Title
A Resolution Approving the Issuance of Debt by Copper Ridge Metropolitan District in the form of a General Obligation and Revenue Supported Improvement Loan, series 2023 (Tax-Exempt Bank Loan) in the principal amount of up to $20,770,000.
(Legislative Item)
Presenter:
Mike Tassi, Assistant Director, Planning and Community Development
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This is a request to approve issuance of additional debt in an aggregate amount of up to $20,770,000 by the Copper Ridge Metropolitan District ("District") in the form of a General Obligation and Revenue Supported Improvement Loan, series 2023 (Tax-Exempt Bank Loan) to be repaid primarily from the District's share of PPRTA funding in addition to a combination of property tax and public improvement fee (PIF) revenues. The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt.
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.
This District is located in City Council District 2
Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and maintain certain public improvements primarily utilizing a property tax mill levy as the revenue source. These districts are separate legal entities from the City, but their service plans require City Council approval of all formal debt. The standard of review of the debt instruments is consistency with the Service Plan and all applicable laws.
The Copper Ridge Metropolitan District has undertaken a series of formal new debt or refinancing issuances, beginning in 2013.
This proposed issuance is anticipated to be in the form of a tax-exempt commercial bank loan of $20,770,000 to be used to construct the Voyager bridge over Powers and associated improvements (a PPRTA...
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