To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Town Attorney’s Report: Crystal Valley Metropolitan District Nos. 1 and 2 2015 Refunding Loan
Body
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Executive Summary
The Municipal Code requires that a metropolitan district submit a proposed refunding of outstanding debt to the Town for review and comment. District counsel has summarized the rationale and effect of issuance of a $17.1 million loan, of which its most profound effect is to retire District debt currently at a 9% interest rate. The refunding loan is also projected to facilitate an earlier retirement of all of the debt of District Nos. 1 and 2, while maintaining currently projected mill levies. The refunding loan matures in 2023 and must be refinanced or extended at that time.
Attachments
Attachment A: Memorandum from District Counsel