Laserfiche WebLink
1/22/2020 Denver Post investigation into Colorado's metro districts reveals billions in debt paid by homeowners <br />"In the event the Junior Lien Pledged Revenue is insufficient or anticipated <br />to be insufficient to pay the principal of, premium if any, and interest on <br />the Bonds when due, the District shall use its best efforts to refinance, <br />refund, or otherwise restructure the Bonds so as to avoid such payment <br />shortfall," according to the Amber Creek junior -lien bond indenture of <br />trust agreement and several other agreements reviewed by The Post. <br />"How it's set up, the bondholders - the developers - agree they'll never <br />fully get paid back and we keep making the payments pretty much <br />forever," said James Gertson, a resident in Thompson River Ranch who ran <br />for the district board of directors to better understand what was happening <br />to his tax bills. <br />Frustrated, Gertson eventually resigned from the board, sold his home and <br />moved out. <br />"The developers weren't at all worried because they would get their money <br />in the end, through a refinance or other district obligation on the <br />homeowners," Gertson said. "The whole system is rigged against the <br />homeowners. It's not set up for them at all. It's set up for the developers." <br />Joe Amon, The Denver Post <br />Home construction continues in the Thompson River Ranch community in <br />Johnstown on Oct. 14, 2019. <br />Increasing taxes catch homeowners by surprise <br />https://www.denverpost.com/2019/12/05/metro-districts-debt-democracy-colorado-housing-development/ 38 12/19 <br />