Colo. Rev. Stat. § 23-71-129
Any local college district may be dissolved in the following manner: A plan for the dissolution of the local college district may be submitted to the eligible electors of the local college district at a special election held for that purpose. The plan shall provide for the payment of all district debts and liabilities and the distribution of all district assets. If the eligible electors authorize the dissolution by a vote of the majority of electors voting at the special election, the local district college board of trustees of the district shall proceed to carry out the plan so authorized and, upon accomplishment thereof, shall file its certificate of dissolution with the county clerk and recorder of the county wherein the district is situate. Thereupon the district shall be considered dissolved. If any property or funds remain in the hands of the board, credit after the dissolution of the property or funds shall be distributed as provided in the plan of dissolution for the distribution of the assets of the local college district.
C.R.S. § 23-71-129