City of Colorado Springs - File #: 18-0595

• File #: 18-0595
• Version: 1
• Name: Banning Lewis Ranch MD No. 5
• Type: Informational Report
• Status: Mayor's Office
• File created: 11/7/2018
• In control: City Council
• On agenda: 11/13/2018
• Final action: 11/13/2018
• Title: A Resolution Authorizing Issuance of Debt by the Banning Lewis Ranch No. 5 Metropolitan District in the Form of Limited Tax General Obligation Bonds, Series 2018A in the Estimated Principal Amount of $6,440,000, Series 2018B Subordinate Cash Flow Bonds in an Amount Estimated to be $1,030,000, and Series 2018C Junior Subordinate Cash Flow Bonds in an Amount Estimated to be $1,826,000 and Rescinding Resolution No. 107-18 Presenter: Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
• Indexes: Issuance of Debt, Metropolitan District

Date	Ver.	Action By	Action	Result
11/13/2018	1	City Council	adopted	Pass

Title
A Resolution Authorizing Issuance of Debt by the Banning Lewis Ranch No. 5 Metropolitan District in the Form of Limited Tax General Obligation Bonds, Series 2018A in the Estimated Principal Amount of $6,440,000, Series 2018B Subordinate Cash Flow Bonds in an Amount Estimated to be $1,030,000, and Series 2018C Junior Subordinate Cash Flow Bonds in an Amount Estimated to be $1,826,000 and Rescinding Resolution No. 107-18

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development Department
Body
Summary:
On October 9, 2018, City Council approved Resolution 107-18 with numerical errors inadvertently inserted by City staff. The attached revised resolution corrects these errors consistent with the bond documents presented at that that hearing, consistent with this cover memo as presented at that hearing and consistent with the PowerPoint presentation provided with the September 24, 2018 Work Session introducing this item.

This is a request to approve issuance of formal debt in an aggregate amount of up to $9,296,000 by the Banning Lewis Ranch District No. 5 ("District") in the form of marketed Series A and B bond issues, and a developer-held Series C bond issue which will be subordinate to the other bonds. The City's Special District Policy and the District's approved service plan require that City Council's approval be obtained prior to issuing any debt.

This request will be heard at the October 9, 2018 City Council meeting at which time approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Article 7-100.

Previous Council Action:
The Banning Lewis Ranch Metropolitan Districts No. 1-7 ("Districts") were established by election in November 2005, following approval by Council of an initial service plan in that year (Resolution No. 162-05. City Council has previously authorized debt for Banning Lewis Ranch Metropolitan D...