(1) No debt by loan in any form shall be contracted by any school district for the purposes specified in paragraph (a) of subsection (2) of this section, unless the proposition to create the debt has first been submitted to and approved by the eligible electors of the district.

(2) (a) The board of education of any school district, at any regular biennial school election or at a special election called for the purpose, shall submit to the eligible electors of the district the question of contracting a bonded indebtedness for one or more of the following purposes:

(I) For acquiring or purchasing buildings or grounds;

(II) For enlarging, improving, remodeling, repairing, or making additions to any school building;

(III) For constructing or erecting school buildings;

(IV) For equipping or furnishing any school building, but only in conjunction with a construction project for a new building or for an addition to an existing building or in conjunction with a project for substantial remodeling, improvement, or repair of an existing building;

(V) For improving school grounds;

(VI) For funding floating indebtedness;

(VII) For acquiring, constructing, or improving any capital asset that the district is authorized by law to own;

(VIII) For supporting charter school capital construction as defined in section 22-30.5-403 (4) or the land and facilities needs of a charter school as defined in section 22-30.5-403 (3), without title or ownership of charter school capital assets being held by the school district or ownership or use restrictions placed on the charter school by the school district;

(IX) (A) Subject to the provisions of sub-subparagraph (B) of this subparagraph (IX), for paying the costs that may be paid from the general fund of the school district; except that bonded indebtedness may be issued for such purpose only if amendment 61 is approved by the voters at the general election held on November 2, 2010, and the eligible electors of the school district approve a question to create debt for such purpose at an election held on or after November 2, 2010.

(B) The board of education of a district that issues bonded indebtedness pursuant to sub-subparagraph (A) of this subparagraph (IX) shall deposit any moneys from such bonded indebtedness into a cash flow deficit restricted reserve in the general fund of the district. The board of education of such a district may expend the moneys deposited in the reserve only for the purpose of alleviating the district's annual temporary cash flow deficit and shall repay, from the property tax revenues of the district, the total amount expended from the reserve in any fiscal year on or before June 30 of the applicable fiscal year; except that such board of education may request that the department of education waive the requirement to repay the reserve by June 30 of the applicable fiscal year. If the department grants such a waiver, the board of education of the district shall repay the total amount expended from the reserve on or before June 30 of the fiscal year following the fiscal year in which the board expended moneys from the reserve. Notwithstanding the provisions of this sub-subparagraph (B), if a district that has issued bonded indebtedness pursuant to sub-subparagraph (A) of this subparagraph (IX) no longer experiences an annual temporary cash flow deficit, the district shall use the moneys in the reserve to repay outstanding bonded indebtedness issued pursuant to this section.

(X) Subject to prior approval by the commissioner of education as provided in section 22-2-112 (5), for constructing a building that the school district may lease to a state institution of higher education. If a board of education seeks voter approval to contract bonded indebtedness for this purpose, the ballot question must specifically state that the bonded indebtedness is incurred "FOR THE PURPOSE OF CONSTRUCTING A BUILDING THAT THE SCHOOL DISTRICT MAY LEASE TO A STATE INSTITUTION OF HIGHER EDUCATION".

(b) The purposes specified in paragraph (a) of this subsection (2) shall be broadly construed, subject to the limitations provided in section 22-42-103.

(c) Any special election called pursuant to this section shall be held on the general election day in each even-numbered year or on the first Tuesday in November of each odd-numbered year and shall be conducted pursuant to the provisions of articles 1 to 13 of title 1, C.R.S.

(d) Repealed.

(3) to (5) (Deleted by amendment, L. 92, p. 839, § 35, effective January 1, 1993.)

(6) (a) The board of education of any school district, having received approval at an election to issue bonds and having determined that the limitations of the original election question are too restrictive to permit the advantageous sale of the bonds so authorized, may submit at another regular or special election the question of issuing the bonds, or any portion thereof, at a higher principal amount or higher repayment cost than approved at the original election.

(b) An election held pursuant to this subsection (6) shall be held in substantially the same manner as an election to authorize bonds initially, except as may be required for the submission of the limited question or questions permitted under this subsection (6).

(c) If a majority of those voting at an election held pursuant to this subsection (6) fails to approve the changes submitted, such result shall not impair the authority of the board at a later time to issue the bonds originally approved within the limitations established at the first election.