Colorado § 32-11-628 - Primary additional security.
Full text of Colorado Colorado Revised Statutes § 32-11-628 — Primary additional security., with citation guidance and answers to common questions.
§ 32-11-628. Primary additional security.
(1) The urban district shall additionally secure the payment of the assessment debentures and the assessment bonds pertaining to any improvement district as provided in this article.
(2) Whenever there is a deficiency in any improvement district to meet payment of such outstanding assessment securities and interest due thereon, it shall be paid out of the urban district's special surplus and deficiency fund.
(3) The urban district shall pay the assessment securities pertaining to any improvement district when due and the interest due thereon from any available moneys of the urban district and reimburse itself by collecting the unpaid assessments due the improvement district, whenever:
(a) Four-fifths of the outstanding bonds pertaining to the improvement district have been paid; and
(b) For any reason the remaining assessments pertaining to the improvement district are not paid in time to take up the final bonds of the improvement district and the interest due thereon; and
(c) There is not sufficient money in the special surplus and deficiency fund.
(4) When all outstanding assessment securities pertaining to an improvement district have been paid and any moneys remain to the credit of such district, they shall be transferred to the special surplus and deficiency fund.
Source: L. 69: p. 796, § 141. C.R.S. 1963: § 89-21-141.
Frequently Asked Questions About Colorado § 32-11-628
What does Colorado Revised Statutes § 32-11-628 cover?
Section 32-11-628 ("Primary additional security.") 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 § 32-11-628?
A common citation format is "Colorado Revised Statutes § 32-11-628" (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 § 32-11-628 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.