Colorado § 31-21-103 - Bond election - judgments.

§ 31-21-103. Bond election - judgments.

(1) Whenever such governing body deems it expedient to issue funding bonds under the provisions of this part 1, it shall direct, by ordinance, that the question be submitted at a regular election in the manner provided for authorization of other bonded indebtedness in section 31-15-302 (1)(d). At any election held under the provisions of this part 1, the question of authorizing the funding of all or any part of the floating indebtedness of the city or town may be submitted as one question for determination, irrespective of the form or date of such indebtedness. The election shall be conducted as nearly as possible in conformity with the provisions of the "Colorado Municipal Election Code of 1965". The election notice shall specify, in addition to the time and places for holding said election, the qualifications for persons to vote on such question, the amount of the indebtedness to be funded, and the amount of funding bonds proposed to be issued and the rate of interest they shall bear. At such election the ballots or voting machine tabs shall contain the words "For the Funding Bonds" and "Against the Funding Bonds".

(2) No election shall be necessary to authorize the governing body to issue bonds for the purpose of funding indebtedness in the form of a valid subsisting judgment against the municipality.

Source: L. 75: Entire title R&RE, p. 1134, § 1, effective July 1.

Editor's note: This section is similar to former § 31-21-103 as it existed prior to 1975.

Cross references: For "Colorado Municipal Election Code of 1965", see article 10 of this title.

ANNOTATION

For invalidity of bonds issued under improper ordinance, see Nat'l Bank of Commerce v. Town of Granada, 54 F. 100 (8th Cir. 1893) (decided prior to L. 17, p. 521, § 3, the earliest source of former section).

The use of an admission tax rather than an ad valorem tax to repay improvement bonds issued pursuant to this section is permissible. Friends of Cham. Music v. City and County of Denver, 696 P.2d 309 (Colo. 1985).