HomeMy WebLinkAbout20030636.tiff RESOLUTION
RE: EXPRESSION OF SUPPORT FOR THE PASSAGE OF COLORADO S.B. 03-236
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, 2003 marks the fourth consecutive year of drought conditions in the State
of Colorado causing damage to the State's tourism and agricultural sectors, as well as to the
overall economy and to the quality of the lives of all Coloradoans, and
WHEREAS, it is not appropriate for the State's growing urban population centers to rely
solely, or even primarily, on non-renewable water supplies or on transfers of agricultural water
while ignoring Colorado's Compact entitlements, and
WHEREAS, Colorado needs to expand its existing water infrastructure to enable the
State to fully exercise all of its Compact entitlements to water, including peak flows, in order to
further develop and improve the State's water infrastructure, and
WHEREAS, Colorado S.B. 03-236 authorizes the Colorado Water Conservation Board
to issue voter-approved water infrastructure revenue bonds for the purpose of finding public,
private, and public/private water infrastructure projects approved by the Governor, and
WHEREAS, in addition to funding the direct costs of such projects, the proposal also
authorizes the use of funds for conservation, fish and wildlife mitigation, environmental, and
recreational benefits and protections, and
WHEREAS, the Board desires to express its support for the passage of Colorado
S.B. 03-236, and to urge those Colorado Representatives and Senators representing Weld
County to actively support the legislative efforts of Senator Dyer and Representative Hoppe.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Board hereby expresses its support for the passage of
Colorado S.B. 03-236 and urges those Colorado Representatives and Senators representing
Weld County to actively support the legislative efforts of Senator Dyer and Representative
Hoppe.
2003-0636
BC0033
(10 - +\ePc- SeNr-
RE: EXPRESSION OF SUPPORT FOR THE PASSAGE OF COLORADO S.B. 03-236
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of March, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
WEaCOUNTY,C LO�ADO
� e�l,`1' �J
gragATTEST: A. �.: � � e
Da 'd E. L ng, C air
Weld County Clerk to th:,=o. n. 9 As
!� �,_
X86! ',, Q�mI EXC A OF SIG G (AYE)
�l Robert D. Ma en, Pro-Tem
BY: 2 •
Deputy Clerk to the :m ' � q rt;>' /7, ,
M. J. eile
APPROxED AS TO ORM: �4 / �a-. 6°
��/ (9/7/7 William9H. Jerke
ounty Attorney ; AAA V
Glenn Vaad
Date of signature: °A0
2003-0636
BC0033
First Regular Session
Sixty-fourth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO.03-0647.02 Thomas Morris SENATE BILL 03-236
SENATE SPONSORSHIP
Dyer,Andrews, Hagedom, and Hillman
HOUSE SPONSORSHIP
Hoppe, Briggs, Brophy, Cadman, Clapp, Decker, Fritz, Hall, Harvey, Hefley, Johnson R.,
King, McCluskey, Sinclair, Stengel, and Weddig
Senate Committees House Committees
State Veterans&Military Affairs
A BILL FOR AN ACT
101 CONCERNING AN AUTHORIZATION OF THE ISSUANCE OF
102 VOTER-APPROVED REVENUE BONDS FOR THE PURPOSE OF
103 FINANCING WATER INFRASTRUCTURE PROJECTS BY THE STATE,
104 AND, IN CONNECTION THEREWITH, EXCLUDING REVENUES
105 DERIVED FROM BOND PROCEEDS AND PROJECTS FINANCED BY
106 BONDS FROM STATE FISCAL YEAR SPENDING.
Bill Summary
(Note: This summary applies to this bill as introduced and does
not necessarily reflect any amendments that may be subsequently
adopted)
Requires the submission of a ballot question to the registered
electors of the state at the November 2003 election seeking their approval
ShadingdaghtesR 0USB'ameitdgie Double underlining denotes SENATE amendment.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute.
2003-0636
to allow the Colorado water conservation board(board)to issue up to$10
billion of water infrastructure revenue bonds (bonds) for the purpose of
financing water infrastructure projects that have been reviewed by the
board and approved by the governor and to exclude revenues derived
from bond proceeds and projects financed by bonds from state fiscal year
spending. If the voters of the state approve the ballot question, requires
the board to issue bonds for such projects. Requires a minimum of$ _
of such bonds to be available to finance approved water
infrastructure projects that augment or improve existing water
infrastructure facilities or conserve existing water supplies without
creating new water storage facilities.
Sets forth procedures and requirements for issuing bonds.
Specifies that the principal and interest on bonds shall be paid solely
from:
Revenues and receipts derived from the sale of water or
power or other assets from a water infrastructure project
whose construction, development, or improvement was
financed in whole or in part by bonds;
Bond proceeds; and
Earnings from the investment of bond proceeds.
Further specifies that holders of bonds may not look to any other
revenues of the state for payment of the bonds.
Authorizes the board to refund bonds, to engage the services
required or advantageous in connection with bonds, and to enter into
interest rate exchange agreements for bonds. Requires bonds to include
specified terms. Requires the board to delegate certain authority needed
for the efficient issuance of bonds to the state treasurer and requires the
state treasurer to exercise such authority in consultation with the board.
Creates the water infrastructure development fund (fund) in the
state treasury. Requires unpledged bond proceeds and revenues and
receipts derived from the sale of water, power, or other assets from a
water infrastructure project whose construction, development, or
improvement was financed in whole or in part by bonds to be credited to
the fund. Requires interest and income earned on the deposit and
investment of fund moneys to be credited to the fund and continuously
appropriates all moneys in the fund to the board to finance approved
water infrastructure projects, to pay any unpledged costs of issuing and
administering bonds, and to pay other expenses related to bonds or the
financing of approved water infrastructure projects. Specifies that bond
proceeds, earnings on bond proceeds, and revenues and receipts derived
from the sale of water, power, or other assets by the board from water
infrastructure projects financed by the bonds and earnings on such
revenues and receipts are not to be included in state fiscal year spending.
Grants specified powers to political subdivisions of the state for
the purpose of aiding and cooperating in the financing, construction,
-2- SB03-236
operation, and maintenance of approved water infrastructure projects.
Specifies that bonds are legal investments and that bonds are tax-exempt
unless the board waives the exemption. Specifies a 30-day statute of
limitations for legal actions questioning the validity of or seeking to
enjoin any action taken pursuant to the provisions of this legislation.
Requires the board to make annual reports to the general assembly
regarding bonds and specifies information to be included in such reports.
Specifies that the powers conferred by this legislation are in
addition and supplemental to, and not in substitution for, and the
limitations imposed by the bill do not directly or indirectly modify,limit,
or affect, the powers conferred to the board, the state treasurer, the
department of natural resources, or the Colorado water resources and
power development authority by any other law.
Makes legislative findings and declarations. Defines terms.
Makes a conforming amendment. Provides for the repeal of the
provisions of the bill if the ballot question to be submitted at the
November 2003 election is rejected by the voters.
1 Be it enacted by the General Assembly of the State of Colorado:
2 SECTION 1. Article 60 of title 37, Colorado Revised Statutes,
3 is amended BY THE ADDITION OF A NEW PART to read:
4 PART 2
5 WATER INFRASTRUCTURE REVENUE BONDS
6 37-60-201. Legislative declaration. (1) THE GENERAL
7 ASSEMBLY HEREBY FINDS AND DECLARES THAT 2003 MARKS COLORADO'S
8 FOURTH CONSECUTIVE YEAR OF DROUGHT CONDITIONS AND THAT
9 COLORADO IS LIKELY TO CONTINUE TO EXPERIENCE CYCLES OF DROUGHT
10 IN THE FUTURE THAT WILL REDUCE THE AMOUNT OF WATER RESOURCES
11 AVAILABLE TO MEET THE STATE'S GROWING NEEDS FOR GOOD-QUALITY,
12 AFFORDABLE WATER SUPPLIES.
13 (2) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT:
14 (a) COLORADO'S EXISTING WATER INFRASTRUCTURE IS
15 INSUFFICIENT TO ENABLE THE STATE TO FULLY EXERCISE ALL OF ITS
16 COMPACT ENTITLEMENTS TO WATER,INCLUDING BUT NOT LIMITED TO PEAK
-3- SB03-236
1 FLOWS,AND IT IS IN THE BEST INTEREST OF THE PEOPLE OF THE STATE FOR
2 THE STATE TO FURTHER DEVELOP AND IMPROVE THE STATE'S WATER
3 INFRASTRUCTURE SO THAT THE STATE CAN RESERVE AS MUCH AS POSSIBLE
4 OF THE WATER TO WHICH IT IS ENTITLED UNDER COMPACTS AND INCREASE
5 ITS AVAILABLE WATER RESOURCES;
6 (b) IT IS NECESSARY AND APPROPRIATE TO EXPEDITE THE
7 DEVELOPMENT AND IMPROVEMENT OF COLORADO'S WATER
8 INFRASTRUCTURE BY AUTHORIZING THE BOARD TO ISSUE VOTER-APPROVED
9 WATER INFRASTRUCTURE REVENUE BONDS FOR THE PURPOSE OF FUNDING
10 WATER INFRASTRUCTURE PROJECTS APPROVED BY THE GOVERNOR; AND
11 (c) IT IS ALSO NECESSARY AND APPROPRIATE TO REQUIRE A
12 PORTION OF ANY BOND PROCEEDS, AS DETERMINED BY THE COLORADO
13 WATER CONSERVATION BOARD, TO BE EXPENDED FOR APPROVED WATER
14 INFRASTRUCTURE PROJECTS OR PORTIONS THEREOF THAT:
15 (I) AUGMENT OR IMPROVE EXISTING WATER INFRASTRUCTURE
16 FACILITIES;
17 (II) CONSERVE EXISTING WATER SUPPLIES;
18 (III) PROTECT, ENHANCE,AND AUGMENT AGRICULTURAL USES;
19 (IV) PROVIDE MITIGATION FOR FISH AND WILDLIFE IN ACCORDANCE
20 WITH THE STANDARDS SET FORTH IN SECTION 37-60-122.2;
21 (V) PROVIDE OTHER ENVIRONMENTAL AND RECREATIONAL
22 BENEFITS; OR
23 (VI) PROVIDE FAIR MITIGATIONTO THE AFFECTED BASIN OF ORIGIN.
24 (3) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT:
25 (a) WATER INFRASTRUCTURE REVENUE BONDS ISSUED PURSUANT
26 TO THIS PART 2 DO NOT CONSTITUTE "A DEBT BY LOAN IN ANY FORM"
27 UNDER SECTION 3 OF ARTICLE XI OF THE STATE CONSTITUTION BECAUSE:
-4- SB03-236
1 (I) PAYMENTS OF PRINCIPAL, INTEREST, AND OTHER COSTS ON
2 SUCH BONDS SHALL BE MADE SOLELY FROM REVENUES AND RECEIPTS
3 DERIVED FROM THE SALE OF WATER, POWER, OR OTHER ASSETS BY THE
4 BOARD FROM A WATER INFRASTRUCTURE PROJECT WHOSE CONSTRUCTION,
5 DEVELOPMENT,OR IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY
6 THE BONDS, BOND PROCEEDS,AND INTEREST OR INCOME EARNED ON THE
7 DEPOSIT AND INVESTMENT OF SUCH REVENUES AND RECEIPTS AND BOND
8 PROCEEDS; AND
9 (II) THE OWNERS OR HOLDERS OF BONDS MAY NOT LOOK TO ANY
10 OTHER REVENUES OF THE STATE FOR THE PAYMENT OF THE BONDS;
11 (b) THE PROCEEDS OF BONDS,REVENUES,AND RECEIPTS DERIVED
12 FROM THE SALE OF WATER,POWER,OR OTHER ASSETS BY THE BOARD FROM
13 A WATER INFRASTRUCTURE PROJECT WHOSE CONSTRUCTION,
14 DEVELOPMENT,OR IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY
15 THE BONDS, AND INTEREST AND INCOME EARNED ON THE DEPOSIT AND
16 INVESTMENT OF SUCH PROCEEDS AND REVENUES AND RECEIPTS,ARE NOT
17 INCLUDED IN STATE FISCAL YEAR SPENDING FOR PURPOSES OF SECTION 20
18 OF ARTICLE X OF THE STATE CONSTITUTION AND ARTICLE 77 OF TITLE 24,
19 C.R.S.
20 37-60-202. Definitions. AS USED IN THIS PART 2, UNLESS THE
21 CONTEXT OTHERWISE REQUIRES:
22 (1) "APPROVED WATER INFRASTRUCTURE PROJECT"OR"APPROVED
23 PROJECT" MEANS A WATER INFRASTRUCTURE PROJECT THAT HAS BEEN
24 RECOMMENDED BY THE BOARD AND APPROVED BY THE GOVERNOR
25 PURSUANT TO SECTION 37-60-203.
26 (2) "REVENUE BONDS" OR "BONDS" MEANS WATER
27 INFRASTRUCTURE REVENUE BONDS AUTHORIZED BY AND ISSUED IN
-5- SB03-236
1 ACCORDANCE WITH THIS PART 2.
2 (3) "WATER INFRASTRUCTURE PROJECT" OR "PROJECT" MEANS A
3 PROJECT SPONSORED BY A GOVERNMENTAL ENTITY,A PRIVATE ENTITY,OR
4 JOINTLY BY GOVERNMENTAL AND PRIVATE ENTITIES,THAT INVOLVES THE
5 ACQUISITION OF WATER RIGHTS, THE CONSTRUCTION, DEVELOPMENT, OR
6 IMPROVEMENT,INCLUDING REHABILITATION OR ENLARGEMENT,OF A DAM,
7 RESERVOIR,FLOOD CONTROL,OR OTHER WATER DIVERSION,CONVEYANCE,
8 OR STORAGE FACILITY, EXCLUDING A DOMESTIC WATER TREATMENT OR
9 WASTEWATER TREATMENT AND DISTRIBUTION SYSTEM, TOGETHER WITH
10 RELATED HYDROELECTRICAL OR RECREATIONAL FACILITIES THAT WILL
11 ENHANCE THE ABILITY OF THE STATE TO FULLY EXERCISE ALL OF ITS
12 COMPACT ENTITLEMENTS TO WATER FOR ANY BENEFICIAL USE,INCLUDING
13 BUT NOT LIMITED TO PEAK FLOWS, AND REDUCE THE LIKELIHOOD OF
14 WATER SHORTAGES. "WATER INFRASTRUCTURE PROJECT" SHALL NOT
15 INCLUDE ANY WATER RESOURCES PROJECT WITH A TOTAL PROJECT COST OF
16 LESS THAN TWENTY-FIVE MILLION DOLLARS OR ANY PROJECT ELIGIBLE FOR
17 FINANCING PURSUANT TO SECTION 37-95-103 (12.5), 37-95-107.6, OR
18 37-95-107.8, BUT SHALL INCLUDE SUCH ADDITIONAL PROJECTS AS
19 DESCRIBED IN SECTION 37-60-201 (2)(C)WHEN APPROVED BY THE BOARD.
20 37-60-203. Submission of ballot question regarding issuance of
21 water infrastructure revenue bonds-approval of water infrastructure
22 projects. (1) (a) THE SECRETARY OF STATE SHALL SUBMIT A BALLOT
23 QUESTION TO A VOTE OF THE REGISTERED ELECTORS OF THE STATE OF
24 COLORADO AT AN ELECTION TO BE HELD IN NOVEMBER 2003 FOR THEIR
25 APPROVAL OR REJECTION. EACH ELECTOR VOTING AT THE ELECTION SHALL
26 CAST A VOTE AS PROVIDED BY LAW EITHER "YES" OR "NO" ON THE
27 PROPOSITION: "SHALL STATE OF COLORADO DEBT BE INCREASED
-6- SB03-236
1 $10,000,000,000 WITH A REPAYMENT COST OF$ FOR THE PURPOSE
2 OF ADDRESSING THE WATER INFRASTRUCTURE NEEDS OF THE STATE
3 THROUGH THE ISSUANCE OF REVENUE BONDS, WITH NO INCREASE IN ANY
4 TAXES AND WITH ANY BONDS ISSUED TO BE REPAID SOLELY WITH
5 REVENUES AND RECEIPTS DERIVED FROM THE SALE OF WATER,POWER,OR
6 OTHER ASSETS BY THE COLORADO WATER CONSERVATION BOARD FROM
7 WATER INFRASTRUCTURE PROJECTS FINANCED BY THE BONDS, BOND
8 PROCEEDS, AND INTEREST AND INCOME EARNED ON THE DEPOSIT AND
9 INVESTMENT OF SUCH PROCEEDS AND REVENUES AND RECEIPTS, AND
10 SHALL SUCH REVENUES AND RECEIPTS AND SUCH INTEREST AND INCOME
11 CONSTITUTE A VOTER-APPROVED REVENUE CHANGE?"
12 (b) THE VOTES CAST FOR THE ADOPTION OR REJECTION OF THE
13 QUESTION SUBMITTED PURSUANT TO PARAGRAPH (a) OF THIS SUBSECTION
14 (1)SHALL BE CANVASSED AND THE RESULT DETERMINED IN THE MANNER
15 PROVIDED BY LAW FOR THE CANVASSING OF VOTES FOR REPRESENTATIVES
16 IN CONGRESS.
17 (2) IF THE REGISTERED ELECTORS OF THE STATE VOTING ON THE
18 QUESTION APPROVE THE BALLOT QUESTION SUBMITTED PURSUANT TO
19 SUBSECTION (1) OF THIS SECTION, THE BOARD SHALL IDENTIFY
20 OPPORTUNITIES FOR WATER INFRASTRUCTURE PROJECTS AND STORAGE
21 STATEWIDE AND MAY RECOMMEND TO THE GOVERNOR WATER
22 INFRASTRUCTURE PROJECTS TO BE FUNDED, IN WHOLE OR IN PART,
23 THROUGH THE ISSUANCE OF NO MORE THAN TEN BILLION DOLLARS OF
24 BONDS IN THE AGGREGATE. THE RECOMMENDATION SHALL INCLUDE,AT
25 A MINIMUM:
26 (a) A DESCRIPTION OF THE RECOMMENDED PROJECTS;
27 (b) A FEASIBILITY REPORT THAT EVALUATES THE ECONOMIC AND
-7- SB03-236
1 ENGINEERING FEASIBILITY OF THE PROJECTS;
2 (C) RECOMMENDED COMPLETION SCHEDULES FOR THE PROJECTS;
3 (d) A STATEMENT THAT LISTS THE PROJECTED COST OF EACH
4 PROJECT AND THE AMOUNT OF REVENUE BOND PROCEEDS TO BE EXPENDED
5 ON EACH PROJECT AND IDENTIFIES THE SOURCE AND AMOUNT OF ANY
6 MONEYS OTHER THAN BOND PROCEEDS TO BE EXPENDED ON EACH
7 PROJECT;AND
8 (e) OF THE BONDS AUTHORIZED TO BE ISSUED PURSUANT TO THIS
9 SECTION FOR THE PURPOSE OF FINANCING APPROVED WATER
10 INFRASTRUCTURE PROJECTS, A MINIMUM OF DOLLARS OF BOND
11 PROCEEDS SHALL BE AVAILABLE TO FINANCE APPROVED WATER
12 INFRASTRUCTURE PROJECTS OR PORTIONS THEREOF THAT AUGMENT OR
13 IMPROVE EXISTING WATER INFRASTRUCTURE FACILITIES OR CONSERVE
14 EXISTING WATER SUPPLIES WITHOUT CREATING NEW WATER STORAGE
15 FACILITIES.
16 (3) THE GOVERNOR MAY APPROVE ANY OR ALL OF THE WATER
17 INFRASTRUCTURE PROJECTS RECOMMENDED BY THE BOARD PURSUANT TO
18 SUBSECTION (2) OF THIS SECTION. THE BOARD SHALL ISSUE REVENUE
19 BONDS ONLY FOR THE PURPOSE OF FINANCING APPROVED PROJECTS.
20 37-60-204. Water infrastructure revenue bonds. (1) SUBJECT
21 TO THE APPROVAL BY THE REGISTERED ELECTORS OF THE STATE VOTING ON
22 THE QUESTION OF THE BALLOT QUESTION SPECIFIED IN SECTION 37-60-203
23 (1)(a), AND ALL OTHER REQUIREMENTS OF THIS PART 2,THE BOARD,FROM
24 TIME TO TIME, MAY ISSUE VOTER-APPROVED REVENUE BONDS FOR THE
25 PURPOSE OF FINANCING APPROVED WATER INFRASTRUCTURE PROJECTS.
26 (2)(a) THE PRINCIPAL OF AND INTEREST ON BONDS ISSUED BY THE
27 BOARD AND ANY COSTS ASSOCIATED WITH THE ISSUANCE AND
-8- SB03-236
1 ADMINISTRATION OF SUCH BONDS SHALL BE PAYABLE SOLELY FROM:
2 (I) REVENUES AND RECEIPTS DERIVED FROM THE SALE OF WATER,
3 POWER, OR OTHER ASSETS BY THE BOARD FROM A WATER
4 INFRASTRUCTURE PROJECT WHOSE CONSTRUCTION, DEVELOPMENT, OR
5 IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY BONDS AND
6 INTEREST OR INCOME EARNED ON THE DEPOSIT AND INVESTMENT OF SUCH
7 REVENUES AND RECEIPTS;AND
8 (II) THE PROCEEDS OF SUCH BONDS AND ANY INTEREST AND
9 INCOME EARNED ON THE DEPOSIT AND INVESTMENT OF SUCH BOND
10 PROCEEDS.
11 (b) THE OWNERS OR HOLDERS OF BONDS MAY NOT LOOK TO ANY
12 OTHER REVENUES OF THE STATE FOR THE PAYMENT OF THE BONDS.
13 (3) (a) THE BOARD SHALL ISSUE BONDS IN ONE OR MORE SERIES
14 PURSUANT TO RESOLUTIONS ADOPTED BY THE BOARD OR PURSUANT TO
15 ANY OTHER INSTRUMENTS ISSUED BY THE BOARD.
16 (b) AS THE BOARD DEEMS APPROPRIATE, THE RESOLUTION OR
17 OTHER INSTRUMENT AUTHORIZING BONDS MAY CONTAIN PROVISIONS
18 SETTING FORTH THE RIGHTS AND REMEDIES OF THE OWNERS OR HOLDERS
19 OF THE BONDS,PROVISIONS FOR PROTECTING AND ENFORCING THE RIGHTS
20 AND REMEDIES OF THE OWNERS OR HOLDERS OF THE BONDS, AND SUCH
21 OTHER PROVISIONS AS THE BOARD DEEMS APPROPRIATE FOR THE SECURITY
22 OF THE OWNERS OR HOLDERS OF THE BONDS. SUCH PROVISIONS MAY
23 INCLUDE,BUT SHALL NOT BE LIMITED TO,PROVISIONS REGARDING LETTERS
24 OF CREDIT,INSURANCE,STANDBY CREDIT AGREEMENTS,OR OTHER FORMS
25 OF CREDIT ENSURING TIMELY PAYMENT OF THE BONDS, INCLUDING THE
26 REDEMPTION PRICE OR THE PURCHASE PRICE,AND PROVISIONS REGARDING
27 THE REIMBURSEMENT OF PROVIDERS OF SUCH CREDIT OUT OF REVENUES
-9- SB03-236
1 AVAILABLE FOR THE PAYMENT OF PRINCIPAL OF AND INTEREST ON THE
2 BONDS FOR ANY AMOUNTS PAID BY SUCH PROVIDERS WITH RESPECT TO
3 SUCH BONDS.
4 (4) BONDS MAY BE ISSUED IN SUCH AGGREGATE PRINCIPAL
5 AMOUNT,MAY BE ISSUED IN ONE OR MORE SERIES,MAY BEAR SUCH DATES,
6 MAY BE IN SUCH DENOMINATION OR DENOMINATIONS, MAY MATURE ON
7 ANY DATE OR DATES,MAY MATURE IN SUCH AMOUNT OR AMOUNTS, MAY
8 BE IN SUCH FORM, MAY BE PAYABLE AT SUCH PLACE OR PLACES, MAY BE
9 SUBJECT TO SUCH TERMS OF REDEMPTION WITH OR WITHOUT A PREMIUM
10 WITH REGARD TO INSURANCE, MAY CONTAIN SUCH PROVISIONS AS THE
11 STATE TREASURER, IN CONSULTATION WITH THE BOARD, DEEMS
12 APPROPRIATE REGARDING INSURANCE TO ENSURE THE TIMELY PAYMENT OF
13 THE BONDS, AND MAY CONTAIN SUCH OTHER PROVISIONS CONSISTENT
14 WITH THE PROVISIONS OF THIS PART 2 AS THE BOARD MAY DETERMINE.
15 (5) THE RATE OR RATES OF INTEREST BORNE BY THE BONDS MAY
16 BE FIXED, ADJUSTABLE, OR VARIABLE OR ANY COMBINATION THEREOF
17 WITHOUT REGARD TO ANY INTEREST RATE LIMITATION APPEARING IN ANY
18 OTHER LAW OF THIS STATE. SUCH NOTES SHALL BE DETERMINED BY THE
19 STATE TREASURER IN CONSULTATION WITH THE BOARD IN ACCORDANCE
20 WITH SUBSECTION(8)OF THIS SECTION.
21 (6) BONDS MAY BE SOLD AT PUBLIC OR PRIVATE SALE AND MAY BE
22 SOLD AT,ABOVE,OR BELOW THE PRINCIPAL AMOUNTS THEREOF. THE SALE
23 OF BONDS SHALL NOT BE SUBJECT TO THE "PROCUREMENT CODE",
24 ARTICLES 101 TO 112 OF TITLE 24, C.R.S.
25 (7) BONDS SHALL BE SIGNED AND ISSUED UNDER THE SEAL OF THE
26 BOARD IN ACCORDANCE WITH SECTION 37-60-108. PURSUANT TO ARTICLE
27 55 OF TITLE 11, C.R.S., REQUIRED SIGNATURES MAY BE FACSIMILE
-10- SB03-236
1 SIGNATURES IMPRINTED,ENGRAVED,STAMPED,OR OTHERWISE PLACED ON
2 THE BONDS;EXCEPT THAT,IF ALL OF THE SIGNATURES ON THE BONDS ARE
3 FACSIMILE SIGNATURES, PROVISIONS SHALL BE MADE FOR A MANUAL
4 AUTHENTICATING SIGNATURE ON THE BONDS BY OR ON BEHALF OF A
5 DESIGNATED AUTHENTICATING AGENT.
6 (8) THE BOARD MAY PAY ALL FEES,EXPENSES,AND COMMISSIONS
7 THAT THE BOARD DEEMS NECESSARY OR ADVANTAGEOUS IN CONNECTION
8 WITH THE SALE OF BONDS. THE BOARD SHALL DELEGATE THE POWER TO
9 FIX THE DATE OF SALE OF BONDS, TO RECEIVE BIDS OR PROPOSALS, TO
10 AWARD AND SELL BONDS,TO FIX INTEREST RATES,AND TO RETAIN AND TO
11 TAKE ALL OTHER ACTION NECESSARY TO SELL AND DELIVER BONDS TO THE
12 STATE TREASURER,WHO SHALL ACT IN CONSULTATION WITH THE BOARD.
13 THE STATE TREASURER SHALL ALSO BE AUTHORIZED TO ACT ON BEHALF OF
14 AND IN CONSULTATION WITH THE BOARD TO ENGAGE THE SERVICES OF
15 SUCH CONSULTANTS, FINANCIAL ADVISORS, UNDERWRITERS, BOND
16 INSURERS, LETTER OF CREDIT BANKS, RATING AGENCIES, AGENTS, OR
17 OTHER PERSONS WHOSE SERVICES MAY BE REQUIRED OR DEEMED
18 ADVANTAGEOUS BY THE BOARD AND THE STATE TREASURER IN
19 CONNECTION WITH SUCH BONDS. THE STATE TREASURER SHALL CONTRACT
20 FOR SUCH SERVICES IN ACCORDANCE WITH THE "PROCUREMENT CODE",
21 ARTICLES 101 TO 112 OF TITLE 24, C.R.S.; EXCEPT THAT CONTRACTING
22 FOR SERVICES OF BOND INSURERS, UNDERWRITERS, LETTER OF CREDIT
23 BANKS, AND RATING AGENCIES SHALL NOT BE SUBJECT TO THE
24 "PROCUREMENT CODE".
25 (9) ANY OUTSTANDING BONDS MAY BE REFUNDED BY THE BOARD
26 PURSUANT TO ARTICLE 56 OF TITLE 11,C.R.S. ALL BONDS ARE DECLARED
27 TO BE NEGOTIABLE INSTRUMENTS.
-11- SB03-236
1 (10) THE BOARD MAY,WITH RESPECT TO BONDS THAT HAVE BEEN
2 ISSUED OR PROPOSED BONDS, ENTER INTO INTEREST RATE EXCHANGE
3 AGREEMENTS IN ACCORDANCE WITH ARTICLE 59.3 OF TITLE 11, C.R.S.
4 (11) NOTWITHSTANDING ANY OTHER PROVISION OF THIS PART 2 TO
5 THE CONTRARY,THE BOARD SHALL HAVE THE AUTHORITY TO ISSUE BONDS
6 PURSUANT TO THIS PART 2 ONLY IF THE REGISTERED ELECTORS OF THE
7 STATE VOTING ON THE QUESTION APPROVE THE BALLOT QUESTION
8 SUBMITTED PURSUANT TO SECTION 37-60-203 (1) (a) AND ONLY THEN TO
9 THE EXTENT ALLOWED UNDER THE MAXIMUM AMOUNTS OF DEBT AND
10 REPAYMENT COST SO APPROVED.
11 37-60-205. Bonds as contracts-agreement of state not to limit
12 or alter rights of obligees. (1) ANY REVENUE BONDS ISSUED SHALL
13 CONSTITUTE A CONTRACT BETWEEN THE BOARD AND THE OWNER OR
14 HOLDER THEREOF. THE STATE HEREBY PLEDGES AND AGREES WITH THE
15 HOLDERS OF ANY BONDS ISSUED UNDER THIS PART 2 AND WITH THOSE
16 PARTIES WHO ENTER INTO CONTRACTS WITH THE BOARD PURSUANT TO THIS
17 PART 2 THAT THE STATE WILL NOT LIMIT,ALTER,RESTRICT,OR IMPAIR THE
18 RIGHTS VESTED IN THE BOARD OR THE RIGHTS OR OBLIGATIONS OF ANY
19 PERSON WITH WHICH IT CONTRACTS TO FULFILL THE TERMS OF ANY
20 AGREEMENTS MADE PURSUANT TO THIS PART 2. THE STATE FURTHER
21 AGREES THAT IT WILL NOT IN ANY WAY IMPAIR THE RIGHTS OR REMEDIES
22 OF THE HOLDERS OF ANY BONDS OF THE BOARD UNTIL SUCH BONDS HAVE
23 BEEN PAID OR UNTIL ADEQUATE PROVISION FOR PAYMENT HAS BEEN MADE.
24 THE BOARD MAY INCLUDE THIS PROVISION AND UNDERTAKING FOR THE
25 STATE IN BONDS.
26 (2) NEITHER THE MEMBERS OF THE BOARD,THE STATE TREASURER,
27 THE DIRECTOR OF THE BOARD,NOR ANY PERSON EXECUTING BONDS SHALL
-12- SB03-236
1 BE LIABLE PERSONALLY ON THE BONDS OR BE SUBJECT TO ANY PERSONAL
2 LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF.
3 37-60-206. Bond proceeds and revenues and receipts from
4 approved water infrastructure projects - water infrastructure
5 development fund. (1) THE RESOLUTION OR OTHER INSTRUMENT
6 AUTHORIZING THE ISSUANCE OF REVENUE BONDS MAY PLEDGE ALL OR ANY
7 PORTION OF THE PROCEEDS FROM THE ISSUANCE OF THE BONDS TO THE
8 PAYMENT OF THE BONDS AND ANY COSTS ASSOCIATED WITH THE ISSUANCE
9 AND ADMINISTRATION OF THE BONDS.
10 (2) ALL PROCEEDS FROM THE ISSUANCE OF BONDS THAT ARE NOT
11 PLEDGED FOR THE PAYMENT OF THE BONDS AND ANY COSTS ASSOCIATED
12 WITH THE ISSUANCE AND ADMINISTRATION OF THE BONDS,ANY REVENUES
13 AND RECEIPTS THAT ARE DERIVED FROM THE SALE OF WATER,POWER,OR
14 OTHER ASSETS BY THE BOARD FROM WATER INFRASTRUCTURE PROJECTS
15 FINANCED BY THE BONDS, AND ANY PAYMENTS MADE OR REVENUES
16 PLEDGED TO THE BOARD BY ANY POLITICAL SUBDIVISION PURSUANT TO
17 SECTION 37-60-207 SHALL BE CREDITED TO THE WATER INFRASTRUCTURE
18 DEVELOPMENT FUND, WHICH FUND IS HEREBY CREATED IN THE STATE
19 TREASURY. ALL INTEREST AND INCOME EARNED ON THE DEPOSIT AND
20 INVESTMENT OF MONEYS IN THE FUND SHALL BE CREDITED TO THE FUND
21 AND BECOME A PART THEREOF,AND MONEYS REMAINING IN THE FUND AT
22 THE END OF ANY FISCAL YEAR SHALL REMAIN IN THE FUND AND SHALL NOT
23 REVERT TO THE GENERAL FUND OF THE STATE OR TO ANY OTHER FUND.
24 ALL MONEYS IN THE FUND SHALL BE CONTINUOUSLY APPROPRIATED TO
25 THE BOARD AND SHALL BE USED TO FINANCE APPROVED WATER
26 INFRASTRUCTURE PROJECTS,TO PAY ANY UNPLEDGED COSTS OF ISSUING
27 AND ADMINISTERING BONDS, INCLUDING REIMBURSEMENT OF COSTS
-13- SB03-236
1 INCURRED BY THE TREASURER IN ASSISTING THE BOARD IN ACCORDANCE
2 WITH THIS PART 2,AND TO PAY ANY OTHER EXPENSE OR CHARGE INCURRED
3 IN CONNECTION WITH THE ONGOING OPERATION OR MAINTENANCE OF
4 APPROVED WATER INFRASTRUCTURE PROJECTS OR OTHER ACTIONS OF THE
5 BOARD AUTHORIZED BY THIS PART 2.
6 (3) PROCEEDS FROM THE ISSUANCE OF BONDS,EARNINGS ON SUCH
7 PROCEEDS,AND REVENUES AND RECEIPTS DERIVED FROM THE SALE BY THE
8 BOARD OF WATER, POWER, OR OTHER ASSETS FROM WATER
9 INFRASTRUCTURE PROJECTS FINANCED BY THE BONDS AND EARNINGS ON
10 SUCH REVENUES AND RECEIPTS SHALL NOT BE INCLUDED IN STATE FISCAL
11 YEAR SPENDING,AS DEFINED BY SECTION 24-77-102(17) (a), C.R.S.,FOR
12 ANY GIVEN FISCAL YEAR FOR PURPOSES OF SECTION 20 OF ARTICLE X OF
13 THE STATE CONSTITUTION AND ARTICLE 77 OF TITLE 24,C.R.S.
14 37-60-207. Powers of political subdivisions. (1) A POLITICAL
15 SUBDIVISION OF THE STATE, FOR THE PURPOSE OF AIDING AND
16 COOPERATING IN THE FINANCING, CONSTRUCTION, OPERATION, OR
17 MAINTENANCE OF ANY APPROVED WATER INFRASTRUCTURE PROJECT,HAS
18 THE POWER TO:
19 (a) SELL, LEASE, LOAN, DONATE, GRANT, CONVEY, ASSIGN, OR
20 OTHERWISE TRANSFER TO THE BOARD ANY REAL OR PERSONAL PROPERTY
21 OR INTERESTS THEREIN;
22 (b) ENTER INTO AGREEMENTS WITH THE BOARD OR ANY OTHER
23 POLITICAL SUBDIVISION OR ENTITY FOR THE JOINT FINANCING,
24 CONSTRUCTION,OPERATION,OR MAINTENANCE OF ANY APPROVED WATER
25 INFRASTRUCTURE PROJECT. UPON COMPLIANCE WITH APPLICABLE
26 CONSTITUTIONAL OR CHARTER LIMITATIONS,THE POLITICAL SUBDIVISION
27 MAY AGREE TO MAKE PAYMENTS, WITHOUT LIMITATION AS TO THE
-14- 5B03-236
1 AMOUNT EXCEPT AS SET FORTH IN THE AGREEMENT, FROM REVENUES
2 RECEIVED IN ONE OR MORE FISCAL YEARS TO THE BOARD, ANY OTHER
3 POLITICAL SUBDIVISION OR ENTITY,OR ANY OTHER PERSON TO DEFRAY THE
4 COSTS OF THE FINANCING,CONSTRUCTION,OPERATION,OR MAINTENANCE
5 OF ANY APPROVED WATER INFRASTRUCTURE PROJECT.
6 (c) TRANSFER OR ASSIGN TO THE BOARD ANY CONTRACTS THAT
7 MAY HAVE BEEN AWARDED BY THE POLITICAL SUBDIVISION FOR
8 CONSTRUCTION,OPERATION,OR MAINTENANCE OF ANY APPROVED WATER
9 INFRASTRUCTURE PROJECT.
10 (2) TO ASSIST IN THE FINANCING,CONSTRUCTION,OPERATION,OR
11 MAINTENANCE OF AN APPROVED WATER INFRASTRUCTURE PROJECT, ANY
12 POLITICAL SUBDIVISION MAY, BY CONTRACT, PLEDGE TO THE BOARD
13 REVENUES FROM ANY LEGALLY AVAILABLE SOURCE.
14 (3) (a) PURSUANT TO ANY CONTRACT OR AGREEMENT ENTERED
15 INTO AS AUTHORIZED BY THIS SECTION, A POLITICAL SUBDIVISION MAY
16 OBLIGATE ITSELF TO MAKE PAYMENTS IN AN AMOUNT THAT WILL BE
17 SUFFICIENT TO ENABLE THE BOARD OR ANY OTHER POLITICAL SUBDIVISION
18 OR ENTITY THAT IS AIDING AND COOPERATING IN THE FINANCING OF ANY
19 APPROVED WATER INFRASTRUCTURE PROJECT THROUGH THE ISSUANCE OF
20 BONDS OR OTHER FINANCIAL INSTRUMENTS TO MEET:
21 (I) ITS EXPENSES INCURRED IN SUCH FINANCING;
22 (II) THE PRINCIPAL AND INTEREST PAYMENTS FOR BONDS OR OTHER
23 FINANCIAL INSTRUMENTS ISSUED;
24 (III) ITS REASONABLE RESERVES FOR DEBT SERVICE, OPERATION
25 AND MAINTENANCE, AND RENEWALS AND REPLACEMENTS; AND
26 (IV) THE REQUIREMENTS OF ANY RATE COVENANT WITH RESPECT
27 TO DEBT SERVICE COVERAGE OR DEBT SERVICE COVERAGE CONTAINED IN
-15- SB03-236
1 ANY RESOLUTION, ORDINANCE,OR OTHER SECURITY INSTRUMENT.
2 (b) A CONTRACT OR AGREEMENT MAY CONTAIN SUCH OTHER
3 TERMS AND CONDITIONS AS A POLITICAL SUBDIVISION MAY DETERMINE,
4 INCLUDING BUT NOT LIMITED TO PROVISIONS WHEREBY THE POLITICAL
5 SUBDIVISION IS OBLIGATED TO PAY FOR THE OUTPUT,CAPACITY,OR USE OF
6 AN APPROVED WATER INFRASTRUCTURE PROJECT IRRESPECTIVE OF
7 WHETHER SUCH OUTPUT,CAPACITY, OR USE IS PRODUCED OR DELIVERED
8 TO THE POLITICAL SUBDIVISION OR WHETHER ANY PROJECT
9 CONTEMPLATED BY ANY SUCH AGREEMENT IS COMPLETED,OPERABLE,OR
10 OPERATING, AND NOTWITHSTANDING SUSPENSION, INTERRUPTION,
11 INTERFERENCE, REDUCTION, OR CURTAILMENT OF THE OUTPUT, USE, OR
12 SERVICE OF THE PROJECT.
13 (C) SUBJECT TO LOCAL CHARTER AND STATE CONSTITUTIONAL
14 LIMITATIONS, A CONTRACT OR AGREEMENT MAY ALSO PROVIDE THAT IF
15 ONE OR MORE OF THE POLITICAL SUBDIVISIONS DEFAULTS IN THE PAYMENT
16 OF ITS OBLIGATIONS UNDER THE CONTRACT OR AGREEMENT, THE
17 REMAINING POLITICAL SUBDIVISIONS THAT ALSO HAVE SIMILAR
18 CONTRACTS OR AGREEMENTS WITH RESPECT TO THE SAME PROJECT SHALL
19 BE REQUIRED TO ACCEPT AND PAY FOR, AND SHALL BE ENTITLED
20 PROPORTIONATELY TO USE OR OTHERWISE DISPOSE OF, THE OUTPUT,
21 CAPACITY,OR USE OF THE PROJECT THAT IS THE SUBJECT OF THE CONTRACT
22 OR AGREEMENT ENTERED INTO BY THE DEFAULTING POLITICAL
23 SUBDIVISION. THE OBLIGATIONS OF A POLITICAL SUBDIVISION UNDER A
24 CONTRACT OR AGREEMENT SHALL EITHER CONSTITUTE SPECIAL
25 OBLIGATIONS OF THE POLITICAL SUBDIVISION,PAYABLE SOLELY FROM THE
26 REVENUES AND OTHER MONEYS DERIVED BY THE POLITICAL SUBDIVISION
27 FROM THE PROJECT,AND SHALL BE TREATED AS EXPENSES OF OPERATING
-16- SB03-236
1 SUCH FACILITIES OR, IN THE DISCRETION OF THE POLITICAL SUBDIVISION
2 AND SUBJECT TO SATISFACTION OF ANY REQUIREMENTS OF LAW
3 GOVERNING OR LIMITING THE INCURRENCE OF DEBT BY THE POLITICAL
4 SUBDIVISION, SHALL CONSTITUTE A GENERAL OBLIGATION OF THE
5 POLITICAL SUBDIVISION.
6 (d) CONSISTENT WITH THE PROVISIONS OF SECTION 6 (3) OF
7 ARTICLE XI OF THE STATE CONSTITUTION, WHERE A CONTRACT OR
8 AGREEMENT IS ENTERED INTO BY A CITY, COUNTY, CITY AND COUNTY,
9 TOWN, OR SERVICE AUTHORITY AND IS TO CONSTITUTE A GENERAL
10 OBLIGATION OF THE CITY,COUNTY,CITY AND COUNTY,TOWN,OR SERVICE
11 AUTHORITY AND WHERE THE CONTRACT OR AGREEMENT PROVIDES THAT
12 THE CITY, COUNTY, CITY AND COUNTY, TOWN, OR SERVICE AUTHORITY
13 SHALL BE REQUIRED TO ACCEPT AND PAY FOR THE OUTPUT,CAPACITY,OR
14 USE OF THE PROJECT CONTRACTED FOR BY A DEFAULTING POLITICAL
15 SUBDIVISION,THE CONTRACT OR AGREEMENT SHALL NOT BE ENTERED INTO
16 UNLESS THE QUESTION OF INCURRING A GENERAL OBLIGATION FOR SUCH
17 PROJECT HAS BEEN SUBMITTED TO AND APPROVED AT AN ELECTION
18 CONDUCTED BY THE CITY,COUNTY,CITY AND COUNTY,TOWN,OR SERVICE
19 AUTHORITY IN ACCORDANCE WITH APPLICABLE ELECTION LAWS.
20 37-60-208. Bonds - status as legal investments. ALL BANKS,
21 TRUST COMPANIES, SAVINGS AND LOAN ASSOCIATIONS, INSURANCE
22 COMPANIES,EXECUTORS,ADMINISTRATORS,GUARDIANS,TRUSTEES,AND
23 OTHER FIDUCIARIES MAY LEGALLY INVEST ANY MONEYS WITHIN THEIR
24 CONTROL IN REVENUE BONDS. PUBLIC ENTITIES, AS DEFINED IN SECTION
25 24-75-601 (1), C.R.S., MAY INVEST PUBLIC FUNDS IN SUCH BONDS ONLY
26 IF THE BONDS SATISFY THE INVESTMENT REQUIREMENTS ESTABLISHED IN
27 PART 6 OF ARTICLE 75 OF TITLE 24,C.R.S.
-17- SB03-236
1 37-60-209. Exemption from taxation. EXCEPT AS OTHERWISE
2 PROVIDED IN THIS SECTION,THE INCOME FROM REVENUE BONDS IS EXEMPT
3 FROM ALL TAXATION AND ASSESSMENTS IN THIS STATE. IN THE
4 RESOLUTION,CERTIFICATE,INDENTURE OF TRUST,OR OTHER INSTRUMENT
5 AUTHORIZING THE ISSUANCE OF SUCH BONDS,THE BOARD MAY WAIVE THE
6 EXEMPTION FROM FEDERAL OR STATE INCOME TAXATION FOR INTEREST ON
7 THE BONDS.
8 37-60-210. No action maintainable. AN ACTION OR PROCEEDING
9 AT LAW OR IN EQUITY TO REVIEW ANY ACTS OR PROCEEDINGS OR TO
10 QUESTION THE VALIDITY OR ENJOIN THE PERFORMANCE OF ANY ACT OR
11 PROCEEDINGS OR THE ISSUANCE OF ANY REVENUE BONDS OR FOR ANY
12 OTHER RELIEF AGAINST OR FROM ANY ACTS OR PROCEEDINGS DONE UNDER
13 THIS PART 2,WHETHER BASED UPON IRREGULARITIES OR JURISDICTIONAL
14 DEFECTS,SHALL NOT BE MAINTAINED UNLESS COMMENCED WITHIN THIRTY
15 DAYS AFTER THE PERFORMANCE OF THE ACT OR PROCEEDINGS OR THE
16 EFFECTIVE DATE THEREOF,WHICHEVER OCCURS FIRST,AND IS THEREAFTER
17 PERPETUALLY BARRED.
18 37-60-211. Annual reports. (1) IF THE BOARD ISSUES REVENUE
19 BONDS,THENNO LATER THAN FEBRUARY 15 OF THE FIRST CALENDAR YEAR
20 FOLLOWING THE CALENDAR YEAR IN WHICH THE BOARD FIRST ISSUES
21 BONDS,AND NO LATER THAN FEBRUARY 15 OF EACH YEAR THEREAFTER,
22 THE BOARD SHALL SUBMIT A REPORT TO THE MEMBERS OF THE JOINT
23 BUDGET COMMITTEE OF THE GENERAL ASSEMBLY, THE MEMBERS OF THE
24 LEGISLATIVE AUDIT COMMITTEE OF THE GENERAL ASSEMBLY,THE CHAIR
25 OF THE AGRICULTURE,LIVESTOCK,AND NATURAL RESOURCES COMMITTEE
26 OF THE HOUSE OF REPRESENTATIVES, AND THE CHAIR OF THE
27 AGRICULTURE, NATURAL RESOURCES AND ENERGY COMMITTEE OF THE
-18- SB03-236
1 SENATE. SUCH REPORT SHALL INCLUDE,AT A MINIMUM,THE FOLLOWING
2 INFORMATION:
3 (a) THE TOTAL AMOUNT OF BONDS ISSUED BY THE BOARD IN
4 ACCORDANCE WITH THIS PART 2;
5 (b) THE APPROVED WATER INFRASTRUCTURE PROJECTS FOR WHICH
6 THE PROCEEDS FROM THE BONDS HAVE BEEN EXPENDED,THE AMOUNT OF
7 NOTE PROCEEDS EXPENDED ON EACH PROJECT, THE STATUS OF EACH
8 PROJECT, AND THE ESTIMATED DATE OF COMPLETION FOR EACH PROJECT
9 NOT YET COMPLETED; AND
10 (c) THE TOTAL AMOUNT OF PROCEEDS FROM THE ISSUANCE OF
11 BONDS AND REVENUES AND RECEIPTS DERIVED FROM THE SALE OF WATER,
12 POWER, OR OTHER ASSETS BY THE BOARD FROM A WATER
13 INFRASTRUCTURE FACILITY WHOSE DEVELOPMENT OR IMPROVEMENT WAS
14 FINANCED IN WHOLE OR IN PART BY BONDS IN EACH STATE FISCAL YEAR
15 AND THE COSTS ASSOCIATED WITH THE ISSUANCE AND ADMINISTRATION OF
16 THE BONDS.
17 37-60-212. Construction of part. THE POWERS CONFERRED BY
18 THIS PART 2 SHALL BE IN ADDITION AND SUPPLEMENTAL TO, AND NOT IN
19 SUBSTITUTION FOR,AND THE LIMITATIONS IMPOSED BY THIS PART 2 SHALL
20 NOT DIRECTLY OR INDIRECTLY MODIFY, LIMIT, OR AFFECT, THE POWERS
21 CONFERRED BY ANY OTHER LAW TO THE BOARD, THE STATE TREASURER,
22 THE DEPARTMENT OF NATURAL RESOURCES, OR THE COLORADO WATER
23 RESOURCES AND POWER DEVELOPMENT AUTHORITY CREATED BY SECTION
24 37-95-104.
25 37-60-213. Repeal of part. THIS PART 2 IS REPEALED,EFFECTIVE
26 UPON THE REJECTION BY THE REGISTERED ELECTORS OF THE STATE VOTING
27 ON THE QUESTION OF THE BALLOT QUESTION SUBMITTED PURSUANT TO
-19- SB03-236
1 SECTION 37-60-203 (1) (a).
2 SECTION 2. 37-60-106 (1), Colorado Revised Statutes, is
3 amended BY THE ADDITION OF A NEW PARAGRAPH to read:
4 37-60-106. Duties of the board-repeal. (1) It is the duty of the
5 board to promote the conservation of the waters of the state of Colorado
6 in order to secure the greatest utilization of such waters and the utmost
7 prevention of floods; and in particular, and without limiting the general
8 character of this section, the board has the power and it is its duty:
9 (s) (I) To RECOMMEND WATER INFRASTRUCTURE PROJECTS, AS
10 DEFINED IN SECTION 37-60-202 (3), TO THE GENERAL ASSEMBLY IN
11 ACCORDANCE WITH SECTION 37-60-203 AND TO ISSUE WATER
12 INFRASTRUCTURE REVENUE BONDS IN ACCORDANCE WITH THE PROVISIONS
13 OF PART 2 OF THIS ARTICLE.
14 (II) THIS PARAGRAPH (s) IS REPEALED, EFFECTIVE UPON THE
15 REJECTION BY THE REGISTERED ELECTORS OF THE STATE VOTING ON THE
16 QUESTION OF THE BALLOT QUESTION SUBMITTED PURSUANT TO SECTION
17 37-60-203 (1) (a).
18 SECTION 3. Safety clause. The general assembly hereby finds,
19 determines, and declares that this act is necessary for the immediate
20 preservation of the public peace, health, and safety.
-20- 5B03-236
Hello