City of Colorado Springs Logo
File #: 18-0069    Version: 1 Name: Upper Cottonwood Creek MD No. 2
Type: Resolution Status: Mayor's Office
File created: 1/29/2018 In control: City Council
On agenda: 4/10/2018 Final action: 4/10/2018
Title: A Resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $7,800,000 for the Upper Cottonwood Creek Metropolitan District No. 2 Presenter: Conrad Olmedo, Comprehensive Planner II, Planning and Community Development Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Indexes: Issuance of Debt, Metropolitan District
Attachments: 1. RES_UpperCottonwoodCreekMDBond, 2. Figure 1 - UCCMD No. 2 Bond Resolution 2017 v1, 3. Figure 3 - Letter to Carl Schueler for Bond Submittal, 4. Figure 4 - 1.22.18 - Upper Cottonwood Creek MD LT GO Fairness Letter by RBC, 5. Figure 5 - 2018 General Counsel Opinion, 6. Figure 6 - 10.9.17 - Upper Cottonwood Creek MD 2018 Bond Details, 7. Figure 2 - Old Ranch MD Eligible Public Improvement Costs 9-10, 8. Figure 7 - 10.9.17 - Upper Cottonwood Creek MD 2018 Bond - Preliminary Numbers, 9. CWS_Presentation_03.12.pdf, 10. Signed Resolution 27-18

Title
A Resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $7,800,000 for the Upper Cottonwood Creek Metropolitan District No. 2

Presenter:
Conrad Olmedo, Comprehensive Planner II, Planning and Community Development
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development

Body
Summary:
The attached resolution will approve the issuance by the Upper Cottonwood Creek Metropolitan District No. 2 ("the District") of Limited Tax General Obligation Bonds, Series 2018 in an amount not to exceed $7,800,000 and the related bond documents.

The City's Special District Policy requires that City Council approval be obtained prior to issuing of any formal debt for metropolitan districts. This bond issue is contemplated by the District's Council-approved service plan. Copies of the bond documents and associated supporting materials are attached.

This item was discussed at the March 13, 2018 City Council Budget Committee meeting.

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 Wolf Ranch Master Plan was approved in 2001. In 2002, City Council first approved a joint service plan for the Upper Cottonwood Creek and Old Ranch Metropolitan Districts (Resolution 144-02). Council approved a consolidated service plan for the Upper Cottonwood Creek Metropolitan District Nos. 2, 3, 4 and 5 on March 28, 2006 (Resolution 38-06). Council authorized issuance of up to $2,250,000.00 in debt for District No. 2 on October 26, 2010 (Resolution 184-10). On March 22, 2016 Council approved an Amendment to Service Plan to increase the Maximum Operating Mill Levy for Upper Cottonwood Creek Metropolitan District Nos. 3, 4, and 5 from 10.0 mills to 20.0 mills for so long as District Nos. 3, 4, and 5 continue to provide their resp...

Click here for full text



The City of Colorado Springs is committed to making its websites accessible to the widest possible audience. We are constantly working to increase the accessibility and usability of our online technology. We strive to maintain conformance to Web Content Accessibility Guidelines (WCAG) 2.1 as well as U.S. Federal Government Section 508 Guidelines. The City of Colorado Springs will be evaluating this site on a regular basis and it will continue to evolve and improve over time as new technologies emerge. If you experience difficulty accessing the information contained within this webpage please contact the Office of Accessibility at 719-385-5169.