(1) Any county, in addition to all other powers authorized by law, may, from time to time:
Issue revenue bonds, in such principal amounts as the county may deem necessary orappropriate, for the purpose of financing any project, including the payment, funding, or refunding of the principal of, any premium on, and the interest on any bonds issued by such county, whether the bonds or interest to be funded or refunded have or have not become due;
Establish or increase any reserve funds deemed necessary to secure payment of suchbonds or interest thereon; and
Appropriate moneys necessary to pay for all other costs or expenses of the countyincident to and necessary to carry out its authorized corporate and public purposes powers under this part 5.
Bonds issued pursuant to the authority of this part 5 shall constitute special obligations of the county issuing such bonds and shall be payable solely out of any county capital improvement trust fund moneys or the income from the investment thereof, to the extent that all or a portion of the same are made available for such purpose by the board of the county issuing such bonds. Bonds issued by any county pursuant to the authority of this part 5 may also be payable, in whole or in part, from any funds, revenues, income, or other moneys which are otherwise lawfully available for such purpose and which may be pledged by such county for the purpose of paying the principal of, any premium on, and the interest on its bonds.
Any such bonds may also be payable, in whole or in part, from the revenues andreceipts derived from the project financed with such issue of bonds and may be additionally secured by a pledge of any grant, subsidy, or contribution from the United States or any agency or instrumentality thereof, from the state or any governmental agency thereof, or from any person unless otherwise prohibited by applicable state or federal law.
Whether or not such bonds are of such form and character as to be negotiable instruments under the terms of the "Uniform Commercial Code", title 4, C.R.S., all such bonds are hereby made negotiable instruments within the meaning of and for all the purposes of said title, subject only to the provisions contained in such bonds for registration.
Any such bonds shall be authorized by the board, may be issued in one or moreseries, and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates of interest, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable from such sources in such medium of payment at such place or places within or without the state, and be subject for such terms of redemption, with or without premium, as the board may provide.
Any such bonds may be sold at public or private sale at such price or prices and insuch manner as the board shall determine.
Any such bonds may be issued under the provisions of this part 5 without obtainingthe consent of any department, division, commission, board, bureau, or agency of the state and without any other proceeding or happening of any other conditions for other things than those proceedings, conditions, or things which are specifically required by this part 5, including, in particular, all such bonds, so long as and to the extent that such bonds are payable exclusively from all or any portion of any county capital improvement trust fund created pursuant to this part 5, and such bonds may be issued without the requirement of any approval by the electorate of the county issuing such bonds.
Any such bonds shall not be in any way construed to be a debt or liability of the stateor any political subdivision thereof and shall not create or constitute any indebtedness, liability, or obligation to the state or to any such political subdivision or be or constitute a pledge of the faith and credit of the state or of any such political subdivision; but all such bonds, unless funded or refunded by bonds of such county, shall be payable solely from revenues or funds pledged or available for the payment as authorized in this part 5. Each bond issued by a county pursuant to this part 5 shall contain on its face a statement to the effect that the county issuing such bonds is obligated to pay the principal of, any premium on, and the interest on such bonds only from revenues or funds of such county pledged for such payment, that neither the state nor any other political subdivision thereof is obligated to pay such principal of, any premium on, and the interest on such bonds, and that neither the faith and credit of the taxing power of the state nor any political subdivision thereof is pledged for the payment of the principal of, any premium on, and the interest on any such bonds.
All expenses incurred in carrying out the provisions of this part 5 shall be payablesolely from the revenues or funds provided or to be provided under the provisions of this part 5, and nothing in this part 5 shall be construed to authorize any county to incur any indebtedness on behalf of or payable by the state or any political subdivision thereof other than such county.
The board of a county may, in any resolution relating to the issuance of any suchbonds and in order to secure the payment of such bonds, make such covenants as otherwise authorized by law to do or refrain from doing such acts and things as may be necessary, convenient, and desirable in order to better secure bonds, which covenants will, in the opinion of the board, tend to make such bonds more marketable.
Source: L. 82: Entire part added, p. 486, § 1, effective July 1.