Colorado § 23-71-502 - Bonded indebtedness - elections.

§ 23-71-502. Bonded indebtedness - elections.

(1) No general obligation bonded indebtedness shall be contracted by any district for the purpose of purchasing, erecting, improving, remodeling, and furnishing local district college buildings, sites, facilities, and equipment unless the proposition to create such debt has first been submitted to and approved by the eligible electors of the district.

(2) The board of trustees of any district, at any regular biennial school election or at a special election called for the purpose, shall submit to the eligible electors of the district the question of contracting a bonded indebtedness for the purpose of purchasing, erecting, improving, remodeling, and furnishing local district college buildings, sites, facilities, and equipment, which purposes shall be broadly construed, subject to the limitations provided in section 23-71-503.

(3) All elections authorized under this article shall be conducted pursuant to the provisions of articles 1 to 13 of title 1, C.R.S. The secretary of the board of trustees shall be the designated election official for all elections unless otherwise provided by the board of trustees. Any notice given shall contain a statement of the amount of the bonded indebtedness proposed to be contracted, the maximum net effective interest rate at which the indebtedness shall be incurred, and the maximum period of time within which the amount shall be payable, and the day and the place of the election.

(4) and (5) (Deleted by amendment, L. 92, p. 861, § 73, effective January 1, 1993.)

(6) (a) The board of trustees of any district, having received approval at an election to issue bonds and having determined that the limitations of the original election question are too restrictive to permit the advantageous sale of the bonds so authorized, may submit at another regular or special election:

(I) The question of issuing the bonds, or any portion thereof, at a higher maximum net effective interest rate than the maximum interest rate or maximum net effective interest rate approved at the original election; or

(II) The question of issuing the bonds, or any portion thereof, to mature over a longer period of time than the maximum period of maturity approved at the original election.

(b) An election held pursuant to this subsection (6) shall be held in substantially the same manner as an election to authorize bonds initially, except as may be required for the submission of the limited question permitted under this subsection (6).

(c) If a majority of those voting at an election held pursuant to this subsection (6) fail to approve the changes submitted, such result shall not impair the authority of the board of trustees at a later time to issue the bonds originally approved within the limitations established at the first election.

Source: L. 75: Entire article added, p. 767, § 1, effective July 1. L. 86: (2) to (5), IP(6)(a), and (6)(c) amended, p. 860, § 42, effective July 1. L. 92: (1) to (5) amended, p. 861, § 73, effective January 1, 1993.