To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Town Attorney’s Report: Castle Oaks Metropolitan District No. 3 Proposed General Obligation Limited Tax Refunding Bonds, Series 2017
Body
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The District intends to refund entirely the outstanding 2015 and 2016 bonds by issuance of new limited GO bonds in the approximate amount of $37,210,000. The refunding will reduce interest carry between a quarter and a half a percent and will terminate the developer's right to any additional reimbursements from the District. The refunding will not result in a material change in the tax rate paid by taxpayers/residents of the District which for tax year 2016 was 46 mills. Further details on the refunding are set out in the attached Certification and Schedule.
Under the Municipal Code, the refunding is presented for review and comment by the Town Council but no formal approval is required or authorized.
Attachments
Attachment A: Certification