(a) The City shall have the power to create Special or Local Improvement Districts within designated districts in the City, to contract for, construct or install special or local improvements of every character within the said designated districts, to assess the cost thereof, wholly or in part upon the property benefited in such district, and to issue special or local improvement bonds therefor.

(b) The Council shall, by ordinance, prescribe the method and manner of creating such improvements, of letting contracts therefor, issuing and paying bonds for construction or installation of such improvements, including the costs incidental thereto, for assessing the costs thereof and for all things in relation to the authority herein created.

(c) Except as otherwise provided by Charter or by ordinance, the Statutes of the State of Colorado shall govern the creation and organization of Special or Local Improvement Districts, the assessment of costs, the issuance of bonds therefor and all things in relation thereto.

Special or Local Improvement Districts created pursuant to this Chapter may be so created by:

(a) Ordinance; or

(b) On a petition by the owners of more than fifty percent (50%) of the area of the proposed district, provided that such majority shall include not less than fifty percent (50%) of the land owners in the proposed district, subject in either event to protest by the owners of the frontage area to be assessed.

Right to protest and notice of public hearing shall be given as provided by Council by ordinance. All protests shall be considered but if the public welfare warrants, Council shall have final decision. Such improvements shall confer special benefits on the real property within the said districts and general benefits to the City-at-large. The Council shall by ordinance prescribe the method and manner of making such improvements, of assessing the cost thereof, and issuing and paying bonds for costs and expenses of constructing or installing such improvements.

(a) In consideration of general benefits conferred on the City at large from the construction or installation of improvements in Special or Local Improvement Districts, the City Council may contract by ordinance prior to the issuance of any bonds of any Special or Local Improvement District, that the payment of such bonds, both as the principal, interest and costs appertaining thereto become due, is additionally secured by a Special Fund herein created, and pursuant hereto may levy annual taxes on all taxable property within the City at a rate not exceeding two (2) mills in any one (1) year, to be disbursed as determined by the Council, for the purpose of paying for such improvements, pursuant to Section 15.5, for the payment of any assessment levied against the City itself in connection with said bonds issued for Special or Local Improvement Districts, for the purpose of advancing money to maintain current payments of interest and equal annual payments of the principal amount of said bonds or for any prior redemption premium appertaining to such bonds.

(b) The proceeds of such taxes shall be placed in a Special Fund and shall be disbursed only for the purposes specified in this Section, provided, however, that in lieu of such tax levies, the Council may annually transfer to such Special Fund any available money of the City, but in no event shall the amount transferred in any one year exceed the amount which would result from a tax levied in such year as herein limited.

(1) As long as any bonds issued for Special or Local Improvements Districts hereafter organized, remain outstanding, the tax levy or equivalent transfer of money to the Special Fund created for the payment of said bonds shall not be diminished in any succeeding year until all of said bonds and the interest thereon shall be paid in full, unless other available funds are on hand therefor, or such bonds and interest are paid by the City as provided in Section 15.5 of this Chapter.

(c) After the bonds have been retired in full, any monies remaining in such Special Funds shall be transferred as provided in Section 15.4.

(d) Bonds of any Special or Local Improvement District payable from special assessments, which payment may be additionally secured as provided in this Section, shall not be subject to any debt limitation nor affect the City's debt incurring power, nor shall such bonds be required to be authorized at any election; and such bonds shall not be held to constitute a prohibited lending of credit or donation, not [nor] to contravene any constitutional, statutory or Charter limitation or restriction.

(a) Where all outstanding Bonds of a Special or Local Improvement District have been paid and money remains to the credit of the district or in a Special Fund created pursuant to Section 15.3 for the said bond issue, it may be transferred, in whole or in part, by ordinance, to a Surplus and Deficiency Fund, and whenever

there is a deficiency in any Special or Local Improvement District Fund to meet the payment of outstanding bonds and interest due thereon, the deficiency shall be paid out of the said fund; or in the alternative, Council, may by ordinance transfer all or part of any unencumbered balance from a Special or Local Improvement District Fund or a Special Fund created pursuant to Section 15.3 for the said bond issues to any other City fund.

(b) Whenever a Special or Local Improvement District has paid and cancelled three-fourths (¾) of its bonds issued and for any reason the remaining assessments are not paid in time to redeem the final bonds of the district, the City shall pay the bonds when due and reimburse itself by collecting the unpaid assessments due the district.

No action or proceeding, at law or in equity, to review any acts or proceedings, or to question the validity of, or enjoin the performance of the issue or collection of any bonds or the levy or collection of any assessments authorized by this Chapter, or for any other relief against any acts or proceedings of the City done or had under this Chapter, shall be maintained against the City, unless commenced within thirty (30) days after the performance of the act or the effective date of the resolution or ordinance complained of, or else be thereafter perpetually barred.