To: Honorable Mayor and Members of Town Council
From: Robert J. Slentz, Town Attorney
Title
Crystal Valley Metropolitan District Nos. 1 and 2 Quinquennial Review
Body
________________________________________________________________________________
Executive Summary
The Special District Act and the Municipal Code provide for an every five-year review of the financial status of each metropolitan district. The primary purpose of the quinquennial review is to assess the prudence of a metropolitan district issuing additional authorized debt. As part of the 2008 review and with the consent of the CVR Districts, Resolution No. 2008-51 terminated the Districts’ ability to issue additional debt. A copy of the 2008 agenda memorandum and Resolution 2008-51 are attached for background. Although there was no formal review of the 2013 quinquennial report, the Districts demonstrated continued improvement in the Districts’ finances and the Districts remained in compliance with the service plan and IGA.
Consequently, we are utilizing this opportunity to informally review the current status of the Districts finances. No formal action of the Council is required at this time.
Please see the attached Report prepared by District counsel, including the summary of outstanding debt.
Attachments
Attachment A: 2018 Quinquennial Report
Attachment B: 2008 Agenda Memo
Attachment C: Resolution 2008-51