To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
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Town Attorney’s Report: Crystal Valley Metropolitan District Nos. 1 and 2 Proposed Series 2017 Add-On Refunding Loan
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The Crystal Valley Metropolitan Districts intend to retire $5,133,000 of subordinate 2004 Bonds carrying a 9% interest rate by obtaining a long-term loan with an initial loan rate of 3%. Please see the attachment from District counsel for further detail on the financing. Under 11.02.110 of the Castle Rock Municipal Code, the Districts are required to submit the proposed financing to Town Council for “review and comment.” Staff believes that the District should be encouraged to proceed with the refinancing as outlined.
Attachment A: District counsel correspondence