of the costs of acquiring a project and, unless specifically acquired for uses of the character described in this article or unless the land is determined by the governing body to be no longer necessary for […]

§ 29-3-119. No County or Municipal Operation

When all principal of, interest on, and any prior redemption premium due in connection with the bonds issued for a project leased to a user have been paid in full and in the event the option to purchase or option to renew the lease, if any, contained in the lease has not been exercised as […]

§ 29-3-120. Payment in Lieu of Taxes

Pursuant to section 4 of article X of the state constitution, all property owned by a county or municipality pursuant to this article shall be and remain exempt from taxation. Nevertheless, any county or municipality acquiring or extending any project as provided in this article shall annually pay, solely out of the revenues from the […]