(1) If the governing body determines to issue funding bonds for the purpose of paying and discharging any valid and subsisting judgment against the county or if, upon canvassing the vote cast at any election held under the provisions of this part 6, it is determined by the governing body that a majority of the legal votes cast upon the question submitted are in favor of funding, the governing body shall make such determination a part of the official records of the county, and the governing body shall immediately thereafter adopt an ordinance, which shall not be subject to the referendum provisions of any law, providing for the issue of said funding bonds in accordance with the provisions of this article. Such ordinance shall fix the date of said funding bonds; shall designate the denominations thereof, the rate of interest, the maturity date which shall not be more than twenty-five years from the date of said funding bonds, and the place of payment, within or without the state of Colorado, of both principal and interest; and shall prescribe the form of said funding bonds.
(2) Such funding bonds shall be negotiable in form, shall recite the title of the act under which they are issued, shall be executed in the name of the county and signed by the executive officer, countersigned by the treasurer, and attested by the county clerk and recorder and shall have the seal of the county affixed thereto. The interest accruing on such funding bonds shall be evidenced by interest coupons thereto attached, bearing the engraved facsimile signature of the treasurer of the county. When so executed such coupons shall be the binding obligations of the county, according to their import. In the adoption of said ordinance providing for the issue of such funding bonds, the governing body shall make the principal of the debt payable in substantially equal annual installments during the period, not exceeding twenty-five years, within which the debt is to be discharged. The date of the maturity of the first installment of the debt shall be not more than five years from the date of said funding bonds.
Source: L. 81: Entire article added, p. 1476, § 1, effective June 8.