Colo. Rev. Stat. § 43-4-615

Current through Acts effective through 6/7/2024 of the 2024 Legislative Session

Section 43-4-615 - Agreement of the state not to limit or alter rights of obligees

The state hereby pledges and agrees with the holders of any bonds issued under this part 6 and with those parties who enter into contracts with an authority or any member of a combination or member of a transportation planning organization exercising the powers of an authority as authorized by section 43-4-622 pursuant to this part 6 that the state will not impair the rights vested in the authority or the rights or obligations of any person with which the authority contracts to fulfill the terms of any agreements made pursuant to this part 6. The state further agrees that it will not impair the rights or remedies of the holders of any bonds of the authority until the bonds have been paid or until adequate provision for payment has been made. The authority may include this provision and undertaking for the state in the bonds.

C.R.S. § 43-4-615

Amended by 2021 Ch. 250,§42, eff. 6/17/2021.

L. 97: Entire part added, p. 497, § 1, effective August 6. L. 2021: Entire section amended, (SB 21-260), ch. 1436, p. 1436, § 42, effective June 17.

For the legislative declaration in SB 21-260, see section 1 of chapter 250, Session Laws of Colorado 2021.