Colorado § 23-71-407 - Short-term loans.
Full text of Colorado Colorado Revised Statutes § 23-71-407 — Short-term loans., with citation guidance and answers to common questions.
§ 23-71-407. Short-term loans.
The board of trustees of any district may negotiate or contract with any person, corporation, association, or company for a loan not to exceed the difference between the anticipated revenues for the current fiscal year for the general fund and the amount credited to date to said general fund in order to eliminate the necessity of issuing registered warrants upon said general fund. Such loan shall be liquidated within six months thereafter from moneys subsequently credited to said general fund. The total rate of interest, including fees to be paid on such loan, shall not exceed seventy-five percent of the discount rate set by the federal reserve board for the tenth federal reserve district establishing the rate of interest which federal reserve banks shall charge member banks when such member banks borrow money from a federal reserve bank.
Source: L. 75: Entire article added, p. 766, § 1, effective July 1. L. 80: Entire section amended, p. 556, § 2, effective April 13. L. 86: Entire section amended, p. 860, § 40, effective July 1.
PART 5
BONDED INDEBTEDNESS
Frequently Asked Questions About Colorado § 23-71-407
What does Colorado Revised Statutes § 23-71-407 cover?
Section 23-71-407 ("Short-term loans.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 23-71-407?
A common citation format is "Colorado Revised Statutes § 23-71-407" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 23-71-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.