Title
Resolution Authorizing Colorado Crossing Metropolitan District No. 2 to Issue Debt in the form of Series 2020A-1, Series 2020A-2 and Series 2020B-2 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 Colorado Crossing Metropolitan District No. 2 ("the District") of bonds in an aggregate principal amount of approximately $45,313,000 along with the related bond documents. The District is proposing to issue this debt in the form of $23,400,000 of Limited Tax General Obligation Refunding Bonds, Series 2020A-1, approximately $21,100,000 of Limited Tax General Obligation Bonds, Series 2020A-2, and approximately $4,800,000 of Subordinate Limited Tax General Obligation Bonds, Series 2020B-2 (Limited Tax General Obligation Bonds, Series 2020. The proceeds of the 2020A-1 bonds will be used to refund existing debt issued by this District in 2017, with the 2020A-2 and 2020B-2 proceeds available as "new money" to reimburse additional public improvements and related costs.
These bonds will marketed and have estimated annual interest rates of 5.75%, 5.875% and 8.25% for the A-1, A-2 and B-2 bonds respectively. The debt service mill levies and specific ownership taxes for of District Nos. 1, 2 and 3 will be pledged toward this debt, along with public improvement fee (PIF) revenues from a 1.0% retail PIF and a 2.0% lodging PIF, as applicable.
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 are attached.
Note: Immediately preceding this agenda item is a request for third amendment of the service plan for th...
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