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A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of Series 2014B limited tax general obligation bonds by the Banning Lewis Ranch Metropolitan District No. 2. (Planning & Development - Carl Schueler)
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Summary: The attached resolution will approve issuance of up to $3,000,000 in bonds related to the Banning Lewis Ranch Metropolitan District No. 2 ("District") in the form of a private placement with an entity controlled by the developer (Oakwood Homes). This would be the second formal indebtedness issued by any of the seven inter-related Banning Lewis Ranch Metropolitan Districts ("Districts"), and the last debt to be issued by District No. 2. This debt would convert a portion of the Districts' approximately $70 Million in annual appropriation advances (i.e. developer advances) into these bonds, and also extinguish any remaining obligation of District No. 2 under that agreement.
The City's Special District Policy requires that City Council's approval be obtained prior to issuing any bonds for metropolitan districts. Additional documentation, including the District's bond resolution, is attached.
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). On March 11, 2008, Council approved an amended and consolidated plan for District Nos. 1-5 and 7 (Resolution No. 52-08). On May 26, 2009, Council approved a minor amendment to this service plan to clarify overall debt authorizations. On April 9, 2013, Council approved issuance of the first debt for this District in the form of an $8,250,000 bank loan (Resolution No. 33-13).
Background: Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and residential areas, primarily utilizing ...
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