To: Honorable Mayor and Members of Town Council
From: Michael J. Hyman, Town Attorney
Title
Castleview Metropolitan District No. 2 Proposed Limited General Obligation Bonds, Series 2020A(3) and Proposed Subordinate General Obligation Bonds, Series 2020B(3)
Body
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Executive Summary
The District intends to issue Limited General Obligation Bonds in the approximate amount of $3,385,000 and Subordinate General Obligation Bonds in the approximate amount of $324,000. The purpose of the issuance is to fund public improvement costs authorized by the District’s Service Plan. The combined amount of these two bond issues is well within the District’s total debt issuance limitation of $45,000,000. To repay the debt, the District will impose a debt service mill levy of 50 mills, as adjusted for purposes of the Gallagher Amendment - again within the District’s maximum debt service mill levy of 63 mills. Further details on the issuance are set out in the attached Certification and Schedule.
Under the Municipal Code, the proposed bond issues are presented for review and comment by the Town Council but no formal approval is required or authorized.
Attachments
Attachment A: Hyman re Council Review of Proposed Financing, 08/21/2020
Attachment B: Certificate to Town for Bonds, 08/21/2020