Section 31-25-1222 - Submission of debt question(1) When any board determines that the interest of said district and the public interest or necessity demand the acquisition, construction, installation, or completion of any improvements or the provision of any service within the district or the making of any contract with the United States or with any person or corporation to carry out the objects or purposes of said district requiring the creation of an indebtedness, said board shall order the submission to the electors of the proposition of issuing such obligations or bonds or creating other indebtedness at an election held for that purpose. Such election shall be held and conducted and the results thereof declared in the manner provided in part 8 of article 1 of title 32, C.R.S. Any such election may be held, on any date selected by the board, separately or may be consolidated or held concurrently with any other regular or special election. The declaration of public interest or necessity required and the provisions for the holding of such election may be included within one and the same resolution, which, in addition to such declaration of public interest or necessity, shall recite the objects and purposes for which the indebtedness is proposed to be incurred, the estimated cost of the works or improvements, as the case may be, the amount of the principal of the indebtedness to be incurred therefor, and the maximum net effective interest rate to be paid on such indebtedness.(2) Such resolution shall also fix the date upon which such election shall be held and the manner of holding the same and the method of voting for or against the incurring of the proposed indebtedness or the making of the proposed contract. Such resolution shall appoint a designated election official and provide for the duties thereof.(3) (Deleted by amendment, L. 96, p. 1771, § 71, effective July 1, 1996.)L. 88: Entire part added, p. 1141, § 1, effective May 6. L. 96: (2) and (3) amended, p. 1771, § 71, effective July 1.