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Home My WebLink About 17-51 Notice of Intent St Vrain Lakes Metro Dist Nos. 1-4TOWN OF FIRESTONE, COUNTY OF WELD, STATE OF COLORADO IN REGARD TO RECEIPT OF A 45 DAY NOTICE CONCERNING ST. VRAIN LAKES METROPOLITAN DISTRICT NOS. 1-4 RESOLUTION NO. 17-51 WHEREAS, the Town of Firestone (the "Town"), is a Colorado statutory town duly organized and existing under the laws of the State of Colorado; and WHEREAS, the members of the Board of Trustees of the Town (the "Board of Trustees") have been duly elected and qualified; and WHEREAS, on August 28, 2006, the Board of County Commissioners of Weld County, Colorado approved a Consolidated Service Plan (the "Service Plan") for the organization of the St. Vrain Lakes Metropolitan District Nos. 14 pursuant to Section 324-203, C.R.S., and the St. Vrain Lakes Metropolitan District Nos. 1-4 (the "Districts") were subsequently organized as special districts on November 29, 2006; and WHEREAS, the Town subsequently annexed the property within the boundaries of the Districts pursuant to Ordinance No. 854, adopted by the Board of Trustees on November 9, 2014, and Ordinance No. 871, adopted by the Board of Trustees on May 27, 2015; and WHEREAS, in accordance with an Annexation Agreement between the Districts and the Town dated May 27, 2015, the Board of Trustees adopted Resolution No. 15-50 on October 28, 2015, wherein the Town accepted designation as the approving authority for the Districts under Section 324401, et seq. of the Colorado Revised Statutes (the "Special District Act"); and WHEREAS, the Town and the Districts entered into that certain Intergover�rmental Agreement Between the Town of Firestone, Colorado and St. Vrain Lakes Metropolitan District Nos. 14 dated December 9, 2015 (the "IGA"), wherein the Districts agreed to collect, transfer and convey an amount equal to five (5) mills of the Districts' mill levy to the Town (the "Firestone Levy"), which funds are to be used by the Town to maintain regional parks, regional trails and public streets within the boundaries of the Districts and for any other lawful purpose at or benefrtting the property within the boundaries of the Districts, provided that such purpose is one authorized both to the Town and to the Districts under law, including, respectively, Title 31 and Title 32 of the Colorado Revised Statutes; and WHEREAS, pursuant to Section 324-207 (3)(b) of the Special District Act, the Districts have submitted a Notice to the Town setting forth certain actions that the Districts intend to take in connection with the proposed issuance of bonds by District No. 2 (the "Notice"), which Notice is attached hereto as Exhibit A to this Resolution; and WHEREAS, under the Special District Act, no action may be brought by the Town to enjoin the activities proposed by the Districts in the Notice, unless such action is commenced within forty-five (45) days after the Districts have published the Notice; and WHEREAS, the Districts published the Notice on October 5, 2017, and any action to enjoin the activities described in the Notice must therefore be commenced no later than November 19, 2017; and WHEREAS, the Board of Trustees has reviewed the Notice and has determined that the Town will not take any action to enjoin the activities proposed to be undertaken by the Districts in the Notice. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE, COLORADO: Section 1. The Town hereby detei�rnines and agrees that it shall not take any action to enjoin the activities proposed to be undet�taken by the Dishicts in the Notice attached hereto as Exhibit A and by this reference made a part hereof. Section 2. The Town's determination not to take any action to enjoin the activities set forth in the Notice (a) shall not in any manner amend, effect, alter, change or constitute any waiver or release of any terms, conditions, provisions, or requirements of the IGA, including the Districts' obligation to levy, collect and remit the Firestone Levy as set forth in the IGA, (b) shall not in any manner amend, effect, alter, change or constitute any waiver or release of any terms, conditions, provisions, or requirements of any development plans, annexation agreement, subdivision agreement, and other agreements with the Town governing development and the completion of public improvements within the Districts, all of which plans and agreements remain in full force and effect in accordance with their terms, and (c) shall not be construed as a waiver of any of the Town's rights or remedies under the Service Plan, except as specifically set forth in the Notice. Section 3. This Resolution shall be effective upon adoption. INTRODUCED, ADOPTED AND RESOLVED THIS AY OF , 2017. TOWN OF FIRESTONE, COLORADO ..�.:_ �ti� �Po �� °° r®w�v `° �0 Paul Sorensen Mayor ATTEST: s �:, �-., ® , � �?�.. � �� ,,, a�®®,� �, #� f`r , Leah Vanarsdall, Town Clerk 38653975.v2 (Attach Notice) �3 38653975.v2 STo VRAIN LAKES METROPOLITAN JUM UWICT NO.2 TOWN OF FIRESTONE, COi,oRADO NOTICE IS HEREBY GIVEN that St. Vrain Lakes Metropolitan District No. 2, a special district in the Town of Firestone (the "Town"), Weld County (the "County"), Colorado (the "District"), intends to undertake certain actions pertaining to the issuance of bonds. This notice is being given pursuant to Section 32- 1 .207(3)(b), Colorado Revised Statutes. In general, the District intends to issue bonds in one or more series for the purpose of paying or reimbursing the costs of public improvements benefitting the District, funding reserves and paying associated costs of the financing (the "Proposed 2017 Bonds"), pursuant to the District's Service Plan approved by the County on August 30, 2006 and now subject to the jurisdiction of the Town (the "Service Plan")* The Proposed 2017 Bonds will be issued in one or more series at such time or times as may be determined by the Board of Directors of the District (the "Board"). Paragraph VLC. of the Service Plan provides that the Maximum Debt Mill Levy shall be fifty (SQ) mills but the Service Plan does not include any categorization of the imposition of five (5) mills required by an Intergovernmental Agreement with the Town (the "Firestone Levy"). It is the intention of the District to treat the Firestone Levy as being excluded from the limitation of the Maximum Debt Mill Levy based upon it being required under a District IGA, which is expressly excluded from the definition of Debt, thereby allowing the District to pledge the full Maximum Debt Mill Levy of fifty (50) mills, as adjusted per the Service Plan, towards the repayment of the Proposed 2017 Bonds. In no event shall the Maximum Debt Levy, the Firestone Mill Levy and any other operational levy of the Districts exceed the Maximum Aggregate Mill Levy of sixty-five (65) mills as set forth in the Service Plan. Nothing contained in this Notice shall impair or affect the rights or obligations of the District or the Town regarding the imposition or collection of the Firestone Levy, which shall continue to be governed by the terms of the Intergovernmental Agreement. Paragraph II.C. of the Service Plan provides, "[a]11 Debt payable from a pledge of property taxes is subject to the Maximum Debt Mill Levy, the Maximum [Debt] Mill Levy Imposition Term and Debt Limitation." Paragraph V.B.5. of the Service Plan further states that, "[a]ll Debt, issued with a pledge or which results in a pledge, that exceeds the Maximum Debt Mill Levy and the Maximum Debt Mill Levy Imposition Term, shall be deemed a material modification of this Service Plan pursuant to Section 32-1-207, C.R.S. and shall not be an authorized issuance of Debt unless and until such material modification has been approved by the County as part of a Service Plan Amendment." Pursuant to Paragraph 11 of the Service Plan, "Maximum Debt Mill Levy Imposition Term" is defined to mean "...the maximum term for imposition of a mill levy for any individual Debt issuance, as described in paragraph VLD, below." Paragraph VLD. of the Service Plan is entitled "MaxDebt Mill Levy Imposition imum Term." However, this paragraph does not impose a limitation as to the overall term in which the Maximum Debt Mill Levy may imposed. It is the intention of the District to issue the Proposed 2017 Bonds with a maturity of thirty (30) years as set forth in the Service Plan, but without an express limitation on the term in which the District would be required to impose a property tax to pay such Proposed 2017 Bonds, if not paid in full at maturity. Finally, the Service Plan contains numerous references to the County, as it was the original approving jurisdiction. Due to the fact that the Town has accepted approving authority and jurisdiction over the Districts and the Service Plan, it is the intention of the Districts to interpret the Service Plan as if all references in the Service Plan to "County" have been replaced by "Town." The District has determined to publish this notice prior to the issuance of the Proposed 2017 Bonds. Any action to enjoin the above -described activities must be brought within farty- five (45) days from publication of this notice, which date is November 19, 2017. PUBLISHED IN: Longmont Times -Call PUBLISHED ON: October 5, 2017 0799.1300; 852984