Colo. Rev. Stat. § 31-25-1206
The governing body, as soon as possible after the filing of the petition, shall fix by order the place and time, not less than twenty days nor more than forty days thereafter, for a hearing thereon. Thereupon, the clerk of the governing body shall cause notice by publication to be made of the pendency of the petition, of the service area, boundaries, improvements, and services of the proposed district, and of the time and place of hearing thereon. The clerk shall also cause a copy of said notice to be mailed by first-class mail to each property owner within the service area and boundaries of the proposed district at his last-known address, as disclosed by the tax records of the county or counties in which the municipality is located. No member of the governing body shall be disqualified to perform any duty imposed by this part 12 by reason of direct or indirect ownership of property within the service area or boundaries of any proposed district, by reason of relationship to any person who owns property within the proposed district or service area, or by reason of ownership of or employment by any entity which owns property within the proposed district or service area.
C.R.S. § 31-25-1206
Section 9 of chapter 128, Session Laws of Colorado 1991, provides that section 2 of the act amending this section does not apply to the organization of any proposed district for which a petition for organization is filed prior to May 20, 1991, pursuant to § 31-25-1205.