Title
A resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $1,800,000 for the Wildgrass at Rockrimmon Metropolitan District
Presenters
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Peter Wysocki, Planning and Community Development Director
Body
Summary:
The attached resolution will approve the issuance by the Wildgrass at Rockrimmon Metropolitan District ("the District") of Limited Tax General Obligation Bonds, Series 2020 in an aggregate amount anticipated to be $1,362,000 and the related bond documents. The District is proposing to issue this debt in the form of Series A senior bonds in an anticipated amount of $1,027,000 and subordinate Series B bonds in an amount of $335,000. The attached draft City Council resolution addresses contingencies by stipulating not-to-exceed cap of $1,800,000 for the combined issuances and $400,000 for the Series B bonds.
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.
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.
BACKGROUND:
This metropolitan district is requesting authorization to issue tax-exempt bonds in the form of Limited Tax General Obligation Bonds, Series 2020A in an anticipated amount of $1,027,000, and Subordinate Limited Tax General Obligation Bonds, Series 2020B (3) in an anticipated amount of $335,000.
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 a property tax mill levy as the revenue source. T...
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