2020 Colorado Revised Statutes
Title 37 - Water And Irrigation
Article 48. Rio Grande Water Conservation District
Section 37-48-185. Covenants and other provisions in bonds.

(1) Any resolution providing for the issuance of any bonds under this article payable from pledged revenues and any indenture or other instrument or proceedings pertaining thereto may at the discretion of the board of directors contain covenants or other provisions, notwithstanding that such covenants and provisions may limit the exercise of powers conferred by this article, in order to secure the payment of such bonds, in agreement with the holders of such bonds, including, without limitation, covenants or other provisions as to any one or more of the following:

1. The pledged revenues and, in the case of general obligations, the taxes to be fixed,charged, or levied and the collection, use, and disposition thereof, including, without limitation, the foreclosure of liens for delinquencies, the discontinuance of services, facilities, or use of any properties or facilities, prohibition against free service, the collection of penalties and collection costs, and the use and disposition of any moneys of the district or subdistrict issuing bonds, derived or to be derived, from any source designated;

2. The acquisition, improvement, or equipment of all or any part of properties pertaining to any project or any facilities;

3. The creation and maintenance of reserves or sinking funds to secure the payment ofthe principal of and the interest on any bonds or of the operation and maintenance expenses of any facilities, or part thereof, and the source, custody, security, regulation, use, and disposition of any such reserves or funds, including, without limitation, the powers and duties of any trustee with regard thereto;

4. Limitations on the powers of the district or subdistrict to acquire or operate, or permitthe acquisition or operation of, any structures, facilities, or properties which may compete or tend to compete with any facilities;

5. The vesting in a corporate or other trustee or trustees of such property, rights, powers, and duties in trust as the board of directors may determine, which may include any or all of the rights, powers, and duties of the trustee appointed by the holders of bonds, and limiting or abrogating the rights of such holders to appoint a trustee, or limiting the rights, duties, and powers of such trustee;

6. Events of default, rights, and liabilities arising therefrom and the rights, liabilities,powers, and duties arising upon the breach by the district or subdistrict of any covenants, conditions, or obligations;

7. The terms and conditions upon which the holders of the bonds or of a specifiedportion, percentage, or amount thereof, or any trustee therefor, shall be entitled to the appointment of a receiver, which receiver may enter and take possession of any facilities or service, operate and maintain the same, prescribe fees, rates, and other charges, and collect, receive, and apply all revenues thereafter arising therefrom in the same manner as the district or subdistrict itself might do;

8. A procedure by which the terms of any resolution authorizing bonds or any othercontract with any holders of district or subdistrict bonds, including, without limitation, an indenture of trust or similar instrument, may be amended or abrogated, and as to the proportion, percentage, or amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;

9. The terms and conditions upon which any or all of the bonds shall become or may bedeclared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived; and

10. All such acts and things as may be necessary or convenient or desirable in order tosecure the bonds or, in the discretion of the board of directors, tend to make the bonds more marketable, notwithstanding that such covenant, act, or thing may not be enumerated in this article, it being the intention of this article to give to the board of directors power to do in the name and on behalf of the district or subdistrict all things in the issuance of district or subdistrict bonds and for their security, except as expressly limited in this article.

Source: L. 77: Entire section added, p. 1681, § 16, effective June 9.