City of Colorado Springs
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File #: 19-530    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 8/26/2019 In control: City Council
On agenda: 10/22/2019 Final action: 10/22/2019
Title: A resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $7,200,000 for the Upper Cottonwood Creek Metropolitan District No. 3 Presenter Carl Schueler, Comprehensive Planning Manager, Planning and Community Development
Indexes: Issuance of Debt, Metropolitan District
Attachments: 1. Resolution_UpperCottonwoodCreekMetroDistNo3, 2. Attachment 1- UCC No. 3 - Bond Submittal Cover Letter, 3. Attachment 2-UCC No. 3 - Resolution and Form of Bond, 4. Attachment 3- UCC No. 3 - General Counsel Letter, 5. Attachment 4- UCC No. 3 - Bond Counsel Letter, 6. Attachment 5- UCC No. 3 - RBC Letter, 7. Signed Resolution 109-19.pdf


Title
A resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $7,200,000 for the Upper Cottonwood Creek Metropolitan District No. 3

Presenter
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. 3 ("the District") of Limited Tax General Obligation Bonds, Series 2019 in an amount not to exceed $7,200,000 and the related bond documents. These bonds will be privately placed with the developer with an interest rate of 6.0%.

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.

Note: A summary of this item is provided with the PowerPoint included with the prior agenda item (debt issuance by District No. 2).

This item was introduced at a Council Work Session on October 7, 2019. There were no outstanding questions or requests for follow-up information as a result of that meeting.


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, with independently elected boards.

The public improvements to be financed by this 2019 Bond consist a portion of eligible street, water, sewer, and park and recreation improvements. A high level summary of these costs is provided as an attachment to the immediately preceding agenda item. Essentially, this District No. 3 will be allocated an additional share of the remaining eligible costs for t...

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