City of Colorado Springs - File #: 18-0412

• File #: 18-0412
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 8/14/2018
• In control: City Council
• On agenda: 9/25/2018
• Final action: 9/25/2018
• Title: Ordinance No. 18-93 authorizing the issuance by the City of Colorado Springs, Colorado, acting by and through its Pikes Peak - America's Mountain Enterprise, of its Pikes Peak - America's Mountain Enterprise revenue bonds, Series 2018 in the aggregate principal amount of not to exceed $33,000,000 for the purpose of financing a portion of the costs of constructing a new Pikes Peak Summit Complex; providing the form, terms and conditions of said Series 2018 bonds, the manner and terms of their issuance, the manner of their execution, the method of paying them and the security therefor from the net pledged revenues of the system of the Pikes Peak - America's Mountain Enterprise; providing for the sale of said Series 2018 bonds; providing other details concerning said Series 2018 bonds, and providing other matters relating thereto; and approving other documents relating thereto Presenter: Charae McDaniel, Chief Financial Officer Tom Florczak, Deputy City Attorney Jack Glavan, Pikes Pe...

Date	Ver.	Action By	Action	Result
9/25/2018	1	City Council	finally passed	Pass
9/11/2018	1	City Council	approved on first reading	Pass
9/10/2018	1	Council Work Session	referred

Title
Ordinance No. 18-93 authorizing the issuance by the City of Colorado Springs, Colorado, acting by and through its Pikes Peak - America's Mountain Enterprise, of its Pikes Peak - America's Mountain Enterprise revenue bonds, Series 2018 in the aggregate principal amount of not to exceed $33,000,000 for the purpose of financing a portion of the costs of constructing a new Pikes Peak Summit Complex; providing the form, terms and conditions of said Series 2018 bonds, the manner and terms of their issuance, the manner of their execution, the method of paying them and the security therefor from the net pledged revenues of the system of the Pikes Peak - America's Mountain Enterprise; providing for the sale of said Series 2018 bonds; providing other details concerning said Series 2018 bonds, and providing other matters relating thereto; and approving other documents relating thereto

Presenter:
Charae McDaniel, Chief Financial Officer
Tom Florczak, Deputy City Attorney
Jack Glavan, Pikes Peak - America's Mountain Manager

Body
Summary:
Attached is the Pikes Peak - America's Mountain Enterprise Bond Ordinance ("Bond Ordinance") to authorize the City to issue no more than $33 million in Revenue Bonds, Series 2018 (the "2018 Bonds").

The purpose of the bonds is to finance a portion of the costs of constructing a new Pikes Peak Summit Complex and pay costs of issuance. Utilizing bond proceeds, donations, and Enterprise funds, the Pikes Peak - America's Mountain Enterprise will construct a new Pikes Peak Summit Complex.

With City Council approval of the bond ordinance, the City will move forward with the bond issuance. A bond ordinance becomes part of the contract with bondholders that establishes the rights and obligations of the issuer (the City) and the bondholders.

Previous Council Action:
On November 27, 2016, City Council approved the 2017 Budget per Ordinance No. 16-116, which included an appropriation of $0.25 million for the construction pha...