Agenda Date: 04/07/2015
Subject:
Title
Ordinance on second reading authorizing the issuance of the City of Littleton, Colorado refunding development revenue note (Rocky Mountain Center for the Blind project) series 2015, in a principal amount not to exceed $1,900,000 to refinance certain facilities that provide education for blind students and training and related housing facilities; authorizing the execution and delivery by the city of a financing agreement, a note and closing documents in connection therewith; making determinations as to the sufficiency of revenues and as to other matters related to the refunding project; ratifying action heretofore taken and relating to such bond; and providing other matters relating thereto.
Body
Presented By:
Doug Farmen, Finance Director
POLICY QUESTION:
Does city council support the City of Littleton acting as a conduit note issuer for the refinancing of the Rocky Mountain Center for the Blind?
BACKGROUND:
Periodically, the city has issued development revenue bonds to provide financial assistance to non-profit or not-for-profit entities that serve citizens of the city. Under the County and Municipality Development Revenue Bond Act of the Colorado Revised Statutes, the City of Littleton has the authority to issue conduit bonds and use the proceeds for the purposes enumerated in the Act within the corporate limits of the city. The Act authorizes the city to loan bond proceeds to a non-governmental entity (often a 501c3); under the Act, the term "Bond" includes instruments like notes. The city also has authority under Section 90 of Article 10 of the city charter to issue revenue bonds, and has authority under Section 91 to issue refunding bonds.
This request was initiated by the Rocky Mountain Center for the Blind (RMCB). The RMCB is an IRS 501c3 organization founded in 1987; they moved to Littleton in August, 2000. In 2012, the school purchased an apartment complex on Lowell Boulevard as its primary...
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