Common use of Authority to Issue Bonds Clause in Contracts

Authority to Issue Bonds. To carry out the purposes for which the Authority was established, and subject to the provisions of Article X, Section 20 of the Colorado Constitution or such other laws as may be applicable, the Authority is authorized to issue bonds, notes, or other obligations payable solely from the revenues derived or to be derived from the functions, services, or facilities of the Authority or from any other available funds of the Authority. The bonds, notes, or other obligations issued by the Authority shall, as nearly as may be practicable, be substantially the same as those provided by law for any of the contracting parties to this IGA; provided, however, that bonds, notes or other obligations so issued shall not constitute an indebtedness of Ouray, Ridgway, or Ouray County within the meaning of any constitution, home rule charter or statutory limitation or any other provision. Each bond, note or other obligation issued under this subsection shall recite in substance that the bond, note or other obligation, including the interest on it, is payable solely from the revenues or other available funds of the Authority pledged for its payment, and that the bond, note or other obligation does not constitute a debt of Ouray, Ridgway, or Ouray County within the meaning of any constitution, home rule charter, statutory limitations or provisions. Notwithstanding anything in this Section 5 to the contrary, such bonds, notes, and other obligations may be issued to mature at such times not beyond forty (40) years from their respective issue dates, shall bear interest at such rates and shall be sold at such prices, at, above, or below their principal amount, as shall be determined by the Board.

Authority to Issue Bonds. To carry out the purposes for which the Authority was established, and subject to the provisions of Article X, Section 20 of the Colorado Constitution or such other laws as may be applicable, the The Authority is authorized to issue Authority Obligations. The terms, conditions, and details of said Authority Obligations, which may be issued in the form of bonds, notes, and other obligations, the procedures related thereto, and the refunding thereof shall be set forth in the resolution authorizing said bonds, notes, or other obligations payable solely from the revenues derived or to be derived from the functions, services, or facilities of the Authority or from any other available funds of the Authority. The bonds, notes, or other obligations issued by the Authority shalland, as nearly as may be practicable, shall be substantially the same as those provided by law in Part 4 of Article 35 of Title 31, C.R.S., relating to water and sewer revenue bonds; except that the purposes for any of which the contracting parties to this IGA; provided, however, same may be issued shall not be so limited and except that said bonds, notes notes, and other obligations may be sold at public or private sale. Bonds, notes, or other obligations so issued under this subsection shall not constitute an indebtedness of Ouray, Ridgway, the Authority or Ouray County the Parties within the meaning of any constitution, home rule charter constitutional or statutory limitation limitations or any other provision. Each bond, note note, or other obligation issued under this subsection shall recite in substance that the said bond, note note, or other obligation, including the interest on itthereon, is payable solely from the revenues or Net Revenues and other available funds of the Authority pledged for its payment, the payment thereof and that the said bond, note note, or other obligation does not constitute a debt of Ouray, Ridgway, the Authority or Ouray County the Parties within the meaning of any constitution, home rule charter, constitutional or statutory limitations limitation or provisionsprovision. Notwithstanding anything in this Section 5 section to the contrary, such bonds, notes, and other obligations may be issued to mature at such times not beyond forty (40) years from their respective issue dates, shall bear interest at such rates rates, and shall be sold at such prices, at, above, or below their the principal amountamount thereof, all as shall be determined by the BoardBoard of Directors.

Authority to Issue Bonds. To carry out the purposes for which the Authority was established, and subject to the provisions of Article X, Section 20 of the Colorado Constitution or such other laws as may be applicable, the Authority is authorized to issue bonds, notes, or other obligations payable solely from the revenues derived or to be derived from the functions, services, or facilities of the Authority or from any other available funds of the Authority. The bonds, notes, or other obligations issued by the Authority shall, as nearly as may be practicable, be substantially the same as those provided by law for any of the contracting parties to this IGA; provided, however, that bonds, notes or other obligations so issued shall not constitute an indebtedness of Ouray, Ridgway▇▇▇▇▇▇▇, or Ouray County within the meaning of any constitution, home rule charter or statutory limitation or any other provision. Each bond, note or other obligation issued under this subsection shall recite in substance that the bond, note or other obligation, including the interest on it, is payable solely from the revenues or other available funds of the Authority pledged for its payment, and that the bond, note or other obligation does not constitute a debt of Ouray, Ridgway▇▇▇▇▇▇▇, or Ouray County within the meaning of any constitution, home rule charter, statutory limitations or provisions. Notwithstanding anything in this Section 5 to the contrary, such bonds, notes, and other obligations may be issued to mature at such times not beyond forty (40) years from their respective issue dates, shall bear interest at such rates and shall be sold at such prices, at, above, or below their principal amount, as shall be determined by the Board.