2020 Colorado Revised Statutes
Title 29 - Government - Local
Article 3. County and Municipality Development Revenue Bond Act
Section 29-3-118. No payment by county or municipality.
(1) No county or municipality has the power to pay out of its general fund or otherwise contribute any part of the costs of acquiring a project and, unless specifically acquired for uses of the character described in this article or unless the land is determined by the governing body to be no longer necessary for other county or municipal purposes, shall not have the power to use land already owned by the county or municipality, or in which the county or municipality has an equity, for the construction thereon of a project or any part thereof.
(2) The entire cost of acquiring any project must be paid out of the proceeds from the sale of the bonds, but this provision shall not be construed to prevent a municipality from accepting donations of property to be used as a part of any project or money to be used for defraying any part of the cost of any project.
Source: L. 67: p. 676, § 18. C.R.S. 1963: § 36-24-18.
