(1) Whenever considered advisable by the treasurer, he may, and whenever funds may be in his hands to the credit of any improvement district exceeding the amount of interest on the unpaid principal becoming due on and prior to one year next after the last interest payment date, and, if maturing serially, the principal becoming due on the next principal payment date, he shall, subject to the provisions concerning the payment of assessment debentures and assessment bonds pertaining to an improvement district prior to maturity in the securities and in any resolution pertaining to their issuance, by publication at least once not less than fifteen days prior to the redemption date, call in a suitable number of securities of the improvement district for payment, for the principal amount thereof, accrued interest to the redemption date, and any prior redemption premium due thereon.
After the redemption date so designated, interest on the securities so called shallcease. The urban district, however, may provide that such securities be redeemed only on interest payment dates.
The notice shall specify the securities so called by number, and all such securitiesshall be paid in the order designated in any such resolution.
The holder of any such securities may at any time furnish his post-office address tothe treasurer, and in such case a copy of such advertisement shall be mailed by the treasurer to the holder of the securities called at such address within three days of the date of such publication.
Source: L. 69: p. 797, § 143. C.R.S. 1963: § 89-21-143.