(1) The general assembly finds that:
The financial reputation and integrity of all local governments and political subdivisions are a matter of statewide concern;
There is a growing concern statewide with special districts and municipal and countyimprovement districts that are either insolvent or threatened with insolvency and the attendant impairment of viability and of the ability to provide public services; and
The credit reputation of political subdivisions of the state of Colorado is of vitalinterest to citizens of the state.
The general assembly determines that it is necessary to empower the securities commissioner to regulate and monitor the issuance of municipal bonds of political subdivisions and to develop information and recommendations for appropriate action for the general assembly in connection therewith.
The general assembly declares that the annual disclosure of financial and credit information for public securities will benefit both issuers and investors by expanding and stabilizing the market for public securities and thereby improving the marketability of such securities.
Therefore, the general assembly declares that it is in the best interests of this stateand its citizens that safeguards and full disclosure be made in connection with the issuance of bonds of special districts and municipal and county improvement districts and that this article is necessary to protect the continued provision of public services and the credit of political subdivisions. This article is remedial in nature and is to be broadly construed to effectuate its purposes.
Source: L. 91: Entire article added, p. 2404, § 1, effective January 1, 1992.