Colorado § 29-3-115 - Option to purchase.
Full text of Colorado Colorado Revised Statutes § 29-3-115 — Option to purchase., with citation guidance and answers to common questions.
§ 29-3-115. Option to purchase.
(1) 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.
(2) The option may be exercised at such time as the lease may provide.
(3) The county or municipality and the user may agree and provide in the lease that all or a part of the rentals paid by the user prior to and at the time of the exercise of such option shall be applied toward the purchase price and shall be in full or partial satisfaction thereof.
Source: L. 67: p. 675, § 15. C.R.S. 1963: § 36-24-15. L. 73: p. 480, § 13.
ANNOTATION
Section held constitutional under § 2 art. XI, Colo. Const. Allardice v. Adams County, 173 Colo. 133, 476 P.2d 982 (1970).
Authorization. This section authorizes the county to grant the lessee an option to purchase the project at a stipulated price, and it also authorizes the county, as lessor, and the lessee to agree that the rentals paid by the lessee prior to and at the time of the exercise of such an option be applied toward the purchase price and that such rentals shall be in full or partial satisfaction thereof. Allardice v. Adams County, 173 Colo. 133, 476 P.2d 982 (1970).
The option to purchase a project financed with revenue bonds is an appropriate and integral part of the entire transaction between the county and the lessee. Allardice v. Adams County, 173 Colo. 133, 476 P.2d 982 (1970).
Frequently Asked Questions About Colorado § 29-3-115
What does Colorado Revised Statutes § 29-3-115 cover?
Section 29-3-115 ("Option to purchase.") 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 § 29-3-115?
A common citation format is "Colorado Revised Statutes § 29-3-115" (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 § 29-3-115 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.