Colorado § 31-15-801 - Agreements - ordinance - financing.

§ 31-15-801. Agreements - ordinance - financing.

In order to provide necessary land, buildings, equipment, and other property for governmental or proprietary purposes, including for the development of affordable housing or housing identified in a housing needs assessment conducted pursuant to section 24-32-3703 or 24-32-3704, or for financing of forest health projects, as defined in section 37-95-103 (4.9), any municipality is authorized to enter into long-term rental or leasehold agreements. Such agreements may include an option to purchase and acquire title to such leased or rented property within a period not exceeding the useful life of such property and in no case exceeding thirty years. Each such agreement and the terms thereof shall be concluded by an ordinance duly enacted by the municipality. No such ordinance shall take effect before thirty days after its passage and publication. The governing body of any municipality is authorized to provide for the payment of said rentals from a general levy imposed upon both personal and real property included within the boundaries of the municipality; by imposing rates, tolls, and service charges for the use of such property or any part thereof by others; from any other available municipal income; or from any one or more of the said sources. The obligation to pay such rentals shall not constitute an indebtedness of said municipality within the meaning of the constitutional limitations on contracting of indebtedness by municipalities.

Source: L. 75: Entire title R&RE, p. 1122, § 1, effective July 1. L. 2021: Entire section amended, (HB 21-1008), ch. 159, p. 906, § 4, effective May 20. L. 2026: Entire section amended, (SB 26-001), ch. 7, p. 21, § 3, effective August 12.

Editor's note: This section is similar to former § 31-12-501 as it existed prior to 1975.

ANNOTATION

Annotator's note. Since § 31-15-801 is similar to former § 31-12-501 prior to the 1975 repeal and reenactment of this title, and laws antecedent thereto, a relevant case construing a prior provision has been included in the annotations to this section.

Section 22-30-124 and this section make it clear that the school board had the power "to enter into long term rental or leasehold agreements" which should not exceed 30 years in duration. Bd. of Dirs. of Summit Sch. Dist. No. RE-1 v. Jeffrey, 149 Colo. 579, 370 P.2d 447 (1962).

Applied in Gude v. City of Lakewood, 636 P.2d 691 (Colo. 1981).