2020 Colorado Revised Statutes
Title 32 - Special Districts
Article 11. Urban Drainage and Flood Control Act
Section 32-11-628. Primary additional security.
(1) The urban district shall additionally secure the payment of the assessment debentures and the assessment bonds pertaining to any improvement district as provided in this article.
Whenever there is a deficiency in any improvement district to meet payment of suchoutstanding assessment securities and interest due thereon, it shall be paid out of the urban district's special surplus and deficiency fund.
The urban district shall pay the assessment securities pertaining to any improvementdistrict when due and the interest due thereon from any available moneys of the urban district and reimburse itself by collecting the unpaid assessments due the improvement district, whenever:
Four-fifths of the outstanding bonds pertaining to the improvement district have beenpaid; and
For any reason the remaining assessments pertaining to the improvement district arenot paid in time to take up the final bonds of the improvement district and the interest due thereon; and
There is not sufficient money in the special surplus and deficiency fund.
(4) When all outstanding assessment securities pertaining to an improvement district have been paid and any moneys remain to the credit of such district, they shall be transferred to the special surplus and deficiency fund.
Source: L. 69: p. 796, § 141. C.R.S. 1963: § 89-21-141.
