City of Colorado Springs
Share to Facebook Share to Twitter Bookmark and Share
File #: 19-703    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 11/4/2019 In control: City Council
On agenda: 1/28/2020 Final action: 1/28/2020
Title: A resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $1,800,000 for the Wildgrass at Rockrimmon Metropolitan District Presenters Carl Schueler, Comprehensive Planning Manager, Planning and Community Development Peter Wysocki, Planning and Community Development Director
Indexes: Metropolitan District
Attachments: 1. Resolution, 2. PowerPoint, 3. Attachment 1-Transmittal Letter, 4. Attachment 2- Term Sheet, 5. Attachment 3- District Bond Resolution, 6. Attachment 4- Form of Senior Indenture, 7. Attachment 5- Form of Subordinate Indenture, 8. Attachment 6- Financial Plan, 9. Attachment 7-Draft General Counsel Opinion Letter, 10. Attachment 8- Summary of Public Improvements Costs, 11. Signed Resolution 7-20.pdf
Title
A resolution approving the issuance of debt in the form of Limited Tax General Obligation Bonds not to exceed $1,800,000 for the Wildgrass at Rockrimmon Metropolitan District

Presenters
Carl Schueler, Comprehensive Planning Manager, Planning and Community Development

Peter Wysocki, Planning and Community Development Director

Body
Summary:
The attached resolution will approve the issuance by the Wildgrass at Rockrimmon Metropolitan District ("the District") of Limited Tax General Obligation Bonds, Series 2020 in an aggregate amount anticipated to be $1,362,000 and the related bond documents. The District is proposing to issue this debt in the form of Series A senior bonds in an anticipated amount of $1,027,000 and subordinate Series B bonds in an amount of $335,000. The attached draft City Council resolution addresses contingencies by stipulating not-to-exceed cap of $1,800,000 for the combined issuances and $400,000 for the Series B bonds.

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

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.


BACKGROUND:
This metropolitan district is requesting authorization to issue tax-exempt bonds in the form of Limited Tax General Obligation Bonds, Series 2020A in an anticipated amount of $1,027,000, and Subordinate Limited Tax General Obligation Bonds, Series 2020B (3) in an anticipated amount of $335,000.

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. T...

Click here for full text