C.R.S. § 31-2-305

If a majority of the votes cast at such election are for organization under this title, the governing body shall immediately call a special election for the election of officers for such reorganized city or town. Such election shall be conducted in accordance with the provisions of the “Colorado Municipal Election Code of 1965”. After the election and qualification of such officers, the former organization of such city or town shall be considered as abandoned, and such city or town shall be considered as organized under the provisions of this title. The officers so elected shall hold their offices only until the next regular election in such city or town.