C.R.S. § 22-44-112

(c) If the resolution authorizes expenditures in excess of the amount budgeted and appropriated to a particular function, and there is no unencumbered appropriation available in another function to transfer to the function wherein additional expenditures are needed, the board of education may issue warrants to be registered, in order to provide for such excess expenditures. The total amount of warrants which may be issued and registered pursuant to this paragraph (c) during any one fiscal year shall not exceed an amount equal to that which could be raised by a two mill levy for the calendar year in which the second half of such fiscal year is included on the valuation for assessment of the taxable property located within the territorial limits of the school district. Transfers and excess expenditures pursuant to this paragraph (c) shall be deemed to be budgeted and appropriated for the purpose specified in the resolution upon the effective date of the resolution.