C.R.S. § 32-11-534

(1) The aggregate amount of indebtedness of the district evidenced by district securities and otherwise by contract with the federal government or any public body, or otherwise, shall not at any time exceed three percent of the valuation for assessment of the taxable property within the district as shown by the last preceding assessment for the purposes of taxation, except as otherwise provided in this article. (2) No debt within such debt limitation at the time it is incurred by the issuance of district securities or by otherwise obligating the district under contract shall become invalid because of any reduction subsequently of the district’s debt-incurring power for any reason. (3) Nothing in this article authorizes the creation of an indebtedness by any public body located wholly or in part within the district or elsewhere.