31-21-101. Definitions.

Statute text

As used in this part 1, unless the context otherwise requires:

(1) "Floating indebtedness" means all obligations of the municipality to pay money, of whatever kind or character, except indebtedness evidenced by outstanding negotiable interest-bearing bonds of the municipality.

History

Source: L. 75: Entire title R&RE, p. 1134, 1, effective July 1.

Annotations

Editor's note: This section is similar to former 31-21-101 as it existed prior to 1975.

Annotations

 

ANNOTATION

Annotations

By the term "floating debt" is meant that mass of lawful and valid claims against the corporation, for the payment of which there is no money in the corporate treasury specifically designed, nor any taxation or other means of providing money to pay, particularly provided. Thomas S. Hayden Realty Co. v. Town of Aurora, 62 Colo. 563, 163 P. 843 (1917) (decided prior to L. 17, p. 520, 2, the earliest source of former section).