Title
A resolution of the City Council of the City of Colorado Springs, Colorado approving the issuance of the Old Ranch Metropolitan District Limited Tax Special Obligation Refunding Bonds, Series 2022 in the amount not to exceed $7,680,000 and related bond documents for districts located in the Wolf Ranch development in northern Colorado Springs.
Presenter
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 Old Ranch Metropolitan District ("the District") of Limited Tax Special Obligation Refunding Bonds, Series 2022 in an amount not to exceed $7,680,000 and the related bond documents. The Old Ranch Metropolitan District is the small operating district as a part of a consolidated service plan with the Upper Cottonwood Creek Metropolitan District which will have its debt service mill levy pledged toward repayment of this debt.
These tax-exempt bonds will be privately placed with the developer with an interest rate of 6.0%. The proceeds will be used to entirely refinance 2007A Senior Bonds previously issued by this District, along with part of the outstanding principal and interest associated with 2007 subordinate Bonds also issued by this District. The expectation is that remaining revenues from the existing mill levy of the Upper Cottonwood Creek Metropolitan District will be sufficient to also pay off the remaining balance of the 2007 subordinate bonds, that is not immediately being reimbursed.
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 agenda item was originally discussed by the City Council Budget Committee on January 25, 20...
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