City of Colorado Springs - File #: 15-00639

• File #: 15-00639
• Version: 1
• Name: Banning Lewis Ranch MD No. 3
• Type: Resolution
• Status: Mayor's Office
• File created: 10/7/2015
• In control: City Council
• On agenda: 10/27/2015
• Final action: 10/27/2015
• Title: Resolution Authorizing the Banning Lewis Ranch Metropolitan District No. 3 to Issue Series 2015A Limited Tax General Obligation Bonds in an Amount Not to Exceed $9,000,000, and Series 2015B Subordinate Cash Flow Bonds in an Amount Not to Exceed $1,800,000 (Legislative Matter)
• Indexes: Metropolitan District

Date	Ver.	Action By	Action	Result
10/27/2015	1	City Council	adopted	Pass
10/26/2015	1	Council Work Session	referred

Title
Resolution Authorizing the Banning Lewis Ranch Metropolitan District No. 3 to Issue Series 2015A Limited Tax General Obligation Bonds in an Amount Not to Exceed $9,000,000, and Series 2015B Subordinate Cash Flow Bonds in an Amount Not to Exceed $1,800,000
(Legislative Matter)
Body
From:
Peter Wysocki, Planning and Development Director
Carl Schueler, Comprehensive Planning Manager

Summary:
This introduces a request to approve issuance of formal debt in an aggregate amount of up to $10,800,000 by the Banning Lewis Ranch District No. 3 ("District") in the form of two marketed bond issues. 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 27, 2015 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). On March 11, 2008, Council approved an amended and consolidated plan ("the Service Plan") for District Nos. 1-5 and 7 (Resolution No. 52-08). Note: former District No. 6 has been reorganized into distinct regional metropolitan district pertaining specifically to wastewater improvements. On May 26, 2009, Council approved a minor amendment to the Service Plan to clarify overall debt authorizations within each district (Resolution No. 118-09). In 2013 and again in 2014 Council authorized issuance of bonds for Banning Lewis Ranch District No. 2. However, this will be the first debt issued by this particular District (District No. 3).

Background:
Metropolitan districts are created under Colorado Statute and C...