BY SENATOR Bishop;
also REPRESENTATIVES Smith, Alexander, G. Berry,
Dyer, Salaz, and Tucker.
CONCERNING THE OPERATION OF THE GRAND JUNCTION DRAINAGE
DISTRICT.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 3731105,
Colorado Revised Statutes, is amended to read:
3731105. General powers
of district. (1) The board
is vested with all powers necessary for the accomplishment of
the purposes for which this district is organized and capable
of being delegated by the general assembly of the state of Colorado,
and no enumeration of particular powers granted shall be construed
to impair any general grant of power contained in this article
or to limit any such grant to a power of the same class as those
so enumerated.
(2) THE BOARD MAY ALSO PARTICIPATE IN
THE FORMULATION AND IMPLEMENTATION OF NONPOINT SOURCE WATER POLLUTION
CONTROL PROGRAMS RELATED TO AGRICULTURAL PRACTICES IN ORDER TO
IMPLEMENT PROGRAMS REQUIRED BY OR AUTHORIZED UNDER FEDERAL LAW
AND SECTION 258205 (5), C.R.S., ENTER INTO CONTRACTS
AND AGREEMENTS, ACCEPT FUNDS FROM ANY FEDERAL, STATE, OR PRIVATE
SOURCE, RECEIVE GRANTS OR LOANS, PARTICIPATE IN EDUCATION AND
DEMONSTRATION PROGRAMS, CONSTRUCT, OPERATE, MAINTAIN, OR REPLACE
FACILITIES, AND PERFORM SUCH OTHER ACTIVITIES AND ADOPT SUCH RULES
AND POLICIES AS THE BOARD DEEMS NECESSARY OR DESIRABLE IN CONNECTION
WITH NONPOINT SOURCE WATER POLLUTION CONTROL PROGRAMS RELATED
TO AGRICULTURAL PRACTICES.
SECTION 2. 3731129,
Colorado Revised Statutes, is amended to read:
3731129. Salary and expenses
of officers. Each director shall receive
as per diem compensation for his OR HER services a sum not in
excess of thirtyfive
SEVENTYFIVE dollars per day, but not to exceed nine
hundred sixty ONE THOUSAND TWO HUNDRED
dollars per annum, as fixed by the board, together with actual
and necessary expenses incurred in the performance of his OR HER
duties. No director shall receive any compensation as an officer,
engineer, attorney, employee, or other agent of the district.
Nothing contained in this article shall be construed as preventing
the board from authorizing the reimbursement of any director for
expenses incurred and appertaining to the activities of the district.
The salary of the secretary shall be fixed by resolution of the
board of directors.
SECTION 3. Repeal. 3731146,
Colorado Revised Statutes, is repealed as follows:
3731146. Majority vote
bonds issued. (1) If
the majority of the votes cast is "Bonds Yes",
the board of directors shall immediately cause bonds in such amount
to be issued, payable in series as follows: At the expiration
of eleven years, not less than five percent of the whole amount
of said bonds; at the expiration of twelve years, not less than
six percent of the whole amount of said bonds; at the expiration
of thirteen years, not less than seven percent of the whole amount
of said bonds; at the expiration of fourteen years, not less than
eight percent of the whole amount of said bonds; at the expiration
of fifteen years, not less than nine percent of the whole amount
of said bonds; at the expiration of sixteen years, not less than
ten percent of the whole amount of said bonds; at the expiration
of seventeen years, not less than eleven percent of the whole
amount of said bonds; at the expiration of eighteen years, not
less than thirteen percent of the whole amount of said bonds;
at the expiration of nineteen years, not less than fifteen percent
of the whole amount of said bonds; and, at the expiration of twenty
years, a percentage sufficient to pay off the remainder of said
bonds.
(2) The several enumerated percentages
shall be of the entire amount of the bond issue.
(3) Each bond must be payable
at the given time, for its entire amount, and not for a percentage.
(4) Said bonds shall bear interest
at the rate of not to exceed six percent per annum payable semiannually.
(5) The principal and interest
shall be payable at the office of the county treasurer of Mesa
county and at such other places as the board of directors may
designate in such bond.
SECTION 4. 3731147,
Colorado Revised Statutes, is amended to read:
3731147. Majority vote
bonds issued form of bonds and coupons.
Said bonds shall be negotiable and
of the denomination of five hundred dollars or one thousand dollars
and shall be executed in the name of the district and signed by
the president and secretary, and the seal of the district shall
be affixed thereto. Said bonds shall be numbered consecutively
and bear the date of their issue. Coupons for the interest shall
be attached to each bond, bearing the lithographed signature of
the president. Said bonds shall express on their face that they
are issued by the authority of this article, stating its title
and date of approval. The secretary shall keep a record of the
bonds sold, their number, dates of sale, the prices received,
and the names of the purchasers, and shall file a certified copy
of such record with the county clerk and recorder of Mesa county.
IF THE MAJORITY OF THE VOTES CAST IS "BONDS YES",
THE BOARD OF DIRECTORS SHALL ISSUE NEGOTIABLE COUPON BONDS OF
THE DISTRICT. BONDS SHALL BEAR INTEREST AT A RATE OR RATES SUCH
THAT THE NET EFFECTIVE INTEREST RATE OF THE ISSUE OF BONDS DOES
NOT EXCEED THE MAXIMUM NET EFFECTIVE INTEREST RATE AUTHORIZED,
PAYABLE SEMIANNUALLY, AND SHALL BE DUE AND PAYABLE SERIALLY, EITHER
ANNUALLY OR SEMIANNUALLY, COMMENCING NOT LATER THAN THREE YEARS
AND EXTENDING NOT MORE THAN TWENTY YEARS FROM DATE. THE FORM
AND TERMS OF SAID BONDS, INCLUDING PROVISIONS FOR THEIR PAYMENT
AND REDEMPTION, SHALL BE DETERMINED BY THE BOARD. IF THE BOARD
SO DETERMINES, SUCH BONDS MAY BE REDEEMABLE PRIOR TO MATURITY
UPON PAYMENT OF A PREMIUM, NOT EXCEEDING THREE PERCENT OF THE
PRINCIPAL THEREOF. SAID BONDS SHALL BE EXECUTED IN THE NAME OF
AND ON BEHALF OF THE DISTRICT AND SIGNED BY THE PRESIDENT WITH
THE SEAL OF THE DISTRICT AFFIXED THERETO AND ATTESTED BY THE SECRETARY.
SAID BONDS SHALL BE IN SUCH DENOMINATIONS AS THE BOARD SHALL
DETERMINE, AND THE BONDS AND COUPONS THERETO ATTACHED SHALL BE
PAYABLE TO BEARER. INTEREST COUPONS SHALL BEAR THE ORIGINAL OR
FACSIMILE SIGNATURE OF THE PRESIDENT.
SECTION 5. Safety
clause. The general assembly hereby finds, determines, and
declares that this act is necessary for the immediate preservation
of the public peace, health, and safety.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Patricia K. Dicks Judith M. Rodrigue
ASSISTANT SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO