C.R.S. § 29-3-110

(1) The county or municipality may also provide that: (a) The project and improvements to be constructed, if any, shall be constructed by the county or municipality, the user, the user’s designee, or any one or more of them on real estate owned by the county or municipality, the user, or the user’s designee, as the case may be; (b) The bond proceeds shall be disbursed by the trustee bank or trust company during construction upon the estimate, order, or certificate of the user or the user’s designee. (2) The project, if and to the extent constructed on real estate not owned by the county or municipality, may be conveyed or leased or an easement therein granted to the county or municipality at any time.