(1) For the purpose of defraying the cost of constructing, improving, or reconstructing any such turnpike and all expenses incidental thereto, including all engineering and legal fees and interest during construction and for one year thereafter, the department of transportation may, upon the affirmative majority vote of the entire membership of the transportation commission and with the approval of the general assembly evidenced by joint resolution of the senate and house of representatives, and signed by the governor, issue bonds of the state of Colorado, payable from a fund consisting of the fees, fares, and tolls derived from any designated turnpike project and with the approval of the general assembly evidenced by joint resolution of the senate and house of representatives, additionally secured by a pledge of and payable from a special fund set aside from the state highway fund, but the amount so set aside and pledged shall not exceed in any one year one hundred percent of the total of the following:
The amount of principal and interest falling due during such year; and
The amount required to be paid into the special sinking fund as a reasonable reservefor the payment of the bonds authorized in this part 2 in accordance with the resolution of the transportation commission authorizing their issuance as approved by the joint resolution of the senate and house of representatives.
Source: L. 49: p. 603, § 3. CSA: C. 143, § 125(3). CRS 53: 120-8-3. L. 54: p. 155, § 4. L. 56, Ex. Sess.: p. 38, § 4. C.R.S. 1963: § 120-8-3. L. 84: IP(1) amended, p. 1112, § 2, effective April 9. L. 91: IP(1) and (1)(b) amended, p. 1113, § 163, effective July 1. L. 96: Entire section amended, p. 463, § 3, effective April 23.
Cross references: For presentation of resolutions to the governor, see § 39 of art. V, Colo. Const.