2020 Colorado Revised Statutes
Title 37 - Water And Irrigation
Article 5. Financial Administration
Section 37-5-104. Construction fund.

(1) After the list of property, with the appraised benefits as approved by the court or that part thereof from which no appeal is pending, has been filed with the secretary of the district, then from time to time, as the affairs of the district may demand, the board of directors shall levy on all property upon which benefits have been appraised an assessment of such portion of said benefits as may be found necessary by said board to pay the cost of the appraisal, except as paid out of the preliminary fund, the preparation and execution of the official plan including superintendence of construction and administration during the period of construction plus ten percent of said total to be added for contingencies but not to exceed, in the total of principal, the appraised benefits so adjudicated. The assessment to be known as the "construction fund assessment" shall be apportioned to and levied on each tract of land or other property in said district in proportion to the benefits appraised, and not in excess thereof, and, in case bonds are issued as provided in articles 1 to 8 of this title, then the amounts of interest which will accrue on such bonds, as estimated by said board of directors, shall be included in and added to the said assessment, but the interest to accrue on account of the issuing of said bonds shall not be construed as a part of the cost of construction in determining whether or not the expenses and costs of making said improvement are equal to or in excess of the benefits appraised. As soon as said assessment is levied, the secretary of the district, at the expense of the district, shall prepare in duplicate an assessment record of the district. It shall be in the form of a well-bound book endorsed and named, "Construction Fund Assessment Record of .............. Conservancy District", which endorsement shall also be printed at the top of each page thereof.

(2) The construction fund assessment record shall include a table or schedule (Schedule Form VIII, 1) showing in properly ruled columns:

1. The names of the owners of the property to which benefits are appraised, which maybe as they appear in the decree of the court confirming the appraisals, and, in case of appraisals against a town, city, county, or other public corporation, the name of the individual owners need not be given, but only the name of such corporation;

2. The descriptions of the items of property appraised and assessed, arranged by counties;

3. The total amount of benefits appraised against each item of property;

4. The total assessment levied against each item of property to which benefits havebeen appraised, and in this column of the record provision shall be made for the entry of successive levies of assessments;

5. A blank column in which the treasurer shall enter the assessments paid within thesixty-day period in which property owners may pay their assessments;

6. In successive columns, the construction fund installments, or if bonds are issued, these columns may be designated bond fund installments, both principal and interest, one column for each installment, with provision for the entry of installments of successive levies, if any, and suitable blank columns in which the county treasurer shall record the several installment amounts, principal and interest, as collected by him, and the names of the persons paying the same. Where successive levies of assessments are made for the construction fund, the construction fund assessment record shall contain suitable notations to show the number of levies and the amount of each, to the end that it may disclose the aggregate of all levies for the construction fund.

3. Upon the completion of the construction fund assessment record, it shall be signedby the president of the district, and the seal of the district shall be thereunto affixed and attested by the signature of the secretary, and the same shall thereafter become a permanent record in the office of said district.

4. If it is found at any time that the total amount of assessments levied is insufficient topay the cost of the works set out in the official plan or of additional work done, the board of directors may levy such additional assessments and may make such amendments or supplements to the construction fund assessment record from time to time as may be necessary to provide funds to complete the work, but the total of all such assessments, exclusive of interest, shall not exceed the total of benefits appraised.

5. After the cost of the works set out in the official plan or of additional work done hasbeen paid in full, any or all moneys remaining in the construction fund may be transferred by the board of directors to the maintenance fund.

Source: L. 22: p. 45, § 44. C.L. § 9558. CSA: C. 138, § 169. CRS 53: § 30-5-4. C.R.S. 1963: § 29-5-4. L. 81: (5) added, p. 1751, § 5, effective May 28.

Cross references: For Schedule Form VIII, see § 37-8-101.