§ 20-95. Refunding bonds.

(a)

Term and redemption. Refunding bonds issued by the city shall run for such term as shall be fixed and determined by ordinance of the city, and may be exchanged for bonds to be refunded or sold and the proceeds received by the treasurer and deposited with a banking institution to be selected by the manager of finance and kept and held in a separate fund and to be paid out only for the purpose of redeeming and paying off the outstanding bonds so to be refunded. Upon such exchange or redemption and payment, the outstanding bonds and the unmatured coupons thereof shall be immediately canceled.

(b)

Statutes inapplicable. The restrictions contained in the language quoted hereinbelow from C.R.S. 1973, 31-21-205, and the words quoted from such sections hereinbelow be and the same are hereby expressly superseded and declared to have no application, force or effect within the city: "… and maturing during a period not exceeding thirty-five (35) years from the date thereof."

(Code 1950, § 163.2; Ord. No. 775-07, § 48, 12-26-07)

State law reference

Refunding revenue securities law, C.R.S. 1973, 11-54-101 et seq.