City of Colorado Springs - File #: 18-0420

• File #: 18-0420
• Version: 1
• Name: Banning Lewis Ranch MD No. 4
• Type: Resolution
• Status: Mayor's Office
• File created: 8/15/2018
• In control: City Council
• On agenda: 10/9/2018
• Final action: 10/9/2018
• Title: Resolution Authorizing the Banning Lewis Ranch Metropolitan District No. 4 to Issue Series 2018A Limited Tax General Obligation Bonds in an Amount Estimated to be $12,865,000, Series 2018B Subordinate Cash Flow Bonds in an Amount Estimated to be $2,111,000 and Series 2018C Junior Subordinate Cash Flow Bonds in an Amount Estimated to be $4,059,000. (Legislative) Presenter: Carl Schueler, Comprehensive Planning Manager, Planning and Development
• Indexes: Issuance of Debt, Metropolitan District

Date	Ver.	Action By	Action	Result
10/9/2018	1	City Council	adopted	Pass
9/24/2018	1	Council Work Session	referred

Title
Resolution Authorizing the Banning Lewis Ranch Metropolitan District No. 4 to Issue Series 2018A Limited Tax General Obligation Bonds in an Amount Estimated to be $12,865,000, Series 2018B Subordinate Cash Flow Bonds in an Amount Estimated to be $2,111,000 and Series 2018C Junior Subordinate Cash Flow Bonds in an Amount Estimated to be $4,059,000.

(Legislative)

Presenter:
Carl Schueler, Comprehensive Planning Manager, Planning and Development

Body
Summary:
This is a request to approve issuance of formal debt in an aggregate amount of up to $19,035,000 by the Banning Lewis Ranch District No. 4 ("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 Districts No. 2 and No. 3, and issuances by District No. 5 and Banning Lewis Ranch Regional Metropolitan District No. 1 are pending concurrent with this request. However, this would be the first debt formally issued by this particular district.

This agenda item was introduced to City Council at a Work Session on September 24, 2018.

Background:
Metropolitan districts are created under Colorado Statute and City Policy to finance and/or maintain certain public improvements in commercial and ...