Title
Ordinance No. 14-67 providing for the issuance of the City of Colorado Springs Briargate General Improvement District Limited Tax General Obligation Refunding Bonds, in the aggregate principal amount of $8,960,000 for the purpose of refunding the District's outstanding Limited Tax General Obligation bonds, Series 2003; authorizing the execution by the District of a tax compliance certificate, the bonds and related documents required in connection herewith; and making determinations as to other matters related to the bonds.
Body
From:
Kara Skinner, Chief Financial Officer
Tom Florczak, Deputy City Attorney
Summary:
The Briargate General Improvement District ("the District") was organized in 2000 by the City of Colorado Springs Ordinance No. 00-127.
The ordinance to be presented authorizes the issuance of General Obligation Refunding Bonds, Series 2014 ("Series 2014 Bonds") in a principal amount of $8,960,000. The Series 2014 bonds will refund the remaining General Obligation Bonds, Series 2003 ("Series 2003 Bonds") currently outstanding in the amount of $8,640,000, fund accrued interest on the Series 2003 Bonds from the June 15 interest payment date to the closing date of approximately $225,120, and fund the costs of issuance. The refunding will result in a present value savings of at least $1 million and the refunding will allow the Limited Mill Levy to be eliminated at least five years earlier than if the Series 2003 Bonds are not refunded.
Per City Charter, Section 7-100, the refunding bonds will require approval by at least two-thirds (2/3) vote of the entire Council as the principal amount of the proposed refunding bonds will exceed 10% of the total assessed valuation of the taxable property within the district.
Previous Council Action:
The District held a special election of its qualified electors on November 7, 2000, at which voter approval was given for the issuance of General Obligation Bonds in the total pri...
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