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City Council Study Session Agenda and Packet 2020 01 28
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City Council Study Session Agenda and Packet 2020 01 28
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City Council Records
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1/28/2020
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City Council SS Packet
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Kelly PC <br />999 18th Street, Suite 1450, Denver, CO 80202 <br />Mayor Stolzmann and Councilmembers <br />City of Louisville <br />January 23, 2020 <br />Page 2 <br /> <br /> <br />the district would remain in existence to levy taxes and pay its debt. A district may also own and <br />maintain specific improvements, and impose an operating mill levy in addition to a debt service <br />mill levy. A district can issue tax-exempt municipal bonds, and levy property taxes to repay the <br />bonds. This access to the tax-exempt municipal bond financing mechanism is the primary <br />financial advantage to a developer forming a metropolitan district. A district can also impose <br />fees and charges for construction or use of improvements, if so permitted by its service plan. <br /> <br />Revenue Raising Powers of Metro Districts. Metro districts are authorized to raise revenue in <br />several ways: <br /> <br />• May levy a property tax imposed on the property within the district; <br /> <br />• May levy special assessments on benefitted property within the district; and <br /> <br />• May impose fees, rates, tolls, charges, and penalties for revenue-producing services or <br />facilities. <br /> <br />Metro District Financing. Metro districts may issue general obligation bonds, revenue bonds, <br />and special assessment bonds. <br /> <br />Contents of Metro District Service Plans. Section 32-1-202(2) of the state statutes require the <br />service plan for a metro district contain the following: <br /> <br />• A description of the proposed services; <br /> <br />• A financial plan showing how the proposed services are to be financed, including the <br />proposed operating revenue derived from property taxes for the first budget year of the <br />district, which shall not be materially exceeded, except as authorized by a modification or <br />amendment of the service plan. All proposed indebtedness for the district shall be <br />displayed together with a schedule indicating the year or years in which the debt is <br />scheduled to be issued. The board of directors of the district is required to notify the City <br />Council of any alteration or revision of the proposed schedule of debt issuance set forth <br />in the financial plan. <br /> <br />• A preliminary engineering or architectural survey showing how the proposed services are <br />to be provided <br /> <br />• A map of the proposed special district boundaries and an estimate of the population and <br />valuation for assessment of the proposed metro district; <br /> <br />5
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