Title
A Resolution authorizing issuance of debt by the Silver Hawk Metropolitan District in the form of general obligation limited tax bonds in an aggregate principal amount of $1,030,000.
(Legislative Item)
Presenter:
Peter Wysocki, Director of Planning and Community Development
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Body
Summary:
This is a request to authorize issuance of debt by the Silver Hawk Metropolitan District ("District") in the form of general obligation limited tax Series 2019 bonds in an amount not to exceed $1,030,000 in authorization. The City's Special District Policy and the District's service plan require that City Council's approval be obtained prior to issuing any debt.
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.
This item was presented at the December 11, 2018 City Council Budget Committee meeting as described below. It was then introduced at a January 7, 2019 Council Work Session. No additional questions or requests for follow-up occurred as part of the Work Session.
Previous Council Action:
The District was established by election in November of 2016, following approval by Council of a service plan on October 11, 2016. (Resolution No. 103-16).
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 a property tax mill levy as the revenue source. These districts are a separate legal entity from the City, but their service plan and the Special District Policy require City Council approval of all formal debt. The standard of review of the bond/loan documents is consistency with the service plan.
The Silver Hawk Metropolitan District is limited to a small single-family development of about 14.75 acres, and 70 d...
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