Title
Request to set July 12, 2022 as the Public Hearing date to hear any protests against or objections to dissolution of the Colorado Springs Spring Creek General Improvement District and to advertise as required by law
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
City Council sits as the Board of Directors (Board) of the Colorado Springs Spring Creek General Improvement District (District). In accordance with State statute, it is necessary for the Board to make a motion to establish July 12, 2022 as the public hearing date to hear any protests against or objections to dissolution of the District. Following the July 12, 2022 hearing, an ordinance of the Board will be presented to approve dissolution of the District.
Background:
City Council, as the Board of Directors for each of the General Improvement Districts, is required to conduct a public hearing to hear any protests against or objections to dissolution of the District.
On August 9, 2005, the Spring Creek GID Board approved the refinancing of the District's bonds in the amount of $2,695,000. Final payment on the bonds was made on December 1, 2020. Given the District now has no outstanding indebtedness, obligations or liabilities, the District may be dissolved.
Previous Council Action:
City Council originally created this GID in 1985 (Ordinance No. 85-182). In 1987 the Board approved the issuance of General Obligation Bonds in an aggregate principal amount of $5,355,000 (Ordinance 87-72). Due to an economic downturn in the early 1990s the District filed for Chapter 9 of the U.S Bankruptcy Code and restructured the bond with Series 1995 Bankruptcy Plan Bonds in an aggregate amount of $5,090,000 (Ordinance No. 95-172). In 2005, the Board approved a bond refinance in the amount of $2,695,000 (Ordinance No. 05-107). Since creation of the District the Board has annually set and certified the mill levy, adopted the budget, and appropriated funding for the Distri...
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