Colorado § 24-60-1906 - Commission - authority to borrow money - authority to accept funds.
Full text of Colorado Colorado Revised Statutes § 24-60-1906 — Commission - authority to borrow money - authority to accept funds., with citation guidance and answers to common questions.
§ 24-60-1906. Commission - authority to borrow money - authority to accept funds.
(1) The Cumbres and Toltec scenic railroad commission may borrow money for the following purposes:
(a) To make emergency repairs, replacements, or additions to the railroad or to any equipment or facilities related to the operation of the railroad; and
(b) To make capital expenditures for the development or improvement of the railroad.
(2) The Cumbres and Toltec scenic railroad commission shall not enter into an agreement to borrow money unless a majority of the members approve a resolution which:
(a) Specifies the amount of the loan;
(b) Specifies the purposes of the loan; and
(c) Authorizes the chairman of the commission to execute all documents on behalf of the commission which may be necessary to negotiate and execute a loan from a financial institution.
(3) At no time shall the amount of the money borrowed by the Cumbres and Toltec scenic railroad commission pursuant to the provisions of this section exceed two hundred fifty thousand dollars.
(4) No loan made to the Cumbres and Toltec scenic railroad commission pursuant to the provisions of this section shall create a debt of the state, nor shall such loan constitute a pledge of the general credit of the state or the commission. Such loan shall not constitute personal indebtedness of any member of the commission. No indebtedness entered into by the commission shall be secured by any type of security interest in the real or personal property of the railroad, nor shall such property be subject to any legal process to satisfy a judgment for the indebtedness in the event of nonpayment of the indebtedness.
(5) The Cumbres and Toltec scenic railroad commission may pledge as security for the repayment of any indebtedness incurred and outstanding under the authority of this section all of the railroad user fees authorized to be charged pursuant to section 24-60-1907.
(6) The commission may accept gifts, grants, contributions, or other funds from any source for the repayment of any indebtedness incurred pursuant to this section.
Source: L. 90: Entire section added, p. 1258, § 1, effective July 1.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 24-60-1906
What does Colorado Revised Statutes § 24-60-1906 cover?
Section 24-60-1906 ("Commission - authority to borrow money - authority to accept funds.") 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 § 24-60-1906?
A common citation format is "Colorado Revised Statutes § 24-60-1906" (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 § 24-60-1906 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.