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File #: 20-651    Version: 1 Name: Peak Metro Dist No. 1
Type: Resolution Status: Mayor's Office
File created: 11/16/2020 In control: City Council
On agenda: 1/12/2021 Final action: 1/12/2021
Title: Resolution Authorizing Peak Metropolitan District No. 1 to Issue Debt in the form of Series 2021A and Series 2021B Limited Tax General Obligation Bonds Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Peter Wysocki, Director, Planning and Community Development
Indexes: Metropolitan District
Attachments: 1. Revised Resolution- Peak Metro, 2. Resolution_PeakMetroDistNo.pdf, 3. 1. 1-28-2- Letter to Council, 4. 1.a Peak Presentation PowerPoint 1-6-21, 5. 2. Bond Issuance Submittal December 2020, 6. 3. Term Sheet Peak MD1 (as of 12.28.20), 7. 4. C2 Peak MD Financial Plan for Dec 28 Submittal, 8. 5. Peak MD 1 Draft Senior Indenture 12-28-20, 9. 6. Peak MD No 1 Draft Sub. Indenture 12-28-20, 10. 7. Peak MD No 1 Draft Bond Resolution 12-28-20, 11. 8. Peak Dist Projects- 12-28-20, 12. 9. Peak Projects CY2020-Infrastructure map, 13. 10- Peak Innovation Park infra. dev. areas 1-10, 14. 11. COS SIB Request - CDOT 2020 White Paper, 15. Airport PPT Budget Committee 11.17.pdf, 16. Resolution 05-21
Title
Resolution Authorizing Peak Metropolitan District No. 1 to Issue Debt in the form of Series 2021A and Series 2021B Limited Tax General Obligation Bonds

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Director, Planning and Community Development

Body
Summary:
The attached resolution will approve the issuance by the Peak Metropolitan District No. 1 ("the District") of bonds in an aggregate principal amount of approximately $39,813,000 along with the related bond documents. The District is proposing to issue this debt in the form of $35,045,000 of Limited Tax General Obligation Bonds, Series 2021A, and approximately $4,768,000 of Subordinate Limited Tax General Obligation Bonds, Series 2021B. The proceeds of the bonds may be used to reimburse the costs of previously installed public improvements (depending on the dispensation of approval of the application for the SIB loan), with the balance of be project fund being used for additional identified infrastructure. This District is one of three related metropolitan districts (Peak Metropolitan District Nos. 1-3) created for the purpose of financing infrastructure and providing services for the Peak Innovation Park which is the business park associated with the Colorado Springs Airport.

These bonds will marketed and have estimated annual interest rates of 5.0%, and 7.75% for the A and B bonds, respectively. The debt service mill levies and specific ownership taxes for District No. 1 will be pledged toward this debt. The infrastructure being financed is specific to District No. 1, such that the revenues of District No. 2 and 3 will not be pledged.

The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. These bond issues are contemplated by the District's Council-approved service plan. Copies of the bond documents and associated supporting materials a...

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