22-81 Approving Amended & Restated Consolidated Service Plan Firelight Metropolitan District 07-13-2022i
AMENDED AND RESTATED
CONSOLIDATED SERVICE PLAN
FOR
FIRELIGHT IRRIGATION METROPOLITAN DISTRICT.
FIRELIGHT COMMERCIAL METROPOLITAN DISTRICT,
AND
FIRELIGHT RESIDENTIAL METROPOLITAN DISTRICT
TOWN OF FIRESTONE, COLORADO
Prepared
By
WHITE, BEAR, ANKELE, TANAKA & WALDRON
2154 East Commons Avenue, Suite 2000
Centennial, Colorado 80122
(303) 858-1800
Approval Date:
___________, 2022
ii
TABLE OF CONTENTS
I. INTRODUCTION........................................................................................................... 1
A. Purpose and Intent................................................................................................. 1
B. Need for the District.............................................................................................. 1
C. Objective of the Town Regarding the Service Plan. ............................................. 1
D. Consultants. ........................................................................................................... 2
II. DEFINITIONS ................................................................................................................ 2
III. BOUNDARIES ................................................................................................................ 6
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION ........................................................................ 6
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
........................................................................................................................................... 7
A. Powers of the District and Service Plan Amendment. .......................................... 7
B. Preliminary Engineering Survey. ........................................................................ 11
VI. FINANCIAL PROVISIONS ........................................................................................ 12
A. General. ............................................................................................................... 12
B. Maximum Voted Interest Rate and Maximum Underwriting Discount. ............ 12
C. Mill Levies. ......................................................................................................... 12
D. Debt Parameters. ................................................................................................. 13
E. Debt Instrument Disclosure Requirement. .......................................................... 14
F. Privately Placed Debt Limitation. ....................................................................... 14
G. TABOR Compliance. .......................................................................................... 15
H. District’s Organizational Costs and Operation and Maintenance Costs. ............ 15
I. Town O&M MIll Levy ....................................................................................... 16
VII. ANNUAL REPORT ...................................................................................................... 16
A. General. ............................................................................................................... 16
B. Reporting of Significant Events. ......................................................................... 16
VIII. DISSOLUTION ............................................................................................................. 17
IX. DISCLOSURE NOTICES............................................................................................ 17
X. INTERGOVERNMENTAL AGREEMENT.............................................................. 18
XI. NON-COMPLIANCE WITH SERVICE PLAN........................................................ 19
XII. CONCLUSION ............................................................................................................. 19
iii
LIST OF EXHIBITS
EXHIBIT A Vicinity Map
EXHIBIT B-1Initial Boundary Map and Legal Description
EXHIBIT B-2Inclusion Area Boundary Map and Legal Description
EXHIBIT C Financial Plan
EXHIBIT D Capital Plan - List of Public Improvements
EXHIBIT E Disclosure Notices
EXHIBIT F Amended and Restated Intergovernmental Agreement
1
I. INTRODUCTION
A. Purpose and Intent.
The Districts are each independent units of local government, separate and distinct from
the Town. The primary purpose of the Districts will be to finance the construction of the Public
Improvements. The Districts will provide ongoing operation and maintenance services as
specifically set forth in this Service Plan and in the Intergovernmental Agreement among the Town
and the Districts.
This Service Plan is intended to accommodate the phasing of the Project and the
infrastructure needs of each phase. This Service Plan, including all exhibits hereto, supersedes all
prior service plans and service plan amendments as they relate to the Districts; provided, however,
that this Service Plan does not supersede or replace the Amended Service Plan as it relates to the
Highway 119 Metropolitan District Nos. 4-10, which Highway 119 Districts shall continue to
operate thereunder.
B. Need for the Districts.
The Irrigation District (formerly known as the Highway 119 Metropolitan District No. 1),
the Commercial District (formerly known as the Highway 119 Metropolitan District No. 2), and
the Residential District (formerly known as the Highway 119 Metropolitan District No. 3), along
with the Highway 119 Metropolitan District Nos. 4-6, inclusive, were organized as special districts
on February 3, 2010, after approval of the Original Service Plan by the Town Board on September
10, 2009. The Amended Service Plan was approved by the Town Board on September 13, 2017,
and replaced the Original Service Plan in its entirety and approved the organization of the Highway
119 Metropolitan District Nos. 7-10, inclusive, which were subsequently organized by issuance of
Orders and Decree by the Weld County District Court on November 20, 2017. Development has
not yet occurred within the Districts and there are currently no residents.
There were not at the time of formation of the Districts nor are there currently other
governmental entities, including the Town, located in the immediate vicinity of the Districts that
consider it desirable, feasible or practical to undertake the planning, design, acquisition,
construction, installation, relocation, redevelopment, and financing of the Public Improvements
needed for the Project. The Districts are therefore necessary in order for the Public Improvements
required for the Project to be provided in the most economic manner possible.
C. Objective of the Town Regarding the Service Plan.
The Town’s objective in approving the Service Plan for the Districts is to authorize the
Districts to provide for the planning, design, acquisition, construction, installation, relocation and
redevelopment of the Public Improvements from the proceeds of Debt to be issued by the Districts.
All Debt is expected to be repaid by taxes imposed and collected at a mill levy no higher than the
Maximum Debt Mill Levy, as the same may be increased as set forth in Section VI.C.1; by Fees
as limited by Section V.A.20; and/or by Special Assessments as set forth in Section V.A.21.
2
This Service Plan is intended to establish limited purposes for the Districts and explicit
financial constraints that are not to be violated under any circumstances. The primary purpose of
the Districts is to provide the Public Improvements associated with development pursuant to the
Approved Development Plan.
The Districts shall dissolve upon payment or defeasance of all Debt incurred or upon a
court determination that adequate provision has been made for the payment of all Debt, except that
if a District has ongoing operation and maintenance functions, such District shall not be required
to dissolve. Additionally, if the Board of Directors of a District determines that the existence of
such District is no longer necessary to accomplish the purposes set forth in this Service Plan, the
Board of Directors of such District shall promptly effectuate the dissolution of such District.
The Districts are authorized to finance the Public Improvements that can be funded from
Debt which is to be repaid from Fees, Special Assessments or tax revenues collected from a mill
levy which shall not exceed the Maximum Debt Mill Levy, as well as other legally available
sources of revenue, and to maintain certain of the Public Improvements as set forth in this Service
Plan and the Agreement with the Town. It is the intent of this Service Plan to assure to the extent
possible that no property bear an economic burden that is greater than that associated with revenues
from the Maximum Debt Mill Levy, the Maximum Operation and Maintenance Mill Levy, Fees,
and Special Assessments, even under bankruptcy or other unusual situations. Generally, the costs
of Public Improvements that cannot be funded within these parameters are not costs to be paid by
the Districts.
D. Consultants.
This Service Plan has been prepared by the following:
District Counsel District Engineer
WHITE, BEAR, ANKELE, TANAKA & WALDRON
2154 East Commons Avenue, Suite 2000
Centennial, Colorado 80120
(303) 858-1800
Atwell, LLC
143 Union Boulevard, Suite 700
Lakewood, Colorado 80228
Underwriter
Piper Sandler & Co.
1200 17th Street, Suite 1250
Denver, Colorado 80202
(303) 405-0879
II. DEFINITIONS
In this Service Plan, the following terms shall have the meanings indicated below, unless
the context hereof clearly requires otherwise:
Amended Service Plan: means the Amended and Restated Consolidated Service Plan for the
Highway 119 Metropolitan District No. 1, Highway 119 Metropolitan District No. 2, Highway
119 Metropolitan District No. 3, Highway 119 Metropolitan District No. 4, Highway 119
3
Metropolitan District No. 5, and Highway 119 Metropolitan District No. 6, and together with the
Consolidated Service Plan for the Highway 119 Metropolitan District No. 7, Highway 119
Metropolitan District No. 8, Highway 119 Metropolitan District No. 9, and Highway 119
Metropolitan District No. 10, approved by the Town Board on September 13, 2017 through
Resolution No. 17-42.
Approved Development Plan: means a subdivision development agreement or final plat,
established by the Town for the Project as approved in its final form by the Town pursuant to the
Town Code, as may be amended from time to time pursuant to the Town Code, that identifies,
among other things, the Public Improvements necessary for facilitating development of property
within the Service Area.
Board: means the board of directors of one District or the boards of directors of all Districts, in the
aggregate.
Capital Plan: means the Capital Plan described in Section V.B. which includes a list of the Public
Improvements which may be financed by the Districts and the estimated cost of those Public
Improvements.
Commercial District: means the Firelight Commercial Metropolitan District, formerly known as
the Highway 119 Metropolitan District No. 2.
C.R.S.: means the Colorado Revised Statutes, as the same may be amended from time to time.
Debt: means bonds, notes, debentures, certificates, capital leases or other multiple fiscal year
obligations for the payment of which a District has promised to impose an ad valorem property tax
mill levy.
District: means any one of the Commercial District, the Irrigation District, or the Residential
District.
Districts: means the Commercial District, the Irrigation District, and the Residential District,
collectively.
District Boundaries: means the property within the Initial Boundaries of each District, as may be
altered pursuant to Sections V.A. 12 and 13 hereof.
End User: means any owner, or tenant of any owner, of any taxable improvement within a District
who is intended to become burdened by the imposition of ad valorem property taxes subject to the
Maximum Debt Mill Levy. By way of illustration, a resident homeowner, renter, commercial
property owner, or commercial tenant is an End User. A person or entity that constructs homes or
commercial structures with the intention of selling to others is not an End User.
External Financial Advisor: means a consultant that: (i) advises Colorado governmental entities
on matters relating to the issuance of securities by Colorado governmental entities, including
matters such as the pricing, sales and marketing of such securities and the procuring of bond
ratings, credit enhancement and insurance in respect of such securities; (ii) shall be an underwriter,
investment banker, or individual listed as a public finance advisor in the Bond Buyer’s Municipal
4
Market Place; and (iii) is not an officer or employee of the District and has not been otherwise
engaged to provide services in connection with the transaction related to the applicable Debt. If a
District has engaged a municipal adviser that meets the foregoing criteria and has a fiduciary duty
to such District, the municipal adviser may fill the role of the External Financial Advisor.
Fees: means any fee, rate, toll, penalty or charge imposed or received by a District for services,
programs or facilities provided by such District, as described in Section V.A.20 below.
Financial Plan: means the Financial Plan described in Section VI and attached as Exhibit C which
describes how the Public Improvements are expected to be financed and how the Debt is expected
to be incurred.
Highway 119 Districts: means the Highway 119 Metropolitan District Nos. 4 – 10, collectively.
Inclusion Area Boundaries: means the boundaries of the area described in the Inclusion Area
Boundaries and Legal Description, attached hereto as Exhibit B-2.
Initial Boundaries: means the boundaries of a District’s area described in the Initial Boundary Map
and Legal Description, attached hereto as Exhibit B-1.
Intergovernmental Agreement: means the intergovernmental agreement among the Districts and
the Town, a form of which is attached hereto as Exhibit F. The Intergovernmental Agreement may
be amended from time to time by the Districts and the Town.
Irrigation District: means the Firelight Irrigation Metropolitan District, formerly known as the
Highway 119 Metropolitan District No. 1.
Maximum Debt Mill Levy: means the maximum mill levy a District is permitted to impose for
payment of Debt as set forth in Section VI.C.1 below.
Maximum Debt Mill Levy Imposition Term: means the period of time, commencing upon the date
when a District first issues any debt, in which that District’s Debt mill levy may be imposed.
Maximum Operation and Maintenance Mill Levy: means the maximum mill levy a District is
permitted to impose for payment of Operation and Maintenance Costs, as set forth in Section
VI.C.2 below.
Mill Levy Adjustment: means, if, on or after January 1, 2009, for the Commercial District and on
or after January 1, 2017, for the Irrigation District or the Residential District, there are changes in
the method of calculating assessed valuation or any legislatively or constitutionally mandated tax
credit, cut or abatement, the Maximum Debt Mill Levy and the Maximum Operation and
Maintenance Mill Levy may be increased or decreased to reflect such changes, such increases and
decreases to be determined by the Board in good faith (such determination to be binding and final)
so that to the extent possible, the actual tax revenues generated by the applicable mill levy, as
adjusted for changes occurring on or after January 1, 2009, for the Commercial District and on or
after January 1, 2017, for the Irrigation District or the Residential District, are neither diminished
nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of
actual valuation shall be deemed to be a change in the method of calculating assessed valuation.
5
Operation and Maintenance Costs: means (1) planning and design costs of Public Improvements
identified by the District as being payable from its operation and maintenance mill levy; (2) the
costs of repair, replacement and depreciation of the Public Improvements; (3) the costs of any
covenant enforcement and design review services, or other services, programs and facilities the
District may provide; and (4) the costs of ongoing administrative, accounting and legal services to
the District.
Original Service Plan: means the Highway 119 Metropolitan District Nos. 1-6 Consolidated
Service Plan, approved by the Town Board on September 10, 2009, through adoption of Resolution
No. 09-28.
Project: means the development or property commonly referred to as Firelight Park and Firelight
Park Commercial.
Public Improvements: means a part or all of the improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed by the Districts as generally
described in the Special District Act and in accordance with the Approved Development Plan,
except as specifically limited in Section V below, which improvements benefit the property within
the Project, the District Boundaries and/or the Service Area, and which improvements will serve
the future taxpayers and inhabitants of the property within the Project, the District Boundaries
and/or the Service Area, as determined by the Board of the District.
Service Area: means the Initial Boundaries and the Inclusion Area Boundaries.
Service Plan: means this Service Plan for the Districts approved by Town Board.
Service Plan Amendment: means an amendment to the Service Plan approved by Town Board in
accordance with the Town’s ordinance and the applicable state law.
Special Assessment: means the levy of an assessment within the boundaries of a special
improvement district pursuant to Section V.A.21 below.
Special District Act: means Title 32, Article 1 of the Colorado Revised Statutes, as amended from
time to time.
State: means the State of Colorado.
Taxable Property: means real or personal property which is subject to ad valorem taxes imposed
by a District.
Town: means the Town of Firestone, Colorado.
Town Board: means the Town Board of Trustees of the Town of Firestone, Colorado.
Town Code: means the Town Code of the Town of Firestone, Colorado.
6
Total Debt Limit: means Thirty-Five Million Six Hundred Seventy-Eight Thousand Dollars
($35,678,000) which Total Debt Limit includes all Debt issued by the Districts, in the aggregate,
for Public Improvements.
Town O&M Mill Levy: means three (3) mills, to be imposed and collected by the Commercial
District and the Residential District in accordance with Section VI.I. below for purposes of
defraying the Town’s ongoing operations and maintenance expenses associated with Public
Improvements within or without the boundaries of the District and which directly benefit the
taxpayers, property owners, and residents of the District.
III. BOUNDARIES
A Vicinity Map depicting the Project is attached hereto as Exhibit A. The area of the Initial
Boundaries for the Districts, combined, includes approximately 70.13 acres, and the legal
description and map of the Initial Boundaries for each District are set forth in Exhibit B-1 and a
map of the Inclusion Area Boundaries is attached hereto as Exhibit B-2. It is anticipated that a
District’s boundaries may change from time to time as it undergoes inclusions and exclusions
pursuant to Section 32-1-401, C.R.S., and Section 32-1-501, C.R.S., subject to the limitations set
forth in Section V.A.12-13 below.
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS
AND CURRENT ASSESSED VALUATION
The property within the Service Area consists of approximately 70.13 acres. The
population of the Service Area at build-out is estimated to be approximately 547 people. The
current assessed valuation of the property within the Service Area is One Million Eight Hundred
Forty-Five Thousand One Hundred Thirty Dollars ($1,845,130) for purposes of this Service Plan,
and the assessed value of the property within the Service Area at build-out is expected to be
sufficient to reasonably discharge the Debt under the Financial Plan attached hereto as Exhibit C.
Approval of this Service Plan by the Town does not imply approval of the development of
a specific area within the Service Area, nor does it imply approval of the number of residential
units or the total site/floor area of commercial or industrial buildings identified in this Service Plan
or any of the exhibits attached thereto, which approvals shall be as set forth in an Approved
Development Plan.
Approval of this Service Plan by the Town in no way releases or relieves the developer of
the Project, or the developer, landowner or subdivider of any property within the Service Area, or
any of their respective successors or assigns, of obligations to construct public improvements for
the Project or of obligations to provide to the Town such financial guarantees as may be required
by the Town to ensure the completion of the Public Improvements, or of any other obligations to
the Town under the applicable Approved Development Plan, the Town Code or any applicable
annexation agreement, subdivision agreement, or other agreements affecting the Project property
or development thereof.
7
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND
SERVICES
A. Powers of the Districts and Service Plan Amendment.
The Districts have the power and authority to provide the Public Improvements and related
operation and maintenance services as such power and authority are described in the Special
District Act and other applicable statutes, common law, and the Constitution, subject to the
limitations set forth herein, in the Approved Development Plan, and in the Intergovernmental
Agreement.
1. Operation and Maintenance Limitation. The purpose of the Districts
is to plan for, design, acquire, construct, install, relocate, redevelop and finance the Public
Improvements. The Districts shall dedicate the Public Improvements to the Town or other
appropriate jurisdiction in a manner consistent with the Approved Development Plan, the
Intergovernmental Agreement, and other rules and regulations of the Town and applicable
provisions of the Town Code. The Districts are authorized, but not obligated, to own, operate and
maintain Public Improvements not otherwise required to be dedicated to the Town or other public
entity, including, but not limited to street improvements (including roads, curbs, gutters, culverts,
sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping, and other street
improvements), traffic and safety controls, retaining walls, park and recreation improvements and
facilities, trails, open space, landscaping, drainage improvements (including detention and
retention ponds, trickle channels, and other drainage facilities), irrigation system improvements
(including wells, pumps, storage facilities, and distribution facilities), and all necessary equipment
and appurtenances incident thereto. Notwithstanding the foregoing, all parks, trails and open space
not otherwise dedicated to the Town and owned by the Districts shall be open to the general public
free of charge. The Districts may provide covenant enforcement, design review services and other
services to the residents, owners and taxpayers within the Districts pursuant to and in accordance
with § 32-1-1004(8), C.R.S. The Districts may impose a mill levy, Special Assessments and/or
Fees to pay for Operation and Maintenance Costs in accordance with this Service Plan and the
Intergovernmental Agreement.
2. Fire Protection Limitation. The Districts shall not be authorized to
plan for, design, acquire, construct, install, relocate, redevelop, finance, operate or maintain fire
protection facilities or services, unless such facilities and services are provided pursuant to an
intergovernmental agreement with the Town and the Frederick-Firestone Fire Protection District.
The authority to plan for, design, acquire, construct, install, relocate, redevelop or finance fire
hydrants and related improvements installed as part of the water system shall not be limited by this
provision.
3. Television Relay and Translation Limitation; Mosquito Control, and
Other Limitations. Unless such facilities and services are provided pursuant to the
Intergovernmental Agreement, the Districts shall not be authorized to plan for, design, acquire,
construct, install, relocate, redevelop, finance, operate, maintain, or provide: (a) any television
relay and translation facilities and services, other than for the installation of conduit as a part of a
street construction project; (b) any mosquito control facilities and services; and (c) any solid waste
disposal, collection and transportation facilities and services.
8
4. Limitation on Extraterritorial Service. The Districts shall be
authorized to provide services or facilities outside the Initial Boundaries or to establish fees, rates,
tolls, penalties or charges for any services or facilities only in accordance with an Approved
Development Plan, the Intergovernmental Agreement, or other agreement to which the Town is a
party or otherwise gives its written consent, as evidenced by resolution of the Town Board of
Trustees. Notwithstanding anything herein to the contrary, the Irrigation District shall be permitted
to provide non-potable water services to properties outside of its Initial Boundaries subject to the
terms of a separate intergovernmental agreement entered into by and between the Irrigation District
and Left Hand Water District.
5. Telecommunication Facilities. The Districts agree that no
telecommunication facilities shall be constructed except pursuant to the Intergovernmental
Agreement and that no such facilities owned, operated or otherwise allowed by the Districts shall
affect the ability of the Town to expand its public safety telecommunication facilities or impair
existing telecommunication facilities.
6. Construction Standards Limitation. The Districts will ensure that the
Public Improvements constructed by the Districts are designed and constructed in accordance with
the standards and specifications of the Town and of other governmental entities having proper
jurisdiction. The Districts will obtain the approval of civil engineering plans from the appropriate
jurisdiction and will obtain applicable permits for construction and installation of Public
Improvements prior to performing such work.
7. Zoning and Land Use Requirements. The Districts shall be subject
to all of the Town’s zoning, subdivision, building code and other land use requirements.
8. Growth Limitations. The Town shall not be limited in implementing
Board or voter approved growth limitations, even though such actions may reduce or delay
development within the Districts and the realization of District revenue.
9. Conveyance. The Districts agree to convey to the Town, upon
written notification from the Town and at no cost to the Town, any interest in real property owned
by the Districts that is necessary, in the Town’s sole discretion, for any Town capital improvement
projects for transportation, utilities or drainage, so long as such conveyance does not interfere with
that District’s ability to construct, operate and/or maintain Public Infrastructure, as the same may
be limited by this Service Plan.
10. Eminent Domain. The Residential District and the Commercial
District shall not use the power of eminent domain, except as otherwise provided pursuant to an
intergovernmental agreement with the Town. The Irrigation District is permitted to exercise the
power of eminent domain only after the Irrigation District provides written notice to the Town at
least 30 days prior to its intent to initiate eminent domain proceedings.
11. Water Rights/Resources Limitation. The Districts shall not acquire,
own, manage, adjudicate or develop potable water rights or resources except for the sole purpose
of transferring such water rights to the Town or to another governmental entity at the direction of
the Town. The Districts may be permitted to construct, finance, operate and maintain a non-
9
potable water system for the development and may be permitted to own, manage, adjudicate and
develop the non-potable water rights which will be used in such non-potable system pursuant to
an intergovernmental agreement with Left Hand Water District. Provided however that nothing
herein shall prohibit the District from reimbursing the developer of the Project for the costs of raw
water. OK
12. Inclusion Limitation. The Districts shall not include into their
respective boundaries any property outside of the Inclusion Area set forth in Exhibit B-1; provided,
however, that the Districts shall provide prior written notice to the Town prior to any inclusion
becoming effective. No property will be included within a District at any time unless such property
has been annexed into the Town’s corporate limits.
13. Exclusion Limitation. A District may exclude from its boundaries
any property; provided, however, that a District shall provide prior written notice to the Town prior
to any exclusion becoming effective. The District shall not exclude from its boundaries property
upon which a Debt mill levy has been imposed for the purpose of the inclusion of such property
into another metropolitan district that has been or will be formed under the Special District Act,
without the prior written consent of the Town, as evidenced by resolution of the Town Board of
Trustees.
14. Overlap Limitation. The boundaries of a District shall not overlap
with those of any other metropolitan district providing the same service if such overlap will cause
the District’s mill levy to exceed the Maximum Debt Mill Levy or the Maximum Operation and
Maintenance Mill Levy.
15. Total Debt Issuance Limitation. The Districts, in the aggregate, shall
not issue Debt in excess of the Total Debt Limit. The Total Debt Limit shall not be applicable to
refunding or refinancing of Debt authorized to be issued pursuant to the Service Plan unless the
principal amount of the refunding bonds exceed the principal amount originally issued, in which
case the difference shall count against the Total Debt Limit.
16. Sales and Use Tax. A District shall not exercise its Town sales and
use tax exemption.
17. Monies from Other Governmental Sources. The Districts shall not
apply for or accept Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds
available from or through governmental or non-profit entities that the Town is eligible to apply
for, except pursuant to the Intergovernmental Agreement. This Section shall not apply to specific
ownership taxes which shall be distributed to and be a revenue source for the Districts without any
limitation.
18. Consolidation Limitation. The Districts shall not file a request with
any Court to consolidate with another Title 32 district without the prior written consent of the
Town, as evidenced by resolution of the Town Board of Trustees.
19. Subdistrict Limitation. The Districts shall not create any subdistrict
pursuant to Section 32-1-1101, C.R.S. without the prior written consent of the Town, as evidenced
by resolution of the Town Board of Trustees.
10
20. Fees. Except as set forth herein, if authorized by the
Intergovernmental Agreement, a District may impose and collect Fees for services, programs or
facilities furnished by that District, and may from time to time increase or decrease such Fees, and
may use the revenue from such Fees for the repayment of Debt, capital costs, or Operation and
Maintenance Costs and for the payment of any indebtedness of the District. Notwithstanding
anything herein to the contrary, the Irrigation District is authorized to impose Fees in an amount
reasonably required for services, programs and facilities provided by the Irrigation District and
may from time to time increase or decrease such Fees, and may use the revenue from such Fees
for the repayment of Debt, capital costs, or Operation and Maintenance Costs and for the payment
of any indebtedness of the Irrigation District.
21. Special Assessments. If authorized in the Intergovernmental
Agreement, a District may establish one or more special improvement districts within its District
Boundaries and may levy a Special Assessment with the special improvement district in order to
finance all or part of the costs of any Public Improvements to be constructed or installed that the
District is authorized to finance.
22. Revenue Bonds Limitation. Revenue Bonds are bonds payable in
whole or in part from revenues other than a District’s property and specific ownership taxes. At
least 30 days prior to issuing any revenue bonds, a District shall submit all relevant details of such
issuance to the Town Board, which may elect to treat the issuance of the revenue bonds as a
material modification of the Service Plan; provided, however, that Revenue Bonds issued by the
Irrigation District shall not trigger a material modification of the Service Plan. If it is determined
by the Town Board that the issuance of revenue bonds constitutes a material modification of the
Service Plan, the District shall proceed to amend the Service Plan in accordance with Section 32-
1-207, C.R.S. prior to issuing any revenue bonds. If it is determined by the Town Board that such
issuance does not constitute a material modification of the Service Plan, the Town Board may issue
a resolution to that effect, after receipt of which the District may proceed with such issuance
without need for approval of a material modification of the Service Plan; provided, however, that
no such finding or resolution shall be required for Revenue Bonds issued by the Irrigation District.
The Town Board shall make its determination in writing to the District within twenty (20) business
days after submittal of the information by the District, unless the Town and District mutually agree
to a different date. Failure of the Town to provide such determination that the issuance of Revenue
Bonds is not a material modification of the Service Plan within 20 days shall be deemed as a
determination that such action does not constitute a material modification that requires an
amendment to the Service Plan.
23. Public Improvement Fee and Sales Tax Limitation. The Districts
shall not be permitted to impose, collect, receive, spend or pledge to any Debt any fee, assessment,
tax or charge which is collected by a retailer in the Districts on the sale of goods or services by
such retailer and which is measured by the sales price of such goods or services, except as provided
pursuant to an agreement with the Town approved by the Town Board.
24. Bankruptcy Limitation. All of the limitations contained in this
Service Plan, including, but not limited to, those pertaining to the Maximum Debt Mill Levy, the
Maximum Operation and Maintenance Mill Levy, and Fees have been established under the
11
authority of the Town to approve a Service Plan pursuant to Section 32-1-204.5, C.R.S. It is
expressly intended that such limitations.
a. Shall not be subject to set-aside for any reason or by any
court of competent jurisdiction, absent a Service Plan Amendment; and
b. Are, together with all other requirements of Colorado law,
included in the “political or governmental powers” reserved to the State under the U.S. Bankruptcy
Code (11 U.S.C.) Section 903, and are also included in the “regulatory or electoral approval
necessary under applicable bankruptcy law” as required for confirmation of a Chapter 9
Bankruptcy Plan under Bankruptcy Code Section 943(b)(6).
The filing of any bankruptcy petition by a District shall constitute, simultaneously with such filing,
a material departure of the express terms of this Service Plan, thus necessitating a material
modification that must be submitted to the Town for its consideration as a Service Plan
Amendment.
25. Reimbursement Agreement. If a District utilizes reimbursement
agreements to obtain reimbursements from third-party developers or adjacent landowners for costs
of improvements that benefit third-party landowners, such agreements shall be done in accordance
with Town Code. If a reimbursement agreement exists or is entered into for an improvement
financed by the District, any and all resulting reimbursements received for such improvement shall
be deposited in that District’s debt service fund and used for the purpose of retiring that District’s
debt.
26. Service Plan Amendment Requirement. This Service Plan has been
designed with sufficient flexibility to enable the Districts to provide required services and facilities
under evolving circumstances without the need for numerous amendments. Actions of any District
which violates the limitations set forth in V.A. above or in VI.C or VI.D shall be deemed to be
material modifications to this Service Plan and the Town shall be entitled to all remedies available
under State and local law to enjoin such actions of the District.
B. Preliminary Engineering Survey.
The Districts have the authority to provide for the planning, design, acquisition,
construction, installation, relocation, redevelopment, maintenance, and financing of the Public
Improvements. A Capital Plan, including a list of the Public Improvements developed by the
Districts and the cost of the Public Improvements is attached hereto as Exhibit D. The Districts
shall be authorized to construct Public Improvements that shall be more specifically defined in
each applicable Approved Development Plan, the Intergovernmental Agreement, or other
agreement to which the Town is a party or otherwise gives its written consent, as evidenced by
resolution of the Town Board of Trustees. The estimated costs of the Public Improvements which
may be planned for, designed, acquired, constructed, installed, relocated, redeveloped, maintained
or financed was prepared based upon a preliminary engineering survey and estimates derived from
the zoning on the property within the Districts and is approximately Twenty-One Million Two
Hundred Ninety-Six Thousand Six Hundred Eleven Dollars ($21,296,611).
12
All of the Public Improvements constructed by the Districts will be designed in such a way
as to assure that the Public Improvements standards will be compatible with those of the Town
and shall be in accordance with the requirements of the Approved Development Plan. All
construction cost estimates are based on the assumption that construction conforms to applicable
local, State or Federal requirements.
VI. FINANCIAL PROVISIONS
A. General.
The Districts are authorized to provide for the planning, design, acquisition, construction,
installation, relocation and/or redevelopment of the Public Improvements from their respective
revenues and by and through the proceeds of Debt to be issued by the Districts. The Districts may
impose a mill levy on taxable property within its boundaries as a primary source of revenue for
repayment of Debt and for Operations and Maintenance Costs. The Districts may also rely upon
various other revenue sources authorized by law. At each District’s discretion, these may include
the power to impose Fees as provided in Section 32-1-1001(l), C.R.S., as amended from time to
time, and as limited by Section V.A.20 above, and the District may impose Special Assessments
as provided in Section 32-1-1101.7, C.R.S. and in accordance with Section V.A.21, above.
The Financial Plan for the Districts, which is attached hereto as Exhibit C, reflects that the
Districts will issue no more Debt than the Districts can reasonably expect to pay from revenues
derived from the Maximum Debt Mill Levy, Fees, Special Assessments and other legally available
revenues. The Districts may issue such Debt on a schedule and in such year or years as the Districts
determine shall meet the needs of the Financial Plan referenced above and phased to serve
development as it occurs.
B. Maximum Voted Interest Rate and Maximum Underwriting Discount.
The interest rate on any Debt is expected to be the market rate at the time the Debt is issued.
In the event of a default, the proposed maximum interest rate on any Debt is not expected to exceed
eighteen percent (18%). The proposed maximum underwriting discount will be four percent (4%).
Debt, when issued, will comply with all relevant requirements of this Service Plan, State law and
Federal law as then applicable to the issuance of public securities.
C. Mill Levies.
1. The Maximum Debt Mill Levy, which shall be subject to a Mill
Levy Adjustment, shall be the maximum mill levy a District is permitted to impose upon the
taxable property within that District for payment of Debt, and shall be Fifty Mills (50) mills for so
long as the total amount of aggregate Debt of that District exceeds fifty percent (50%) of the
District’s assessed valuation. Based on such adjustments, the Maximum Debt Mill Levy of the
Commercial District as of January 1, 2022, is 55.664 mills (adjusted from January 1, 2009), and
the Maximum Debt Mill Levy of the Irrigation District and the Residential District as of January
1, 2022, is 50.350 mills (based on adjustment from January 1, 2017).
At such time as the total amount of aggregate Debt of a District is equal to or less than fifty
percent (50%) of that District’s assessed valuation, either on the date of issuance of any Debt or at
13
any time thereafter, the mill levy to be imposed to repay such portion of Debt shall not be subject
to the Maximum Debt Mill Levy and, as a result, the mill levy may be imposed as such a rate as is
necessary to pay the Debt service on such Debt, without limitation of rate increase; provided,
however, that after any conversion to an unlimited mill levy, a District shall not issue additional
Debt that would cause the aggregate Debt to exceed 50% of the District’s then assessed value. For
the purposes of the foregoing, a Board may further provide that such Debt shall remain secured by
such increased mill levy, notwithstanding any subsequent change in the District’s Debt to assessed
value ratio.
2. The Maximum Operation and Maintenance Mill Levy, which shall
be subject to a Mill Levy Adjustment, shall be the maximum mill levy the District is permitted to
impose upon the taxable property within a District for payment of Operation and Maintenance
Costs, and shall be 60.000 mills until such time that such District issues Debt. After such District
issues Debt, the Maximum Operation and Maintenance Mill Levy, when combined with the debt
service mill levy, shall not exceed 60.000 mills, subject to the Mill Levy Adjustment. Based on
such adjustments, the Maximum Operation and Maintenance Mill Levy of the Commercial District
as of January 1, 2022, is 66.797 mills (adjusted from January 1, 2009), and the Maximum
Operation and Maintenance Mill Levy of the Irrigation District and the Residential District as of
January 1, 2022, is 60.420 mills (based on adjustment from January 1, 2017).The Maximum
Operation and Maintenance Mill Levy shall apply to the District’s ability to increase its mill levy
as necessary for provision of operation and maintenance services to its taxpayers and service users
until such time as End Users cast the majority of affirmative votes taken by the District’s Board of
Directors at a meeting authorizing an increase of such Maximum Operation and Maintenance Mill
Levy, at which time the mill levy may be such amount as is necessary to pay the Operation and
Maintenance Cost.
3. Irrigation District Mill Levy Limitation. Notwithstanding anything
herein to the contrary, the Irrigation District shall not impose a mill levy for any purposes without
the prior written consent of the Residential District and the Commercial District. If the Irrigation
District determines to impose a mill levy, it shall be subject to the Maximum Debt Mill Levy and
the Maximum Operations and Maintenance Mill Levy set forth in this Service Plan and it shall
provide written notice to the Town of its intent to impose a mill levy. In no event shall the Irrigation
District be required to impose the Town O&M Mill Levy if the Residential District and the
Commercial District are both imposing the Town O&M Mill Levy. In the event that neither the
Residential District or the Commercial District are imposing the Town O&M Mill Levy, then the
Irrigation District shall impose the Town O&M Mill Levy in accordance with Section VI.I., below.
D. Debt Parameters.
1. All Debt issued by a District must be issued in compliance with the
requirements of Section 32-1-1101, C.R.S. and all other requirements of State law. On or before
the effective date of approval of an Approved Development Plan by the Town, the District shall
not: (a) issue any Debt; (b) impose a mill levy for the payment of Debt by direct imposition or by
transfer of funds from the operating fund to the Debt service funds; (c) impose and collect any
Fees used for the purpose of repayment of Debt, or (d) levy any Special Assessments.
14
2. At least 30 days prior to issuing any Debt, a District shall submit all
relevant details of such issuance to the Town Board (such as, preliminary financing numbers,
preliminary drafts of financing documents, and preliminary drafts of any offering document if the
Debt is sold to the public. If it is determined by the Town Board that the issuance of such Debt
constitutes a material modification of the Service Plan, such District shall proceed to amend the
Service Plan in accordance with Section 32-1-207, C.R.S. prior to issuing any Debt. If it is
determined by the Town Board that such issuance does not constitute a material modification of
the Service Plan, the Town Board may issue a resolution to that effect, after receipt of which the
District may proceed with such issuance without need for approval of a material modification of
the Service Plan. The Town Board shall make its determination in writing to the District within
twenty (20) business days after submittal of the information by the District, unless the Town and
District mutually agree to a different date. Failure of the Town to provide such determination that
the issuance of Debt is not a material modification of the Service Plan within 20 days shall be
deemed as a determination that such action does is not a material modification that requires an
amendment to the Service Plan.
3. A District shall not pledge any revenue or property of the Town as
security for the indebtedness set forth in this Service Plan. Approval of this Service Plan shall not
be construed as a guarantee by the Town of payment of any of a District’s obligations, nor shall
anything in the Service Plan be construed so as to create any responsibility or liability on the part
of the Town in the event of default by a District in the payment of any such obligation.
4. Any Debt issued by a District with a pledge or which results in a
pledge that exceeds the Maximum Debt Mill Levy (subject to the Mill Levy Adjustment) 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 Town as part of a Service Plan Amendment. The Town shall be entitled to all
remedies available at law to enjoin such actions of such District, including the remedy of enjoining
the issuance of additional authorized but unissued debt, until such material modification is
remedied.
5. The Maximum Debt Mill Levy Imposition Term shall not exceed
forty (40) years from the date upon which the Residential District first issues any Debt. Upon
expiration of the Maximum Debt Mill Levy Imposition Term, the Residential District shall not
impose a levy for repayment of any and all Debt (or use the proceeds of any mill levy for repayment
of Debt) on any single property within its Service Area, unless a majority of the Board of Directors
of the Residential District are End Users and have voted in favor of a refunding of a part or all of
the Debt and such refunding will result in a net present value savings as set forth in Section 11-56-
101, et seq., C.R.S. Any Debt issued with a mill levy pledge or which results in a mill levy pledge
that exceeds the Maximum Debt Mill Levy Imposition term shall be deemed a material
modification of this Service Plan and shall not be an authorized issuance of Debt unless and until
such material modification has been approved by the Town by a service plan amendment. The
Maximum Debt Mill Levy Imposition Term shall apply only to the Residential District and until
such time as End Users cast the majority of affirmative votes taken by the Residential District’s
Board of Directors at a meeting authorizing an increase of such Maximum Debt Mill Levy
Imposition Term, at which time the mill levy imposition term may be as determined by the D
15
Residential District’s Board of Directors in its sole discretion. The Maximum Debt Mill Levy
Imposition Term shall not apply to the Commercial District or to the Irrigation District.
E. Debt Instrument Disclosure Requirement.
In the text of each Bond and any other instrument representing and constituting Debt, the District
shall set forth a statement in substantially the following form:
By acceptance of this instrument, the owner of this Bond agrees and consents to all
of the limitations in respect of the payment of the principal of and interest on this
Bond contained herein, in the resolution of the District authorizing the issuance of
this Bond and in the Service Plan for creation of the District.
Similar language describing the limitations in respect of the payment of the principal of and interest
on Debt set forth in this Service Plan shall be included in any document used for the offering of
the Debt for sale to persons, including, but not limited to, a developer of property within the
boundaries of the District.
F. Privately Placed Debt Limitation.
Prior to the issuance of any privately placed Debt, the District shall obtain the certification of an
External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of the District’s
Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as defined in Section
32-1-103(12), C.R.S.) to be borne by [insert the designation of the Debt] does not
exceed a reasonable current [tax- exempt] [taxable] interest rate, using criteria
deemed appropriate by us [me] and based upon our [my] analysis of comparable
high yield securities; and (2) the structure of [insert designation of the Debt],
including maturities and early redemption provisions, is reasonable considering the
financial circumstances of the District.
G. TABOR Compliance.
The Districts will comply with the provisions of TABOR. In the discretion of the Board, a
District may set up other qualifying entities to manage, fund, construct and operate facilities,
services, and programs. To the extent allowed by law, any entity created by a District will remain
under the control of that District’s Board, and any such entity shall be subject to and bound by all
terms, conditions, and limitations of the Service Plan and the Intergovernmental Agreement.
H. District’s Organizational Costs and Operation and Maintenance Costs.
The Districts’ Organizational Costs, including the estimated, engineering services, legal
services and administrative services, together with the estimated costs of the Districts’ organization
and initial operations, are eligible for reimbursement from Debt proceeds.
16
In addition to the capital costs of the Public Improvements, the Districts will require
operating funds for Operation and Maintenance Costs including administration and to plan and
cause the Public Improvements to be constructed and maintained, and for ongoing administrative,
accounting and legal costs.
I. Town O&M Mill Levy.
Commensurate with the initial imposition of a debt service mill levy imposed after approval
of this Service Plan, the Commercial District and the Residential District hereby agree that they
shall impose the Town O&M Mill Levy. Each District’s obligation to impose and collect the
revenues from the Town O&M Mill Levy shall begin when that District first imposes a debt service
mill levy and shall not be required to be imposed prior to such date; provided, however, that any
debt service mill levy previously imposed by the Commercial District shall not trigger this
requirement and this requirement shall instead trigger upon the imposition of a debt service mill
levy imposed after approval of this Service Plan. A District’s imposition of a Town O&M Mill
Levy shall be memorialized in the Intergovernmental Agreement required by Section X below.
The revenues received from the Town O&M Mill Levy shall be remitted to the Town annually or
in accordance with the specific timeframe referenced in the Intergovernmental Agreement.
Revenues generated by the Town O&M Mill Levy and a District’s obligation to remit said
revenues to the Town on an annual basis, as required by this Service Plan and the
Intergovernmental Agreement, shall not be included within or subject to the Total Debt Limit. The
Town O&M Mill Levy shall be separate and apart from the Maximum Debt Mill Levy and the
Maximum Operation and Maintenance Mill Levy.
VII. ANNUAL REPORT
A. General.
The District shall be responsible for submitting an annual report to the Town Clerk no later
than April 30th of each year.
B. Reporting of Significant Events.
The annual report shall include information as to any of the following:
1. Boundary changes made or proposed to the District’s boundary as
of December 31 of the prior year.
2. Copies of the District’s rules and regulations, if any, as of December
31 of the prior year.
3. A summary of any litigation which involves the Public
Improvements as of December 31 of the prior year.
4. Status of the District’s construction of the Public Improvements as
of December 31 of the prior year.
17
5. A list of all facilities and improvements constructed by the District
that have been dedicated to and accepted by the Town or other service provider providing service
to the property in the District, as of December 31 of the prior year.
6. Notice of any uncured events of default by the District, which
continue beyond a ninety (90) day period, under any Debt instrument.
7. Any inability of the District to pay its obligations as they come due,
in accordance with the terms of such obligations, which continue beyond a ninety (90) day period.
8. Any alteration or revision of the proposed schedule of Debt issuance
set forth in the Financial Plan.
VIII. DISSOLUTION
Upon an independent determination of the Town Board that the purposes for which a
District was created have been accomplished, a District shall dissolve upon payment or defeasance
of all Debt incurred or upon a court determination that adequate provision has been made for the
payment of all Debt, except that if the District has ongoing operation and maintenance functions
such District shall not be required to dissolve. Additionally, if the Board of Directors of a District
determines that the existence of that District is no longer necessary to accomplish the purposes set
forth in this Service Plan, the Board of Directors of such District shall promptly effectuate the
dissolution of that District.
IX. DISCLOSURE NOTICES
A. In order to notify future End Users who are purchasing residential lots or
dwellings units in the Service Area that they will be paying, in addition to the property taxes owed
to other taxing governmental entities, property taxes imposed by the District to pay Debt and
Operations and Maintenance Costs, the District shall, prior to the issuance of Debt:
1. Prepare and submit to the Town Manager for his or her approval, which
approval shall be issued within twenty (20) calendar days, a written notice to
purchasers of property within the District, in substantially the form attached hereto
as Exhibit E (the “Disclosure Notice”). After approval of the Disclosure Notice
by the Town Manager, the District shall record the Disclosure Notice in the Weld
County Clerk and Recorder’s Office against all property not already owned by an
End User; and
2. Use reasonable efforts to assure that all builders of residential lots or
dwellings units within the District provide the Disclosure Notice to each potential
End User purchaser of a residential lot or dwelling unit in the Service Area before
that purchaser enters into a written agreement for the purchase and sale of that
residential lot or dwelling unit.
B. To ensure that potential residential buyers are educated about the District,
the District will also use reasonable efforts and due diligence to provide the Disclosure Notice to
the developer or home builders for prominent display at all sales offices.
18
C. Within one (1) year of the date of approval of this Service Plan, the District
will create a public website on which the District will timely post information related to upcoming
meetings and elections, and will make available relevant District documents and information,
including, but not limited to, the service plan, Board meeting minutes, annual budgets, audits, and
annual reports.
D. The District will provide annual notice to all eligible electors of the District,
in accordance with Section 32-1-809, C.R.S. In addition, the District shall record a District public
disclosure document and a map of the District boundaries with the Clerk and Recorder of each
County in which District property is located, in accordance with Section 32-1-104.8, C.R.S.
X. INTERGOVERNMENTAL AGREEMENT
The form of the Intergovernmental Agreement required by the Town Code, relating to the
limitations imposed on a District’s activities, is attached hereto as Exhibit F. The Districts shall
approve the Intergovernmental Agreement at their first Board meeting after approval of this
Service Plan, and shall deliver the executed Intergovernmental Agreement to the Town. The
Intergovernmental Agreement may be amended from time to time by the Districts and the Town,
and may include written consents and agreements of the Town as required throughout this Service
Plan (e.g., amendments to address the Residential District or Commercial District’s imposition of
Fees for services, programs or facilities furnished by such District pursuant to Section V.A.20
(“Fee Amendments”)). Alternatively, such written consents of the Town may be obtained by the
District without amending the Intergovernmental Agreement, and the Town and the District may
execute additional written agreements concerning matters set forth in this Service Plan. In the
event that a District proposes any Fee Amendment to the Town not otherwise contemplated herein
or in the Intergovernmental Agreement, the Town Board shall make its determination as to such
Fee Amendment in writing to the District within sixty (60) calendar days after submittal of the Fee
Amendment by the District, unless the Town and District mutually agree to a different date.
Notwithstanding anything herein to the contrary, Fees imposed by the Irrigation District shall not
require Fee Amendments or Town approval due to the nature of such Fees.
The Districts are also a party to the following intergovernmental agreements: Amended
and Restated Cooperation Agreement among the Firestone Urban Renewal Authority and the
Districts and the Highway 119 Districts – Northern Firestone Urban Renewal Plan, as amended
(the “FURA Agreement”); Intergovernmental Agreement between the Districts and the Highway
119 Districts and St. Vrain Sanitation District, as amended (the “St. Vrain IGA”); the Amended
and Restated District Administrative Services Agreement by and among the Districts and the
Highway 119 Districts (the “Highway 119 District Administrative Services IGA”); and the Capital
Pledge Agreement for Water Tank Improvements between the Irrigation District and the
Commercial District (the “Water Tank IGA”). The Irrigation District anticipates entering into an
intergovernmental agreement with Left Hand Water District for the provision of non-potable water
by the Irrigation District to properties within the Service Area (the “Left Hand IGA”). The
Districts also anticipate partially terminating the Highway 119 District Administrative Services
IGA as it relates to the Districts and entering into a separate District Administrative Services IGA
among the Districts (excluding the Highway 119 Districts) (the “Districts’ Administrative Services
IGA”). The intergovernmental agreements set forth in this paragraph are collectively referred to
herein as the “Districts’ Existing and Anticipated IGAs”.
19
No intergovernmental agreements other than the Intergovernmental Agreement, the FURA
Agreement, the Districts’ Existing and Anticipated IGAs. Except for such Intergovernmental
Agreement with the Town and the Districts’ Existing and Anticipated IGAs, any
intergovernmental agreement proposed regarding the subject matter of this Service Plan shall be
subject to review and approval by the Town prior to its execution by a District. Such Town review
and approval shall be with reference to whether the intergovernmental agreement(s) are in
compliance with this Service Plan, the Intergovernmental Agreement, and the terms of the
Approved Development Plan or other instrument related to the Public Improvements.
XI. NON-COMPLIANCE WITH SERVICE PLAN
In the event it is determined that a District has undertaken any act or omission which
violates the Service Plan or constitutes a material departure from the Service Plan, the Town may
pursue for such violation all remedies available at law or in equity, including without limitation
affirmative injunctive relief to require such District to act in accordance with the provisions of this
Service Plan. To the extent permitted by law, the District hereby waives the provisions of Section
32-1-207(3)(b), C.R.S., when such modifications are related to the District’s issuance of Debt and
agrees they will not rely on such provisions as a bar to the enforcement by the Town of any
provisions of this Service Plan as it relates to the District’s issuance of Debt.
XII. CONCLUSION
It is submitted that this Service Plan for the Districts, as required by Section 32-1-203(2),
C.R.S., establishes that:
1. There is sufficient existing and projected need for organized service
in the area to be serviced by the Districts;
2. The existing service in the area to be served by the Districts is
inadequate for present and projected needs;
3. The Districts are capable of providing economical and sufficient
service to the area within its proposed boundaries; and
4. The area to be included in the Districts has, or will have, the
financial ability to discharge the proposed indebtedness on a reasonable basis.
1
EXHIBIT A
Vicinity Map
06
07 08
05
2
EXHIBIT B-1
Initial Boundary Maps and Legal Descriptions
3/3/22
THE FOLLOWING PARCEL TO BE THE ENTIRETY OF THE HIGHWAY 119 METROPOLITAN DISTRICT NO. 2:
A PORTION OF THAT PARCEL OF LAND KNOWN AS LOT A AND LOT B, RECORDED EXEMPTION NO. 1313-05-3-RE-2794,
RECORDED AT RECEPTION NO. 1313-05-3-RE-2794, WELD COUNTY RECORDS, AND AS DESCRIBED AT RECEPTION NO.
3841084, WELD COUNTY RECORDS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BASIS OF BEARINGS: BEARINGS ARE BASED ON THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 5, TOWNSHIP 2
NORTH, RANGE 68 WEST OF THE SIXTH PRINCIPAL MERIDIAN, MONUMENTED AT THE SOUTH END BY A 3-1/4" ALUMINUM
CAP, ILLEGIBLE, AND AT THE NORTH END BY A 2" ALUMINUM CAP STAMPED "1994 LS 35937". SAID WEST LINE BEARS
NORTH 00°44'38" EAST, WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO;
COMMENCING AT THE WEST QUARTER CORNER OF SAID SECTION 5;
THENCE ALONG THE NORTH LINE OF SAID SOUTHWEST QUARTER SOUTH 89°29'45" EAST 60.00 FEET TO THE EAST
RIGHT-OF-WAY LINE OF FAIRVIEW STREET, ALSO BEING THE NORTHWEST CORNER OF SAID RECORDED EXEMPTION;
THENCE ALONG SAID EAST RIGHT-OF-WAY LINE AND ALONG THE WEST LINE OF SAID RECORDED EXEMPTION SOUTH
00°44'38" WEST 1759.32 FEET TO THE POINT OF BEGINNING;
THENCE DEPARTING SAID EAST RIGHT-OF-WAY LINE AND SAID WEST LINE SOUTH 89°15'27" EAST 220.15 FEET TO THE
BEGINNING OF A NON-TANGENT CURVE TO THE LEFT HAVING A RADIUS OF 58.00 FEET AND A CENTER WHICH BEARS
NORTH 80°32'42" EAST;
THENCE 80.76 FEET ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 79°46'47";
THENCE SOUTH 89°14'06" EAST 272.18 FEET;
THENCE NORTH 00°45'54" EAST 33.29 FEET;
THENCE SOUTH 89°14'06" EAST 205.00 FEET;
THENCE NORTH 00°45'54" EAST 110.00 FEET;
THENCE SOUTH 89°14'06" EAST 115.00 FEET TO THE BEGINNING OF A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF
58.00 FEET;
THENCE 91.11 FEET ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00'00";
THENCE NORTH 00°45'54" EAST 60.00 FEET TO THE BEGINNING OF A TANGENT CURVE TO THE RIGHT HAVING A RADIUS
OF 210.00 FEET;
(CONTINUED ON SHEET 6)
DATE:
DRAWN:
CHECKED:
JOB NO.:
SHT.
5
OF
7
PARCEL DESCRIPTION
SITUATED IN SECTION 5, T2N, R68W, 6TH P.M.
COUNTY OF WELD, STATE OF COLORADO
COMMERCIAL DISTRICT PARCEL
03/03/2022
TWK
MLP
20003029
SEC. 5
T2N, R68W, 6TH P.M.
WELD COUNTY,
COLORADO
K:\18003353\DWG\Survey\18003353_DISTRICT 2.dwg, DISTRICT 2, 3/3/2022 3:49:13 PM
(CONTINUED FROM SHEET 5)
THENCE 118.28 FEET ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 32°16'14";
THENCE NORTH 33°02'09" EAST 100.00 FEET TO THE BEGINNING OF A TANGENT CURVE TO THE LEFT HAVING A RADIUS OF
270.00 FEET;
THENCE 2.95 FEET ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 0°37'31";
THENCE SOUTH 54°16'16" EAST 53.45 FEET;
THENCE SOUTH 89°14'06" EAST 136.35 FEET TO THE EAST LINE OF SAID RECORDED EXEMPTION;
THENCE ALONG SAID EAST LINE SOUTH 00°45'54" WEST 1139.58 FEET TO THE SOUTHEAST CORNER OF SAID RECORDED
EXEMPTION;
THENCE ALONG THE SOUTH LINE OF SAID RECORDED EXEMPTION THE FOLLOWING TWO (2) COIURSES:
1. SOUTH 87°16'17" WEST 945.89 FEET;
2. SOUTH 87°35'24" WEST 251.03 FEET TO THE SOUTHWEST CORNER OF SAID RECORDED EXEMPTION, ALSO BEING
SAID EAST RIGHT-OF-WAY LINE;
THENCE ALONG THE WEST LINE OF SAID RECORDED EXEMPTION AND ALONG SAID EAST RIGHT-OF-WAY LINE NORTH
00°44'19" EAST 828.91 FEET TO THE POINT OF BEGINNING;
CONTAINING 1,046,966 SQUARE FEET, OR 24.04 ACRES, MORE OR LESS.
I, MICHAEL LLOYD POOL, A REGISTERED PROFESSIONAL LAND SURVEYOR IN THE STATE OF COLORADO, DO HEREBY
CERTIFY THAT THIS LEGAL DESCRIPTION AND THE SURVEY UPON WHICH IT WAS BASED, WAS PERFORMED BY ME OR
UNDER MY DIRECT SUPERVISION AND IS TRUE AND ACCURATE, TO THE BEST OF MY KNOWLEDGE.
MICHAEL LLOYD POOL, PLS
COLORADO REG. NO. 38304
FOR AND ON BEHALF OF ATWELL, LLC
DATE:
DRAWN:
CHECKED:
JOB NO.:
SHT.
6
OF
7COLORADO LICE
N
SE
DPROFES
SIONAL L A N D S U RVEYOR38304 MICHA E L L LOY
D
P
OOLNOTICE: ACCORDING TO COLORADO LAW, YOU MUST
COMMENCE ANY LEGAL ACTION BASED UPON ANY DEFECT
IN THIS SURVEY WITHIN THREE (3) YEARS AFTER YOU FIRST
DISCOVER SUCH DEFECT. IN NO EVENT MAY ANY ACTION
BASED UPON ANY DEFECT IN THIS SURVEY BE COMMENCED
MORE THAN TEN (10) YEARS FROM THE DATE OF THE
CERTIFICATE SHOWN HEREON.
PARCEL DESCRIPTION
SITUATED IN SECTION 5, T2N, R68W, 6TH P.M.
COUNTY OF WELD, STATE OF COLORADO
COMMERCIAL DISTRICT PARCEL
03/03/2022
TWK
MLP
20003029
SEC. 5
T2N, R68W, 6TH P.M.
WELD COUNTY,
COLORADO
K:\18003353\DWG\Survey\18003353_DISTRICT 2.dwg, DISTRICT 2, 3/3/2022 3:48:54 PM3/4/22
EXHIBIT TO ACCOMPANY PARCEL DESCRIPTION
SITUATED IN SECTION 5, T2N, R68W, 6TH P.M.
COUNTY OF WELD, STATE OF COLORADO
SCALE: 1"=400'
NOTE
COMMERCIAL DISTRICT PARCEL
DATE:
DRAWN:
CHECKED:
JOB NO.:
SHT.
7
OF
7
03/03/2022
TWK
MLP
20003029
SEC. 5
T2N, R68W, 6TH P.M.
WELD COUNTY,
COLORADO
K:\18003353\DWG\Survey\18003353_DISTRICT 2.dwg, DISTRICT 2, 3/4/2022 2:13:12 PM
3/4/22
1
EXHIBIT B-2
Inclusion Area Boundary Map and Legal Description
2
EXHIBIT C
Financial Plan
Firelight Commercial & Residential Metropolitan Districts
Weld County, Colorado
~~~
General Obligation Bonds, Series 2022
General Obligation Refunding Bonds, Series 2032
~~~
Service Plan
Bond Assumptions Series 2022 Series 2032 Total
Closing Date 12/1/2022 12/1/2032
First Call Date 12/1/2027 12/1/2042
Final Maturity 12/1/2032 12/1/2062
Discharge Date 12/2/2062 12/1/2062
Sources of Funds
Par Amount 16,550,000 28,385,000
Funds on Hand 0 1,347,000
Total 16,550,000 29,732,000
Uses of Funds
Project Fund 12,040,500 11,881,075 23,921,575
Refunding Escrow 0 15,680,000
Capitalized Interest 2,482,500 0
Reserve Fund 0 1,829,000
Surplus Deposit 1,446,000 0
Cost of Issuance 581,000 341,925
Total 16,550,000 29,732,000
Debt Features
Projected Coverage at Mill Levy Cap 1.00x 1.00x
Tax Status Tax-Exempt Tax-Exempt
Interest Payment Type Current Current
Rating Non-Rated Investment Grade
Coupon (Interest Rate)5.000%3.000%
Annual Trustee Fee $4,000 $4,000
Biennial Reassessment
Residential 6.00%6.00%
Commercial 2.00%2.00%
Tax Authority Assumptions Commercial Residential
Metropolitan District Revenue
Residential Assessment Ratio
Service Plan Gallagherization Base NA 7.96%
Current Assumption NA 7.15%
Debt Service Mills
Service Plan Mill Levy Cap 50.000 50.000
Maximum Adjusted Cap 50.000 55.664
Target Mill Levy 50.000 55.664
Specific Ownership Tax 6.00% 6.00%
County Treasurer Fee 1.50% 1.50%
Operations
Mill Levy 10.000 11.132
5/24/2022
1
Statutory Actual Value (2021)20222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050205120522053205420552056205720582059206020612062 Total UnitsTotal Statutory Actual ValueFirelight Commercial & Residential Metropolitan DistrictsDevelopment SummaryCommercial Ziggi's Coffee ShopCar WashRestaurant - Fast FoodRetailConvenience Store / Gas StationGrocery - - - Total$340 $250 $250 $250 $380 $250 - - -----------4,500 - - - 4,500----9,000- 12,400 11,000------23,400- - - 12,000 - 43,000 - - - 55,000---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 4,500 12,400 11,000 12,000 4,500 43,000 - - - 87,400$1,530,000 $3,100,000 $2,750,000 $3,000,000 $1,710,000 $10,750,000 - - - $22,840,000C Firelight Commercial and Residential Service Plan 05.24.22.xlsx Dev5/24/20222
Firelight Commercial & Residential Metropolitan DistrictsDevelopment SummaryResidential Townhomes Duplexes 40' Lots 50' Lots-----TotalStatutory Actual Value (2021)$500,000 $530,000 $600,000 $635,000-----2022--------- -20236666-----24202420202020-----80202520202020-----802026161621-----352027--------- -2028--------- -2029--------- -2030--------- -2031--------- -2032--------- -2033--------- -2034--------- -2035--------- -2036--------- -2037--------- -2038--------- -2039--------- -2040--------- -2041--------- -2042--------- -2043--------- -2044--------- -2045--------- -2046--------- -2047--------- -2048--------- -2049--------- -2050--------- -2051--------- -2052--------- -2053--------- -2054--------- -2055--------- -2056--------- -2057--------- -2058--------- -2059--------- -2060--------- -2061--------- -2062--------- - Total Units62624847-----219Total Statutory Actual Value$31,000,000 $32,860,000 $28,800,000 $29,845,000-----$122,505,000C Firelight Commercial and Residential Service Plan 05.24.22.xlsx Dev5/24/20223
Firelight Commercial Metropolitan DistrictAssessed ValueVacant and Improved Land1CommercialTotalCumulative Statutory Actual ValueAssessed Value in Collection YearCommercial SF DeliveredBiennial ReassessmentCumulative Statutory Actual ValueAssessed Value in Collection YearAssessed Value in Collection Year2 Year Lag2 Year Lag2 Year Lag29.00%2.00%29.00%2023585,000 0 9,000 - 3,370,896 0 020241,375,000 93,960 23,400 67,418 9,646,381 0 93,96020250 169,650 55,000 - 24,529,823 977,560 1,147,21020260 398,750 - 490,596 25,020,419 2,797,450 3,196,20020270 0 - - 25,020,419 7,113,649 7,113,64920280 0 - 500,408 25,520,828 7,255,922 7,255,92220290 0 - - 25,520,828 7,255,922 7,255,92220300 0 - 510,417 26,031,244 7,401,040 7,401,04020310 0 - - 26,031,244 7,401,040 7,401,04020320 0 - 520,625 26,551,869 7,549,061 7,549,06120330 0 - - 26,551,869 7,549,061 7,549,06120340 0 - 531,037 27,082,907 7,700,042 7,700,04220350 0 - - 27,082,907 7,700,042 7,700,04220360 0 - 541,658 27,624,565 7,854,043 7,854,04320370 0 - - 27,624,565 7,854,043 7,854,04320380 0 - 552,491 28,177,056 8,011,124 8,011,12420390 0 - - 28,177,056 8,011,124 8,011,12420400 0 - 563,541 28,740,597 8,171,346 8,171,34620410 0 - - 28,740,597 8,171,346 8,171,34620420 0 - 574,812 29,315,409 8,334,773 8,334,77320430 0 - - 29,315,409 8,334,773 8,334,77320440 0 - 586,308 29,901,717 8,501,469 8,501,46920450 0 - - 29,901,717 8,501,469 8,501,46920460 0 - 598,034 30,499,752 8,671,498 8,671,49820470 0 - - 30,499,752 8,671,498 8,671,49820480 0 - 609,995 31,109,747 8,844,928 8,844,92820490 0 - - 31,109,747 8,844,928 8,844,92820500 0 - 622,195 31,731,942 9,021,827 9,021,82720510 0 - - 31,731,942 9,021,827 9,021,82720520 0 - 634,639 32,366,580 9,202,263 9,202,26320530 0 - - 32,366,580 9,202,263 9,202,26320540 0 - 647,332 33,013,912 9,386,308 9,386,30820550 0 - - 33,013,912 9,386,308 9,386,30820560 0 - 660,278 33,674,190 9,574,034 9,574,03420570 0 - - 33,674,190 9,574,034 9,574,03420580 0 - 673,484 34,347,674 9,765,515 9,765,51520590 0 - - 34,347,674 9,765,515 9,765,51520600 0 - 686,953 35,034,628 9,960,825 9,960,82520610 0 - - 35,034,628 9,960,825 9,960,82520620 0 - 700,693 35,735,320 10,160,042 10,160,042Total87,400 11,272,9151. Vacant land value calculated in year prior to construction as 10% build-out market valueC Firelight Commercial and Residential Service Plan 05.24.22.xlsx #2 AV5/24/20224
Firelight Commercial Metropolitan DistrictRevenueTotalDistrict Mill Levy RevenueExpenseTotalAssessed Value in Collection YearDebt Mill LevyDebt Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeAnnual Trustee FeeRevenue Available for Debt Service50.000 Cap 99.50%6.00%1.50%50.000 Target20220 50.0000000020230 50.000 0 0 0 (2,000) (2,000)202493,960 50.000 4,675 280 (70) (2,000) 2,88520251,147,210 50.000 57,074 3,424 (856) (2,000) 57,64220263,196,200 50.000 159,011 9,541 (2,385) (2,000) 164,16620277,113,649 50.000 353,904 21,234 (5,309) (2,000) 367,83020287,255,922 50.000 360,982 21,659 (5,415) (2,000) 375,22620297,255,922 50.000 360,982 21,659 (5,415) (2,000) 375,22620307,401,040 50.000 368,202 22,092 (5,523) (2,000) 382,77120317,401,040 50.000 368,202 22,092 (5,523) (2,000) 382,77120327,549,061 50.000 375,566 22,534 (5,633) (2,000) 390,46620337,549,061 50.000 375,566 22,534 (5,633) (2,000) 390,46620347,700,042 50.000 383,077 22,985 (5,746) (2,000) 398,31620357,700,042 50.000 383,077 22,985 (5,746) (2,000) 398,31620367,854,043 50.000 390,739 23,444 (5,861) (2,000) 406,32220377,854,043 50.000 390,739 23,444 (5,861) (2,000) 406,32220388,011,124 50.000 398,553 23,913 (5,978) (2,000) 414,48820398,011,124 50.000 398,553 23,913 (5,978) (2,000) 414,48820408,171,346 50.000 406,524 24,391 (6,098) (2,000) 422,81820418,171,346 50.000 406,524 24,391 (6,098) (2,000) 422,81820428,334,773 50.000 414,655 24,879 (6,220) (2,000) 431,31420438,334,773 50.000 414,655 24,879 (6,220) (2,000) 431,31420448,501,469 50.000 422,948 25,377 (6,344) (2,000) 439,98120458,501,469 50.000 422,948 25,377 (6,344) (2,000) 439,98120468,671,498 50.000 431,407 25,884 (6,471) (2,000) 448,82020478,671,498 50.000 431,407 25,884 (6,471) (2,000) 448,82020488,844,928 50.000 440,035 26,402 (6,601) (2,000) 457,83720498,844,928 50.000 440,035 26,402 (6,601) (2,000) 457,83720509,021,827 50.000 448,836 26,930 (6,733) (2,000) 467,03320519,021,827 50.000 448,836 26,930 (6,733) (2,000) 467,03320529,202,263 50.000 457,813 27,469 (6,867) (2,000) 476,41420539,202,263 50.000 457,813 27,469 (6,867) (2,000) 476,41420549,386,308 50.000 466,969 28,018 (7,005) (2,000) 485,98220559,386,308 50.000 466,969 28,018 (7,005) (2,000) 485,98220569,574,034 50.000 476,308 28,578 (7,145) (2,000) 495,74220579,574,034 50.000 476,308 28,578 (7,145) (2,000) 495,74220589,765,515 50.000 485,834 29,150 (7,288) (2,000) 505,69720599,765,515 50.000 485,834 29,150 (7,288) (2,000) 505,69720609,960,825 50.000 495,551 29,733 (7,433) (2,000) 515,85120619,960,825 50.000 495,551 29,733 (7,433) (2,000) 515,851206210,160,042 50.000 505,462 30,328 (7,582) (2,000) 526,208Total15,528,124 931,687 (232,922) (80,000) 16,146,890C Firelight Commercial and Residential Service Plan 05.24.22.xlsx #2 Rev5/24/20225
Firelight Residential Metropolitan DistrictAssessed ValueVacant and Improved Land1ResidentialTotalCumulative Statutory Actual ValueAssessed Value in Collection YearResidential Units DeliveredBiennial ReassessmentCumulative Statutory Actual ValueAssessed Value in Collection YearAssessed Value in Collection Year2 Year Lag2 Year Lag2 Year Lag29.00%6.00%7.15%20221,359,000 0 - - 0 0 020234,530,000 0 24 - 14,139,0360020244,530,000 394,110 80 848,342 63,060,101 0 394,11020251,831,500 1,313,700 80 - 112,094,277 1,010,941 2,324,64120260 1,313,700 35 6,725,657 139,041,1744,508,797 5,822,49720270 531,135 - - 139,041,1748,014,741 8,545,87620280 0 - 8,342,470 147,383,6449,941,444 9,941,44420290 0 - - 147,383,6449,941,444 9,941,44420300 0 - 8,843,019 156,226,663 10,537,931 10,537,93120310 0 - - 156,226,663 10,537,931 10,537,93120320 0 - 9,373,600 165,600,263 11,170,20611,170,20620330 0 - - 165,600,263 11,170,20611,170,20620340 0 - 9,936,016 175,536,279 11,840,419 11,840,41920350 0 - - 175,536,279 11,840,419 11,840,41920360 0 - 10,532,177 186,068,455 12,550,844 12,550,84420370 0 - - 186,068,455 12,550,844 12,550,84420380 0 - 11,164,107 197,232,563 13,303,895 13,303,89520390 0 - - 197,232,563 13,303,895 13,303,89520400 0 - 11,833,954 209,066,51614,102,128 14,102,12820410 0 - - 209,066,51614,102,128 14,102,12820420 0 - 12,543,991 221,610,507 14,948,25614,948,25620430 0 - - 221,610,507 14,948,25614,948,25620440 0 - 13,296,630 234,907,13815,845,151 15,845,15120450 0 - - 234,907,13815,845,151 15,845,15120460 0 - 14,094,428 249,001,56616,795,860 16,795,86020470 0 - - 249,001,56616,795,860 16,795,86020480 0 - 14,940,094 263,941,66017,803,612 17,803,61220490 0 - - 263,941,66017,803,612 17,803,61220500 0 - 15,836,500 279,778,16018,871,829 18,871,82920510 0 - - 279,778,16018,871,829 18,871,82920520 0 - 16,786,690 296,564,849 20,004,138 20,004,13820530 0 - - 296,564,849 20,004,138 20,004,13820540 0 - 17,793,891 314,358,74021,204,387 21,204,38720550 0 - - 314,358,74021,204,387 21,204,38720560 0 - 18,861,524 333,220,265 22,476,650 22,476,65020570 0 - - 333,220,265 22,476,650 22,476,65020580 0 - 19,993,216353,213,481 23,825,249 23,825,24920590 0 - - 353,213,481 23,825,249 23,825,24920600 0 - 21,192,809 374,406,289 25,254,764 25,254,76420610 0 - - 374,406,289 25,254,764 25,254,76420620 0 - 22,464,377 396,870,667 26,770,050 26,770,050Total219 265,403,4921. Vacant land value calculated in year prior to construction as 10% build-out market valueC Firelight Commercial and Residential Service Plan 05.24.22.xlsx #1 AV5/24/20226
Firelight Residential Metropolitan DistrictRevenueTotalDistrict Mill Levy RevenueExpenseTotalAssessed Value in Collection YearDebt Mill LevyDebt Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeAnnual Trustee FeeRevenue Available for Debt Service55.664 Cap 99.50%6.00%1.50%55.664 Target20220 0.0000000020230 55.664 0 0 0 (2,000) (2,000)2024394,110 55.664 21,828 1,310 (327) (2,000) 20,81020252,324,641 55.664 128,752 7,725 (1,931) (2,000) 132,54620265,822,497 55.664 322,483 19,349 (4,837) (2,000) 334,99520278,545,876 55.664 473,319 28,399 (7,100) (2,000) 492,61920289,941,444 55.664 550,614 33,037 (8,259) (2,000) 573,39120299,941,444 55.664 550,614 33,037 (8,259) (2,000) 573,391203010,537,931 55.664 583,650 35,019 (8,755) (2,000) 607,915203110,537,931 55.664 583,650 35,019 (8,755) (2,000) 607,915203211,170,206 55.664 618,669 37,120 (9,280) (2,000) 644,510203311,170,206 55.664 618,669 37,120 (9,280) (2,000) 644,510203411,840,419 55.664 655,790 39,347 (9,837) (2,000) 683,300203511,840,419 55.664 655,790 39,347 (9,837) (2,000) 683,300203612,550,844 55.664 695,137 41,708 (10,427) (2,000) 724,418203712,550,844 55.664 695,137 41,708 (10,427) (2,000) 724,418203813,303,895 55.664 736,845 44,211 (11,053) (2,000) 768,003203913,303,895 55.664 736,845 44,211 (11,053) (2,000) 768,003204014,102,128 55.664 781,056 46,863 (11,716) (2,000) 814,203204114,102,128 55.664 781,056 46,863 (11,716) (2,000) 814,203204214,948,256 55.664 827,919 49,675 (12,419) (2,000) 863,176204314,948,256 55.664 827,919 49,675 (12,419) (2,000) 863,176204415,845,151 55.664 877,594 52,656 (13,164) (2,000) 915,086204515,845,151 55.664 877,594 52,656 (13,164) (2,000) 915,086204616,795,860 55.664 930,250 55,815 (13,954) (2,000) 970,111204716,795,860 55.664 930,250 55,815 (13,954) (2,000) 970,111204817,803,612 55.664 986,065 59,164 (14,791) (2,000) 1,028,438204917,803,612 55.664 986,065 59,164 (14,791) (2,000) 1,028,438205018,871,829 55.664 1,045,229 62,714 (15,678) (2,000) 1,090,264205118,871,829 55.664 1,045,229 62,714 (15,678) (2,000) 1,090,264205220,004,138 55.664 1,107,943 66,477 (16,619) (2,000) 1,155,800205320,004,138 55.664 1,107,943 66,477 (16,619) (2,000) 1,155,800205421,204,387 55.664 1,174,419 70,465 (17,616) (2,000) 1,225,268205521,204,387 55.664 1,174,419 70,465 (17,616) (2,000) 1,225,268205622,476,650 55.664 1,244,885 74,693 (18,673) (2,000) 1,298,904205722,476,650 55.664 1,244,885 74,693 (18,673) (2,000) 1,298,904205823,825,249 55.664 1,319,578 79,175 (19,794) (2,000) 1,376,959205923,825,249 55.664 1,319,578 79,175 (19,794) (2,000) 1,376,959206025,254,764 55.664 1,398,752 83,925 (20,981) (2,000) 1,459,696206125,254,764 55.664 1,398,752 83,925 (20,981) (2,000) 1,459,696206226,770,050 55.664 1,482,677 88,961 (22,240) (2,000) 1,547,398Total33,497,852 2,009,871 (502,468) (80,000) 34,925,255C Firelight Commercial and Residential Service Plan 05.24.22.xlsx #1 Rev5/24/20227
Firelight Commercial & Residential Metropolitan DistrictsDebt ServiceTotalNet Debt ServiceSurplus FundRatio AnalysisSeries 2022 Series 2032TotalRevenue Available for Debt ServiceDated: 12/1/2022 Dated: 12/1/2032Annual SurplusFunds on Hand Used as a SourceCumulative BalanceReleased RevenueDebt Service CoverageSenior Debt to Assessed ValuePar: $16,550,000 Par: $28,385,000 $3,310,000Proj: $12,040,500 Proj: $11,881,075 20220 0 0 0 1,446,000 0 n/a n/a20230 0 0 0 1,446,000 0 n/a n/a202423,695 0 0 23,695 1,469,695 0 n/a n/a2025190,188 0 0 190,188 1,659,883 0 n/a 3391%2026499,161 827,500 827,500 (328,339) 1,331,544 0 60% 477%2027860,448 857,500 857,500 2,948 1,334,492 0 100% 183%2028948,618 946,000 946,000 2,618 1,337,110 0 100% 105%2029948,618 945,000 945,000 3,618 1,340,727 0 100% 95%2030990,686 988,750 988,750 1,936 1,342,663 0 100% 94%2031990,686 990,000 990,000 686 1,343,348 0 100% 89%20321,034,976 1,030,750 0 1,030,750 4,226 1,347,000 0 574 100% 158%20331,034,976 Refunded 1,031,550 1,031,550 3,426 0 3,426 100% 151%20341,081,616 1,081,150 1,081,150 466 0 466 100% 149%20351,081,616 1,079,100 1,079,100 2,516 0 2,516 100% 142%20361,130,740 1,126,900 1,126,900 3,840 0 3,840 100% 140%20371,130,740 1,128,050 1,128,050 2,690 0 2,690 100% 133%20381,182,492 1,178,900 1,178,900 3,592 0 3,592 100% 131%20391,182,492 1,177,950 1,177,950 4,542 0 4,542 100% 124%20401,237,022 1,236,700 1,236,700 322 0 322 100% 122%20411,237,022 1,233,350 1,233,350 3,672 0 3,672 100% 114%20421,294,490 1,289,700 1,289,700 4,790 0 4,790 100% 112%20431,294,490 1,293,950 1,293,950 540 0 540 100% 105%20441,355,067 1,352,600 1,352,600 2,467 0 2,467 100% 102%20451,355,067 1,354,000 1,354,000 1,067 0 1,067 100% 95%20461,418,932 1,414,800 1,414,800 4,132 0 4,132 100% 92%20471,418,932 1,418,200 1,418,200 732 0 732 100% 85%20481,486,275 1,485,850 1,485,850 425 0 425 100% 82%20491,486,275 1,485,800 1,485,800 475 0 475 100% 75%20501,557,298 1,555,000 1,555,000 2,298 0 2,298 100% 71%20511,557,298 1,556,350 1,556,350 948 0 948 100% 65%20521,632,214 1,631,800 1,631,800 414 0 414 100% 61%20531,632,214 1,629,100 1,629,100 3,114 0 3,114 100% 54%20541,711,251 1,710,500 1,710,500 751 0 751 100% 50%20551,711,251 1,708,450 1,708,450 2,801 0 2,801 100% 44%20561,794,646 1,790,350 1,790,350 4,296 0 4,296 100% 39%20571,794,646 1,793,650 1,793,650 996 0 996 100% 33%20581,882,656 1,880,600 1,880,600 2,056 0 2,056 100% 28%20591,882,656 1,878,650 1,878,650 4,006 0 4,006 100% 22%20601,975,547 1,975,350 1,975,350 197 0 197 100% 17%20611,975,547 1,972,700 1,972,700 2,847 0 2,847 100% 11%20622,073,606 2,069,550 2,069,550 4,056 0 4,056 100% 0%Total51,076,145 6,585,500 44,520,600 51,106,100 (29,955) 1,347,000 69,0451. Assumes $1,446,000 Deposit to Surplus Fund at ClosingC Firelight Commercial and Residential Service Plan 05.24.22.xlsx CI Debt Refg5/24/20228
20222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050205120522053205420552056205720582059206020612062TotalFirelight Commercial Metropolitan DistrictRevenueTotalOperations Mill Levy RevenueExpenseTotalAssessed Value in Collection YearO&M Mill LevyO&M Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeRevenue Available for Operations10.000 Cap 99.50%6.00%1.50%10.000 Target00.0000000010.000000093,96010.00094056(14)9821,147,21010.00011,472685(172)11,9853,196,20010.00031,9621,908(479)33,3917,113,64910.00071,1364,247(1,067)74,3167,255,92210.00072,5594,332(1,088)75,8037,255,92210.00072,5594,332(1,088)75,8037,401,04010.00074,0104,418(1,110)77,3197,401,04010.00074,0104,418(1,110)77,3197,549,06110.00075,4914,507(1,132)78,8657,549,06110.00075,4914,507(1,132)78,8657,700,04210.00077,0004,597(1,155)80,4427,700,04210.00077,0004,597(1,155)80,4427,854,04310.00078,5404,689(1,178)82,0517,854,04310.00078,5404,689(1,178)82,0518,011,12410.00080,1114,783(1,202)83,6928,011,12410.00080,1114,783(1,202)83,6928,171,34610.00081,7134,878(1,226)85,3668,171,34610.00081,7134,878(1,226)85,3668,334,77310.00083,3484,976(1,250)87,0738,334,77310.00083,3484,976(1,250)87,0738,501,46910.00085,0155,075(1,275)88,8158,501,46910.00085,0155,075(1,275)88,8158,671,49810.00086,7155,177(1,301)90,5918,671,49810.00086,7155,177(1,301)90,5918,844,92810.00088,4495,280(1,327)92,4038,844,92810.00088,4495,280(1,327)92,4039,021,82710.00090,2185,386(1,353)94,2519,021,82710.00090,2185,386(1,353)94,2519,202,26310.00092,0235,494(1,380)96,1369,202,26310.00092,0235,494(1,380)96,1369,386,30810.00093,8635,604(1,408)98,0599,386,30810.00093,8635,604(1,408)98,0599,574,03410.00095,7405,716(1,436) 100,0209,574,03410.00095,7405,716(1,436) 100,0209,765,51510.00097,6555,830(1,465) 102,0209,765,51510.00097,6555,830(1,465) 102,0209,960,82510.00099,6085,947(1,494) 104,0619,960,82510.00099,6085,947(1,494) 104,06110,160,04210.000 101,6006,066(1,524) 106,1423,121,231 186,337(46,818) 3,260,750C Firelight Commercial and Residential Service Plan 05.24.22.xlsx #2 Rev5/24/20229
20222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050205120522053205420552056205720582059206020612062TotalFirelight Residential Metropolitan DistrictRevenueTotalOperations Mill Levy RevenueExpenseTotalAssessed Value in Collection YearO&M Mill LevyO&M Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeRevenue Available for Operations11.132 Cap 99.50%6.00%1.50%11.132 Target00.0000000011.1320000394,11011.1324,387262(66)4,5832,324,64111.13225,8781,545(388)27,0355,822,49711.13264,8163,870(972)67,7138,545,87611.13295,1335,679(1,427)99,3859,941,44411.132 110,6686,607(1,660) 115,6159,941,44411.132 110,6686,607(1,660) 115,61510,537,93111.132 117,3087,003(1,760) 122,55210,537,93111.132 117,3087,003(1,760) 122,55211,170,20611.132 124,3477,424(1,865) 129,90511,170,20611.132 124,3477,424(1,865) 129,90511,840,41911.132 131,8087,869(1,977) 137,69911,840,41911.132 131,8087,869(1,977) 137,69912,550,84411.132 139,7168,341(2,096) 145,96112,550,84411.132 139,7168,341(2,096) 145,96113,303,89511.132 148,0998,842(2,221) 154,71913,303,89511.132 148,0998,842(2,221) 154,71914,102,12811.132 156,9859,372(2,355) 164,00214,102,12811.132 156,9859,372(2,355) 164,00214,948,25611.132 166,4049,934(2,496) 173,84214,948,25611.132 166,4049,934(2,496) 173,84215,845,15111.132 176,38810,530(2,646) 184,27315,845,15111.132 176,38810,530(2,646) 184,27316,795,86011.132 186,97211,162(2,805) 195,32916,795,86011.132 186,97211,162(2,805) 195,32917,803,61211.132 198,19011,832(2,973) 207,04917,803,61211.132 198,19011,832(2,973) 207,04918,871,82911.132 210,08112,542(3,151) 219,47218,871,82911.132 210,08112,542(3,151) 219,47220,004,13811.132 222,68613,294(3,340) 232,64020,004,13811.132 222,68613,294(3,340) 232,64021,204,38711.132 236,04714,092(3,541) 246,59921,204,38711.132 236,04714,092(3,541) 246,59922,476,65011.132 250,21014,938(3,753) 261,39422,476,65011.132 250,21014,938(3,753) 261,39423,825,24911.132 265,22315,834(3,978) 277,07823,825,24911.132 265,22315,834(3,978) 277,07825,254,76411.132 281,13616,784(4,217) 293,70325,254,76411.132 281,13616,784(4,217) 293,70326,770,05011.132 298,00417,791(4,470) 311,3256,732,753 401,945 (100,991) 7,033,707C Firelight Commercial and Residential Service Plan 05.24.22.xlsx #1 Rev5/24/202210
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
SOURCES AND USES OF FUNDS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Dated Date 12/01/2022
Delivery Date 12/01/2022
Sources:
Bond Proceeds:
Par Amount 16,550,000.00
16,550,000.00
Uses:
Project Fund Deposits:
Project Fund 12,040,500.00
Other Fund Deposits:
Capitalized Interest Fund 2,482,500.00
Surplus Deposit 1,446,000.00
3,928,500.00
Cost of Issuance:
Other Cost of Issuance 250,000.00
Delivery Date Expenses:
Underwriter's Discount 331,000.00
16,550,000.00
11
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
BOND SUMMARY STATISTICS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Dated Date 12/01/2022
Delivery Date 12/01/2022
Last Maturity 12/01/2052
Arbitrage Yield 5.000000%
True Interest Cost (TIC)5.155063%
Net Interest Cost (NIC)5.088850%
All-In TIC 5.275258%
Average Coupon 5.000000%
Average Life (years)22.510
Duration of Issue (years)13.304
Par Amount 16,550,000.00
Bond Proceeds 16,550,000.00
Total Interest 18,627,000.00
Net Interest 18,958,000.00
Total Debt Service 35,177,000.00
Maximum Annual Debt Service 1,627,500.00
Average Annual Debt Service 1,172,566.67
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 20.000000
Total Underwriter's Discount 20.000000
Bid Price 98.000000
Par Average Average
Bond Component Value Price Coupon Life
Term Bond Due 2052 16,550,000.00 100.000 5.000% 22.510
16,550,000.00 22.510
All-In Arbitrage
TIC TIC Yield
Par Value 16,550,000.00 16,550,000.00 16,550,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount (331,000.00)(331,000.00)
- Cost of Issuance Expense (250,000.00)
- Other Amounts
Target Value 16,219,000.00 15,969,000.00 16,550,000.00
Target Date 12/01/2022 12/01/2022 12/01/2022
Yield 5.155063%5.275258%5.000000%
12
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
BOND PRICING
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond Due 2052:
12/01/2023 5.000% 5.000% 100.000
12/01/2024 5.000% 5.000% 100.000
12/01/2025 5.000% 5.000% 100.000
12/01/2026 5.000% 5.000% 100.000
12/01/2027 30,000 5.000% 5.000% 100.000
12/01/2028 120,000 5.000% 5.000% 100.000
12/01/2029 125,000 5.000% 5.000% 100.000
12/01/2030 175,000 5.000% 5.000% 100.000
12/01/2031 185,000 5.000% 5.000% 100.000
12/01/2032 235,000 5.000% 5.000% 100.000
12/01/2033 250,000 5.000% 5.000% 100.000
12/01/2034 305,000 5.000% 5.000% 100.000
12/01/2035 325,000 5.000% 5.000% 100.000
12/01/2036 390,000 5.000% 5.000% 100.000
12/01/2037 410,000 5.000% 5.000% 100.000
12/01/2038 480,000 5.000% 5.000% 100.000
12/01/2039 505,000 5.000% 5.000% 100.000
12/01/2040 585,000 5.000% 5.000% 100.000
12/01/2041 615,000 5.000% 5.000% 100.000
12/01/2042 700,000 5.000% 5.000% 100.000
12/01/2043 735,000 5.000% 5.000% 100.000
12/01/2044 835,000 5.000% 5.000% 100.000
12/01/2045 875,000 5.000% 5.000% 100.000
12/01/2046 985,000 5.000% 5.000% 100.000
12/01/2047 1,030,000 5.000% 5.000% 100.000
12/01/2048 1,150,000 5.000% 5.000% 100.000
12/01/2049 1,210,000 5.000% 5.000% 100.000
12/01/2050 1,340,000 5.000% 5.000% 100.000
12/01/2051 1,405,000 5.000% 5.000% 100.000
12/01/2052 1,550,000 5.000% 5.000% 100.000
16,550,000
Dated Date 12/01/2022
Delivery Date 12/01/2022
First Coupon 06/01/2023
Par Amount 16,550,000.00
Original Issue Discount
Production 16,550,000.00 100.000000%
Underwriter's Discount (331,000.00) (2.000000%)
Purchase Price 16,219,000.00 98.000000%
Accrued Interest
Net Proceeds 16,219,000.00
13
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
NET DEBT SERVICE
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Capitalized
Period Total Interest Net
Ending Principal Coupon Interest Debt Service Fund Debt Service
12/01/2023 827,500 827,500 827,500
12/01/2024 827,500 827,500 827,500
12/01/2025 827,500 827,500 827,500
12/01/2026 827,500 827,500 827,500
12/01/2027 30,000 5.000% 827,500 857,500 857,500
12/01/2028 120,000 5.000% 826,000 946,000 946,000
12/01/2029 125,000 5.000% 820,000 945,000 945,000
12/01/2030 175,000 5.000% 813,750 988,750 988,750
12/01/2031 185,000 5.000% 805,000 990,000 990,000
12/01/2032 235,000 5.000% 795,750 1,030,750 1,030,750
12/01/2033 250,000 5.000% 784,000 1,034,000 1,034,000
12/01/2034 305,000 5.000% 771,500 1,076,500 1,076,500
12/01/2035 325,000 5.000% 756,250 1,081,250 1,081,250
12/01/2036 390,000 5.000% 740,000 1,130,000 1,130,000
12/01/2037 410,000 5.000% 720,500 1,130,500 1,130,500
12/01/2038 480,000 5.000% 700,000 1,180,000 1,180,000
12/01/2039 505,000 5.000% 676,000 1,181,000 1,181,000
12/01/2040 585,000 5.000% 650,750 1,235,750 1,235,750
12/01/2041 615,000 5.000% 621,500 1,236,500 1,236,500
12/01/2042 700,000 5.000% 590,750 1,290,750 1,290,750
12/01/2043 735,000 5.000% 555,750 1,290,750 1,290,750
12/01/2044 835,000 5.000% 519,000 1,354,000 1,354,000
12/01/2045 875,000 5.000% 477,250 1,352,250 1,352,250
12/01/2046 985,000 5.000% 433,500 1,418,500 1,418,500
12/01/2047 1,030,000 5.000%384,250 1,414,250 1,414,250
12/01/2048 1,150,000 5.000%332,750 1,482,750 1,482,750
12/01/2049 1,210,000 5.000%275,250 1,485,250 1,485,250
12/01/2050 1,340,000 5.000%214,750 1,554,750 1,554,750
12/01/2051 1,405,000 5.000%147,750 1,552,750 1,552,750
12/01/2052 1,550,000 5.000%77,500 1,627,500 1,627,500
16,550,000 18,627,000 35,177,000 2,482,500 32,694,500
14
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
BOND DEBT SERVICE
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2023 413,750 413,750
12/01/2023 413,750 413,750 827,500
06/01/2024 413,750 413,750
12/01/2024 413,750 413,750 827,500
06/01/2025 413,750 413,750
12/01/2025 413,750 413,750 827,500
06/01/2026 413,750 413,750
12/01/2026 413,750 413,750 827,500
06/01/2027 413,750 413,750
12/01/2027 30,000 5.000% 413,750 443,750 857,500
06/01/2028 413,000 413,000
12/01/2028 120,000 5.000% 413,000 533,000 946,000
06/01/2029 410,000 410,000
12/01/2029 125,000 5.000% 410,000 535,000 945,000
06/01/2030 406,875 406,875
12/01/2030 175,000 5.000% 406,875 581,875 988,750
06/01/2031 402,500 402,500
12/01/2031 185,000 5.000% 402,500 587,500 990,000
06/01/2032 397,875 397,875
12/01/2032 235,000 5.000%397,875 632,875 1,030,750
06/01/2033 392,000 392,000
12/01/2033 250,000 5.000%392,000 642,000 1,034,000
06/01/2034 385,750 385,750
12/01/2034 305,000 5.000%385,750 690,750 1,076,500
06/01/2035 378,125 378,125
12/01/2035 325,000 5.000%378,125 703,125 1,081,250
06/01/2036 370,000 370,000
12/01/2036 390,000 5.000%370,000 760,000 1,130,000
06/01/2037 360,250 360,250
12/01/2037 410,000 5.000%360,250 770,250 1,130,500
06/01/2038 350,000 350,000
12/01/2038 480,000 5.000%350,000 830,000 1,180,000
06/01/2039 338,000 338,000
12/01/2039 505,000 5.000%338,000 843,000 1,181,000
06/01/2040 325,375 325,375
12/01/2040 585,000 5.000%325,375 910,375 1,235,750
06/01/2041 310,750 310,750
12/01/2041 615,000 5.000%310,750 925,750 1,236,500
06/01/2042 295,375 295,375
12/01/2042 700,000 5.000%295,375 995,375 1,290,750
06/01/2043 277,875 277,875
12/01/2043 735,000 5.000% 277,875 1,012,875 1,290,750
06/01/2044 259,500 259,500
12/01/2044 835,000 5.000% 259,500 1,094,500 1,354,000
06/01/2045 238,625 238,625
12/01/2045 875,000 5.000% 238,625 1,113,625 1,352,250
06/01/2046 216,750 216,750
12/01/2046 985,000 5.000% 216,750 1,201,750 1,418,500
06/01/2047 192,125 192,125
12/01/2047 1,030,000 5.000%192,125 1,222,125 1,414,250
06/01/2048 166,375 166,375
12/01/2048 1,150,000 5.000%166,375 1,316,375 1,482,750
06/01/2049 137,625 137,625
12/01/2049 1,210,000 5.000%137,625 1,347,625 1,485,250
06/01/2050 107,375 107,375
12/01/2050 1,340,000 5.000%107,375 1,447,375 1,554,750
06/01/2051 73,875 73,875
12/01/2051 1,405,000 5.000%73,875 1,478,875 1,552,750
06/01/2052 38,750 38,750
12/01/2052 1,550,000 5.000%38,750 1,588,750 1,627,500
16,550,000 18,627,000 35,177,000 35,177,000
15
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
CALL PROVISIONS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Call Table: CALL
Call Date Call Price
12/01/2027 103.00
12/01/2028 102.00
12/01/2029 101.00
12/01/2030 100.00
16
May 24, 2022 11:23 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-22CIB)
BOND SOLUTION
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION BONDS, SERIES 2022
Service Plan
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2023 827,500 (827,500)
12/01/2024 827,500 (827,500)23,695 23,695
12/01/2025 827,500 (827,500)190,188 190,188
12/01/2026 827,500 827,500 499,161 (328,339) 60.32%
12/01/2027 30,000 857,500 857,500 860,448 2,948 100.34%
12/01/2028 120,000 946,000 946,000 948,618 2,618 100.28%
12/01/2029 125,000 945,000 945,000 948,618 3,618 100.38%
12/01/2030 175,000 988,750 988,750 990,686 1,936 100.20%
12/01/2031 185,000 990,000 990,000 990,686 686 100.07%
12/01/2032 235,000 1,030,750 1,030,750 1,034,976 4,226 100.41%
12/01/2033 250,000 1,034,000 1,034,000 1,034,976 976 100.09%
12/01/2034 305,000 1,076,500 1,076,500 1,081,616 5,116 100.48%
12/01/2035 325,000 1,081,250 1,081,250 1,081,616 366 100.03%
12/01/2036 390,000 1,130,000 1,130,000 1,130,740 740 100.07%
12/01/2037 410,000 1,130,500 1,130,500 1,130,740 240 100.02%
12/01/2038 480,000 1,180,000 1,180,000 1,182,492 2,492 100.21%
12/01/2039 505,000 1,181,000 1,181,000 1,182,492 1,492 100.13%
12/01/2040 585,000 1,235,750 1,235,750 1,237,022 1,272 100.10%
12/01/2041 615,000 1,236,500 1,236,500 1,237,022 522 100.04%
12/01/2042 700,000 1,290,750 1,290,750 1,294,490 3,740 100.29%
12/01/2043 735,000 1,290,750 1,290,750 1,294,490 3,740 100.29%
12/01/2044 835,000 1,354,000 1,354,000 1,355,067 1,067 100.08%
12/01/2045 875,000 1,352,250 1,352,250 1,355,067 2,817 100.21%
12/01/2046 985,000 1,418,500 1,418,500 1,418,932 432 100.03%
12/01/2047 1,030,000 1,414,250 1,414,250 1,418,932 4,682 100.33%
12/01/2048 1,150,000 1,482,750 1,482,750 1,486,275 3,525 100.24%
12/01/2049 1,210,000 1,485,250 1,485,250 1,486,275 1,025 100.07%
12/01/2050 1,340,000 1,554,750 1,554,750 1,557,298 2,548 100.16%
12/01/2051 1,405,000 1,552,750 1,552,750 1,557,298 4,548 100.29%
12/01/2052 1,550,000 1,627,500 1,627,500 1,632,214 4,714 100.29%
16,550,000 35,177,000 (2,482,500) 32,694,500 32,642,125 (52,375)
17
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
SOURCES AND USES OF FUNDS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Dated Date 12/01/2032
Delivery Date 12/01/2032
Sources:
Bond Proceeds:
Par Amount 28,385,000.00
Other Sources of Funds:
Series 2022 Surplus Fund 1,347,000.00
29,732,000.00
Uses:
Project Fund Deposits:
Project Fund 11,881,075.00
Refunding Escrow Deposits:
Cash Deposit 15,680,000.00
Other Fund Deposits:
Debt Service Reserve Fund 1,829,000.00
Cost of Issuance:
Other Cost of Issuance 200,000.00
Delivery Date Expenses:
Underwriter's Discount 141,925.00
29,732,000.00
18
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
BOND SUMMARY STATISTICS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Dated Date 12/01/2032
Delivery Date 12/01/2032
Last Maturity 12/01/2062
Arbitrage Yield 3.000000%
True Interest Cost (TIC)3.033325%
Net Interest Cost (NIC)3.023701%
All-In TIC 3.080679%
Average Coupon 3.000000%
Average Life (years)21.096
Duration of Issue (years)15.255
Par Amount 28,385,000.00
Bond Proceeds 28,385,000.00
Total Interest 17,964,600.00
Net Interest 18,106,525.00
Total Debt Service 46,349,600.00
Maximum Annual Debt Service 3,898,550.00
Average Annual Debt Service 1,544,986.67
Underwriter's Fees (per $1000)
Average Takedown
Other Fee 5.000000
Total Underwriter's Discount 5.000000
Bid Price 99.500000
Par Average Average
Bond Component Value Price Coupon Life
Term Bond due 2062 28,385,000.00 100.000 3.000% 21.096
28,385,000.00 21.096
All-In Arbitrage
TIC TIC Yield
Par Value 28,385,000.00 28,385,000.00 28,385,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount (141,925.00)(141,925.00)
- Cost of Issuance Expense (200,000.00)
- Other Amounts
Target Value 28,243,075.00 28,043,075.00 28,385,000.00
Target Date 12/01/2032 12/01/2032 12/01/2032
Yield 3.033325%3.080679%3.000000%
19
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
BOND PRICING
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Maturity
Bond Component Date Amount Rate Yield Price
Term Bond due 2062:
12/01/2033 180,000 3.000% 3.000% 100.000
12/01/2034 235,000 3.000% 3.000% 100.000
12/01/2035 240,000 3.000% 3.000% 100.000
12/01/2036 295,000 3.000% 3.000% 100.000
12/01/2037 305,000 3.000% 3.000% 100.000
12/01/2038 365,000 3.000% 3.000% 100.000
12/01/2039 375,000 3.000% 3.000% 100.000
12/01/2040 445,000 3.000% 3.000% 100.000
12/01/2041 455,000 3.000% 3.000% 100.000
12/01/2042 525,000 3.000% 3.000% 100.000
12/01/2043 545,000 3.000% 3.000% 100.000
12/01/2044 620,000 3.000% 3.000% 100.000
12/01/2045 640,000 3.000% 3.000% 100.000
12/01/2046 720,000 3.000% 3.000% 100.000
12/01/2047 745,000 3.000% 3.000% 100.000
12/01/2048 835,000 3.000% 3.000% 100.000
12/01/2049 860,000 3.000% 3.000% 100.000
12/01/2050 955,000 3.000% 3.000% 100.000
12/01/2051 985,000 3.000% 3.000% 100.000
12/01/2052 1,090,000 3.000% 3.000% 100.000
12/01/2053 1,120,000 3.000% 3.000% 100.000
12/01/2054 1,235,000 3.000% 3.000% 100.000
12/01/2055 1,270,000 3.000% 3.000% 100.000
12/01/2056 1,390,000 3.000% 3.000% 100.000
12/01/2057 1,435,000 3.000% 3.000% 100.000
12/01/2058 1,565,000 3.000% 3.000% 100.000
12/01/2059 1,610,000 3.000% 3.000% 100.000
12/01/2060 1,755,000 3.000% 3.000% 100.000
12/01/2061 1,805,000 3.000% 3.000% 100.000
12/01/2062 3,785,000 3.000% 3.000% 100.000
28,385,000
Dated Date 12/01/2032
Delivery Date 12/01/2032
First Coupon 06/01/2033
Par Amount 28,385,000.00
Original Issue Discount
Production 28,385,000.00 100.000000%
Underwriter's Discount (141,925.00) (0.500000%)
Purchase Price 28,243,075.00 99.500000%
Accrued Interest
Net Proceeds 28,243,075.00
20
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
NET DEBT SERVICE
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Period Total Debt Service Net
Ending Principal Coupon Interest Debt Service Reserve Fund Debt Service
12/01/2033 180,000 3.000% 851,550 1,031,550 1,031,550
12/01/2034 235,000 3.000% 846,150 1,081,150 1,081,150
12/01/2035 240,000 3.000% 839,100 1,079,100 1,079,100
12/01/2036 295,000 3.000% 831,900 1,126,900 1,126,900
12/01/2037 305,000 3.000% 823,050 1,128,050 1,128,050
12/01/2038 365,000 3.000% 813,900 1,178,900 1,178,900
12/01/2039 375,000 3.000% 802,950 1,177,950 1,177,950
12/01/2040 445,000 3.000% 791,700 1,236,700 1,236,700
12/01/2041 455,000 3.000% 778,350 1,233,350 1,233,350
12/01/2042 525,000 3.000% 764,700 1,289,700 1,289,700
12/01/2043 545,000 3.000% 748,950 1,293,950 1,293,950
12/01/2044 620,000 3.000% 732,600 1,352,600 1,352,600
12/01/2045 640,000 3.000% 714,000 1,354,000 1,354,000
12/01/2046 720,000 3.000% 694,800 1,414,800 1,414,800
12/01/2047 745,000 3.000% 673,200 1,418,200 1,418,200
12/01/2048 835,000 3.000% 650,850 1,485,850 1,485,850
12/01/2049 860,000 3.000% 625,800 1,485,800 1,485,800
12/01/2050 955,000 3.000% 600,000 1,555,000 1,555,000
12/01/2051 985,000 3.000% 571,350 1,556,350 1,556,350
12/01/2052 1,090,000 3.000%541,800 1,631,800 1,631,800
12/01/2053 1,120,000 3.000%509,100 1,629,100 1,629,100
12/01/2054 1,235,000 3.000%475,500 1,710,500 1,710,500
12/01/2055 1,270,000 3.000%438,450 1,708,450 1,708,450
12/01/2056 1,390,000 3.000%400,350 1,790,350 1,790,350
12/01/2057 1,435,000 3.000%358,650 1,793,650 1,793,650
12/01/2058 1,565,000 3.000%315,600 1,880,600 1,880,600
12/01/2059 1,610,000 3.000%268,650 1,878,650 1,878,650
12/01/2060 1,755,000 3.000%220,350 1,975,350 1,975,350
12/01/2061 1,805,000 3.000%167,700 1,972,700 1,972,700
12/01/2062 3,785,000 3.000% 113,550 3,898,550 1,829,000 2,069,550
28,385,000 17,964,600 46,349,600 1,829,000 44,520,600
21
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
BOND DEBT SERVICE
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2033 425,775 425,775
12/01/2033 180,000 3.000%425,775 605,775 1,031,550
06/01/2034 423,075 423,075
12/01/2034 235,000 3.000%423,075 658,075 1,081,150
06/01/2035 419,550 419,550
12/01/2035 240,000 3.000%419,550 659,550 1,079,100
06/01/2036 415,950 415,950
12/01/2036 295,000 3.000%415,950 710,950 1,126,900
06/01/2037 411,525 411,525
12/01/2037 305,000 3.000%411,525 716,525 1,128,050
06/01/2038 406,950 406,950
12/01/2038 365,000 3.000%406,950 771,950 1,178,900
06/01/2039 401,475 401,475
12/01/2039 375,000 3.000%401,475 776,475 1,177,950
06/01/2040 395,850 395,850
12/01/2040 445,000 3.000%395,850 840,850 1,236,700
06/01/2041 389,175 389,175
12/01/2041 455,000 3.000%389,175 844,175 1,233,350
06/01/2042 382,350 382,350
12/01/2042 525,000 3.000%382,350 907,350 1,289,700
06/01/2043 374,475 374,475
12/01/2043 545,000 3.000%374,475 919,475 1,293,950
06/01/2044 366,300 366,300
12/01/2044 620,000 3.000%366,300 986,300 1,352,600
06/01/2045 357,000 357,000
12/01/2045 640,000 3.000%357,000 997,000 1,354,000
06/01/2046 347,400 347,400
12/01/2046 720,000 3.000% 347,400 1,067,400 1,414,800
06/01/2047 336,600 336,600
12/01/2047 745,000 3.000% 336,600 1,081,600 1,418,200
06/01/2048 325,425 325,425
12/01/2048 835,000 3.000% 325,425 1,160,425 1,485,850
06/01/2049 312,900 312,900
12/01/2049 860,000 3.000% 312,900 1,172,900 1,485,800
06/01/2050 300,000 300,000
12/01/2050 955,000 3.000% 300,000 1,255,000 1,555,000
06/01/2051 285,675 285,675
12/01/2051 985,000 3.000% 285,675 1,270,675 1,556,350
06/01/2052 270,900 270,900
12/01/2052 1,090,000 3.000%270,900 1,360,900 1,631,800
06/01/2053 254,550 254,550
12/01/2053 1,120,000 3.000%254,550 1,374,550 1,629,100
06/01/2054 237,750 237,750
12/01/2054 1,235,000 3.000%237,750 1,472,750 1,710,500
06/01/2055 219,225 219,225
12/01/2055 1,270,000 3.000%219,225 1,489,225 1,708,450
06/01/2056 200,175 200,175
12/01/2056 1,390,000 3.000%200,175 1,590,175 1,790,350
06/01/2057 179,325 179,325
12/01/2057 1,435,000 3.000%179,325 1,614,325 1,793,650
06/01/2058 157,800 157,800
12/01/2058 1,565,000 3.000%157,800 1,722,800 1,880,600
06/01/2059 134,325 134,325
12/01/2059 1,610,000 3.000%134,325 1,744,325 1,878,650
06/01/2060 110,175 110,175
12/01/2060 1,755,000 3.000%110,175 1,865,175 1,975,350
06/01/2061 83,850 83,850
12/01/2061 1,805,000 3.000%83,850 1,888,850 1,972,700
06/01/2062 56,775 56,775
12/01/2062 3,785,000 3.000%56,775 3,841,775 3,898,550
28,385,000 17,964,600 46,349,600 46,349,600
22
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
CALL PROVISIONS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Call Table: CALL
Call Date Call Price
12/01/2042 100.00
23
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
SUMMARY OF BONDS REFUNDED
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Series 22 - Current Interest Bonds, 22CIB, TERM52:
12/01/2033 5.000% 250,000 12/01/2032 100.000
12/01/2034 5.000% 305,000 12/01/2032 100.000
12/01/2035 5.000% 325,000 12/01/2032 100.000
12/01/2036 5.000% 390,000 12/01/2032 100.000
12/01/2037 5.000% 410,000 12/01/2032 100.000
12/01/2038 5.000% 480,000 12/01/2032 100.000
12/01/2039 5.000% 505,000 12/01/2032 100.000
12/01/2040 5.000% 585,000 12/01/2032 100.000
12/01/2041 5.000% 615,000 12/01/2032 100.000
12/01/2042 5.000% 700,000 12/01/2032 100.000
12/01/2043 5.000% 735,000 12/01/2032 100.000
12/01/2044 5.000% 835,000 12/01/2032 100.000
12/01/2045 5.000% 875,000 12/01/2032 100.000
12/01/2046 5.000% 985,000 12/01/2032 100.000
12/01/2047 5.000% 1,030,000 12/01/2032 100.000
12/01/2048 5.000% 1,150,000 12/01/2032 100.000
12/01/2049 5.000% 1,210,000 12/01/2032 100.000
12/01/2050 5.000% 1,340,000 12/01/2032 100.000
12/01/2051 5.000% 1,405,000 12/01/2032 100.000
12/01/2052 5.000% 1,550,000 12/01/2032 100.000
15,680,000
24
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
ESCROW REQUIREMENTS
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Dated Date 12/01/2032
Delivery Date 12/01/2032
Period Principal
Ending Redeemed Total
12/01/2032 15,680,000 15,680,000.00
15,680,000 15,680,000.00
25
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
PRIOR BOND DEBT SERVICE
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Period Debt
Ending Principal Coupon Interest Service
12/01/2033 250,000 5.000% 784,000 1,034,000
12/01/2034 305,000 5.000% 771,500 1,076,500
12/01/2035 325,000 5.000% 756,250 1,081,250
12/01/2036 390,000 5.000% 740,000 1,130,000
12/01/2037 410,000 5.000% 720,500 1,130,500
12/01/2038 480,000 5.000% 700,000 1,180,000
12/01/2039 505,000 5.000% 676,000 1,181,000
12/01/2040 585,000 5.000% 650,750 1,235,750
12/01/2041 615,000 5.000% 621,500 1,236,500
12/01/2042 700,000 5.000% 590,750 1,290,750
12/01/2043 735,000 5.000% 555,750 1,290,750
12/01/2044 835,000 5.000% 519,000 1,354,000
12/01/2045 875,000 5.000% 477,250 1,352,250
12/01/2046 985,000 5.000% 433,500 1,418,500
12/01/2047 1,030,000 5.000% 384,250 1,414,250
12/01/2048 1,150,000 5.000% 332,750 1,482,750
12/01/2049 1,210,000 5.000% 275,250 1,485,250
12/01/2050 1,340,000 5.000% 214,750 1,554,750
12/01/2051 1,405,000 5.000% 147,750 1,552,750
12/01/2052 1,550,000 5.000% 77,500 1,627,500
15,680,000 10,429,000 26,109,000
26
May 24, 2022 11:28 am Prepared by DBC Finance (Finance 8.800 Voyage Firestone MD Nos. 2&3:A_051822-32REF22,32REF22)
BOND SOLUTION
FIRELIGHT COMMERCIAL & RESIDENTIAL METROPOLITAN DISTRICTS
Weld County, Colorado
~~~
GENERAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS, SERIES 2032
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2033 180,000 1,031,550 1,031,550 1,034,976 3,426 100.33%
12/01/2034 235,000 1,081,150 1,081,150 1,081,616 466 100.04%
12/01/2035 240,000 1,079,100 1,079,100 1,081,616 2,516 100.23%
12/01/2036 295,000 1,126,900 1,126,900 1,130,740 3,840 100.34%
12/01/2037 305,000 1,128,050 1,128,050 1,130,740 2,690 100.24%
12/01/2038 365,000 1,178,900 1,178,900 1,182,492 3,592 100.30%
12/01/2039 375,000 1,177,950 1,177,950 1,182,492 4,542 100.39%
12/01/2040 445,000 1,236,700 1,236,700 1,237,022 322 100.03%
12/01/2041 455,000 1,233,350 1,233,350 1,237,022 3,672 100.30%
12/01/2042 525,000 1,289,700 1,289,700 1,294,490 4,790 100.37%
12/01/2043 545,000 1,293,950 1,293,950 1,294,490 540 100.04%
12/01/2044 620,000 1,352,600 1,352,600 1,355,067 2,467 100.18%
12/01/2045 640,000 1,354,000 1,354,000 1,355,067 1,067 100.08%
12/01/2046 720,000 1,414,800 1,414,800 1,418,932 4,132 100.29%
12/01/2047 745,000 1,418,200 1,418,200 1,418,932 732 100.05%
12/01/2048 835,000 1,485,850 1,485,850 1,486,275 425 100.03%
12/01/2049 860,000 1,485,800 1,485,800 1,486,275 475 100.03%
12/01/2050 955,000 1,555,000 1,555,000 1,557,298 2,298 100.15%
12/01/2051 985,000 1,556,350 1,556,350 1,557,298 948 100.06%
12/01/2052 1,090,000 1,631,800 1,631,800 1,632,214 414 100.03%
12/01/2053 1,120,000 1,629,100 1,629,100 1,632,214 3,114 100.19%
12/01/2054 1,235,000 1,710,500 1,710,500 1,711,251 751 100.04%
12/01/2055 1,270,000 1,708,450 1,708,450 1,711,251 2,801 100.16%
12/01/2056 1,390,000 1,790,350 1,790,350 1,794,646 4,296 100.24%
12/01/2057 1,435,000 1,793,650 1,793,650 1,794,646 996 100.06%
12/01/2058 1,565,000 1,880,600 1,880,600 1,882,656 2,056 100.11%
12/01/2059 1,610,000 1,878,650 1,878,650 1,882,656 4,006 100.21%
12/01/2060 1,755,000 1,975,350 1,975,350 1,975,547 197 100.01%
12/01/2061 1,805,000 1,972,700 1,972,700 1,975,547 2,847 100.14%
12/01/2062 3,785,000 3,898,550 (1,829,000) 2,069,550 2,073,606 4,056 100.20%
28,385,000 46,349,600 (1,829,000) 44,520,600 44,589,071 68,471
27
3
EXHIBIT D
Capital Plan - List of Public Improvements
4
EXHIBIT E
Disclosure Notice
ATTENTION HOMEBUYER: You are purchasing a home that is located within Firelight Irrigation
Metropolitan District (the “District”). This District has the authority to issue bonds or other debt to pay for
public improvements and the authority to levy taxes and fees on all properties within the District for debt
repayment and ongoing operations and maintenance.
EXHIBIT E
SPECIAL DISTRICT DISCLOSURE
Name of District: Firelight Irrigation Metropolitan District
Contact Information for District: c/o White Bear Ankele Tanaka & Waldron
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
District Website: [To be provided]
District Boundaries: See attached map. It is conceivable that additional boundary
adjustments may be made to include or exclude property from the
District. Any such boundary adjustment is subject to prior
approval by the owners of the property and must be considered at
a public hearing of the District’s Board of Directors.
Purpose of the District: The District was organized pursuant to C.R.S. § 32-1-101 et seq.
The District was created to assist with the planning, design,
acquisition, construction, installation, operation, maintenance,
relocation, and financing of certain public improvements serving
the Firelight Park project located in the Town of Firestone,
Colorado (the “Town”) and described further in the District’s
Service Plan.
The District may dedicate certain public improvements to the
Town or other appropriate jurisdiction. The operations and
maintenance of public improvements dedicated to the Town or
other appropriate jurisdiction shall rest with the Town or other
appropriate jurisdiction as the case may be.
Public improvements not dedicated to the Town or other
appropriate jurisdiction may be owned, operated, and maintained
by the District. The District has authority to impose property
taxes and other fees, rates, tolls, penalties, or charges to fund the
construction and operation and maintenance of improvements as
set forth in the Service Plan.
A copy of the District’s Service Plan can be found on the
District’s website or by contacting the District at the District
contact information above.
Authorized Types of District Taxes: Debt Mill Levy, Operating Mill Levy, and Town Operations and
Maintenance Mill Levy
These mill levies result in taxes you will owe to the District and
are described further below.
District Total Debt Issuance Authorized per
Districts Service Plan:
$35,678,000 in the aggregate (with Firelight Residential
Metropolitan District and Firelight Commercial Metropolitan
District)
District Improvements Financed by Debt: The District intends to, or has already issued debt to pay for the
following public improvements: non-potable irrigation water and
facilities. The District is permitted to issue debt for any purposes
set forth in its Service Plan.
Maximum Debt Mill Levy that may be
levied annually on properties within the
District to pay back debt:
The District does not intend to impose a mill levy for
improvements of services. However, the District’s Service Plan
permits the District to do so. In such event, the Service Plan
permits the following:
Maximum Debt Mill Levy: 50 Mills
This Mill Levy may fluctuate based on changes in assessment
rates.
At such time as the total amount of aggregate Debt of the District
is equal to or less than fifty percent (50%) of the District’s
assessed valuation, either on the date of issuance of any Debt or
at any time thereafter, the mill levy to be imposed to repay such
portion of Debt shall not be subject to the Maximum Debt Mill
Levy and, as a result, the mill levy may be imposed at such a rate
as is necessary to pay the Debt service on such Debt, without
limitation of rate increase; provided, however, that after any
conversion to an unlimited mill levy, the District shall not issue
additional Debt that would cause the aggregate Debt to exceed
50% of the District’s then assessed value. For the purposes of the
foregoing, the Board may further provide that such Debt shall
remain secured by such increased mill levy, notwithstanding any
subsequent change in the District’s Debt to assessed value ratio.
Ongoing Operations and Maintenance
Services of the District:
The District intends to impose an Operating Mill Levy to pay for
ongoing administration, operating and maintenance obligations
Maximum Operating Mill Levy that may be
levied annually on properties within the
District to pay for the ongoing operations
and maintenance described above.
Maximum Operating Mill Levy: 60 Mills until such time the
District issues Debt. After the District issues debt, the Maximum
Operation and Maintenance Mill Levy, when combined with the
Debt Mill Levy, shall be 60 Mills, subject to the Mill Levy
Adjustment.
This Mill Levy may fluctuate based on changes to residential
assessment rates.
The Operating Mill Levy is distinct from the Debt Mill Levy
taxes and cannot be used to repay Debt.
The Maximum Operation and Maintenance Mill Levy shall apply
to the District’s ability to increase its mill levy as necessary for
provision of operation and maintenance services to its taxpayers
and service users until such time as End Users cast the majority
of affirmative votes taken by the District’s Board of Directors at
a meeting authorizing an increase of such Maximum Operation
and Maintenance Mill Levy, at which time the mill levy may be
such amount as is necessary to pay the Operation and
Maintenance Cost.
Maximum Town O&M Mill Levy that is
required to be levied annually on properties
within the District and transferred to the
Town.
Maximum Town Operations and Maintenance Mill Levy: 3 mills
District Fees: The District may impose and collect Fees for services, programs
facilities furnished by the District, and may from time to time
increase or decrease such fees, and may use the revenue from
such fees for the repayment of Debt, capital costs, or Operation
and Maintenance costs and for the payment of an indebtedness of
the District.
Other Taxing Entities to which you will pay
taxes to:
[List all taxing entities and current mill levies within the District
Boundaries as identified by the Weld County Assessor, including
mille levies and annual tax levied for prior fiscal year]
** This information is based upon the
property taxes levied on property within the
District imposed in 2022 for collection in
2023, and is intended only to provide
approximations of the total overlapping mill
levies within the District. The stated mill
levies are subject to change and you should
contact the Weld County Assessor’s office
to obtain the most accurate and up to date
information.
Sample Calculation of Taxes Owed for a Residential Property within the District:
Assumptions:
Average market value of home in District is $500,000
Debt Mill Levy is 50 mills
Operating Mill Levy is 10 mills
Town O&M Mill Levy is 3 mills
Total Metropolitan District mill levies = 63 mills
Calculation of Metropolitan District Taxes:
$500,000 x .0715 = $35,750 (Assessed Valuation)
$35,750 x .063 mills = 2,252 per year in taxes
Total Additional Mill Levies from Other Taxing Entities: mills = $ annual taxes
TOTAL 2022 PROPERTY TAXES [DUE IN 2023] FOR A HOME COSTING $500,000 = $ ____
ATTENTION PURCHASER: You are purchasing a property that is located within Firelight Commercial
Metropolitan District (the “District”). This District has the authority to issue bonds or other debt to pay for
public improvements and the authority to levy taxes and fees on all properties within the District for debt
repayment and ongoing operations and maintenance.
EXHIBIT E
SPECIAL DISTRICT DISCLOSURE
Name of District: Firelight Commercial Metropolitan District
Contact Information for District: c/o White Bear Ankele Tanaka & Waldron
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
District Website: [To be provided]
District Boundaries: See attached map. It is conceivable that additional boundary
adjustments may be made to include or exclude property from the
District. Any such boundary adjustment is subject to prior
approval by the owners of the property and must be considered at
a public hearing of the District’s Board of Directors.
Purpose of the District: The District was organized pursuant to C.R.S. § 32-1-101 et seq.
The District was created to assist with the planning, design,
acquisition, construction, installation, operation, maintenance,
relocation, and financing of certain public improvements serving
the Firelight Park commercial project located in the Town of
Firestone, Colorado (the “Town”) and described further in the
District’s Service Plan.
The District may dedicate certain public improvements to the
Town or other appropriate jurisdiction. The operations and
maintenance of public improvements dedicated to the Town or
other appropriate jurisdiction shall rest with the Town or other
appropriate jurisdiction as the case may be.
Public improvements not dedicated to the Town or other
appropriate jurisdiction may be owned, operated, and maintained
by the District. The District has authority to impose property
taxes and other fees, rates, tolls, penalties, or charges to fund the
construction and operation and maintenance of improvements as
set forth in the Service Plan.
A copy of the District’s Service Plan can be found on the
District’s website or by contacting the District at the District
contact information above.
Authorized Types of District Taxes: Debt Mill Levy, Operating Mill Levy, and Town Operations and
Maintenance Mill Levy
These mill levies result in taxes you will owe to the District and
are described further below.
District Total Debt Issuance Authorized per
Districts Service Plan:
$35,678,000 in the aggregate (with Firelight Irrigation
Metropolitan District and Firelight Residential Metropolitan
District)
District Improvements Financed by Debt: The District intends to, or has already issued debt to pay for the
following public improvements: streets, water, non-potable
water, sewer, traffic and safety control, parks and recreation, and
landscaping. The District is permitted to issue debt for any
purposes set forth in its Service Plan.
Maximum Debt Mill Levy that may be
levied annually on properties within the
District to pay back debt:
Maximum Debt Mill Levy: 50 Mills
This Mill Levy may fluctuate based on changes in assessment
rates.
At such time as the total amount of aggregate Debt of the District
is equal to or less than fifty percent (50%) of the District’s
assessed valuation, either on the date of issuance of any Debt or
at any time thereafter, the mill levy to be imposed to repay such
portion of Debt shall not be subject to the Maximum Debt Mill
Levy and, as a result, the mill levy may be imposed at such a rate
as is necessary to pay the Debt service on such Debt, without
limitation of rate increase; provided, however, that after any
conversion to an unlimited mill levy, the District shall not issue
additional Debt that would cause the aggregate Debt to exceed
50% of the District’s then assessed value. For the purposes of the
foregoing, the Board may further provide that such Debt shall
remain secured by such increased mill levy, notwithstanding any
subsequent change in the District’s Debt to assessed value ratio.
Ongoing Operations and Maintenance
Services of the District:
The District intends to impose an Operating Mill Levy to pay for
ongoing administration, operating and maintenance obligations
Maximum Operating Mill Levy that may be
levied annually on properties within the
District to pay for the ongoing operations
and maintenance described above.
Maximum Operating Mill Levy: 60 Mills until such time the
District issues Debt. After the District issues debt, the Maximum
Operation and Maintenance Mill Levy, when combined with the
Debt Mill Levy, shall be 60 Mills, subject to the Mill Levy
Adjustment.
This Mill Levy may fluctuate based on changes to residential
assessment rates.
The Operating Mill Levy is distinct from the Debt Mill Levy
taxes and cannot be used to repay Debt.
The Maximum Operation and Maintenance Mill Levy shall apply
to the District’s ability to increase its mill levy as necessary for
provision of operation and maintenance services to its taxpayers
and service users until such time as End Users cast the majority
of affirmative votes taken by the District’s Board of Directors at
a meeting authorizing an increase of such Maximum Operation
and Maintenance Mill Levy, at which time the mill levy may be
such amount as is necessary to pay the Operation and
Maintenance Cost.
Maximum Town O&M Mill Levy that is
required to be levied annually on properties
within the District and transferred to the
Town.
Maximum Town Operations and Maintenance Mill Levy: 3 mills
District Fees: The District may impose and collect Fees for services, programs
facilities furnished by the District, and may from time to time
increase or decrease such fees, and may use the revenue from
such fees for the repayment of Debt, capital costs, or Operation
and Maintenance costs and for the payment of an indebtedness of
the District.
Other Taxing Entities to which you will pay
taxes to:
[List all taxing entities and current mill levies within the District
Boundaries as identified by the Weld County Assessor, including
mille levies and annual tax levied for prior fiscal year]
** This information is based upon the
property taxes levied on property within the
District imposed in 2022 for collection in
2023, and is intended only to provide
approximations of the total overlapping mill
levies within the District. The stated mill
levies are subject to change and you should
contact the Weld County Assessor’s office
to obtain the most accurate and up to date
information.
Sample Calculation of Taxes Owed for a Commercial Property within the District:
Assumptions:
Example market value of commercial property in District is $500,000
Debt Mill Levy is 50 mills
Operating Mill Levy is 10 mills
Town O&M Mill Levy is 3 mills
Total Metropolitan District mill levies = 63 mills
Calculation of Metropolitan District Taxes:
$500,000 x .029 = $14,500 (Assessed Valuation)
$14,500 x .063 mills = $9,135 per year in taxes
Total Additional Mill Levies from Other Taxing Entities: mills = $ annual taxes
TOTAL [YEAR] PROPERTY TAXES FOR A COMMERCIAL PROPERTY COSTING $500,000 += $ _____
ATTENTION HOMEBUYER: You are purchasing a home that is located within Firelight Residential
Metropolitan District (the “District”). This District has the authority to issue bonds or other debt to pay for
public improvements and the authority to levy taxes and fees on all properties within the District for debt
repayment and ongoing operations and maintenance.
EXHIBIT E
SPECIAL DISTRICT DISCLOSURE
Name of District: Firelight Residential Metropolitan District
Contact Information for District: c/o White Bear Ankele Tanaka & Waldron
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
District Website: [To be provided]
District Boundaries: See attached map. It is conceivable that additional boundary
adjustments may be made to include or exclude property from the
District. Any such boundary adjustment is subject to prior
approval by the owners of the property and must be considered at
a public hearing of the District’s Board of Directors.
Purpose of the District: The District was organized pursuant to C.R.S. § 32-1-101 et seq.
The District was created to assist with the planning, design,
acquisition, construction, installation, operation, maintenance,
relocation, and financing of certain public improvements serving
the Firelight Park project located in the Town of Firestone,
Colorado (the “Town”) and described further in the District’s
Service Plan.
The District may dedicate certain public improvements to the
Town or other appropriate jurisdiction. The operations and
maintenance of public improvements dedicated to the Town or
other appropriate jurisdiction shall rest with the Town or other
appropriate jurisdiction as the case may be.
Public improvements not dedicated to the Town or other
appropriate jurisdiction may be owned, operated, and maintained
by the District. The District has authority to impose property
taxes and other fees, rates, tolls, penalties, or charges to fund the
construction and operation and maintenance of improvements as
set forth in the Service Plan.
A copy of the District’s Service Plan can be found on the
District’s website or by contacting the District at the District
contact information above.
Authorized Types of District Taxes: Debt Mill Levy, Operating Mill Levy, and Town Operations and
Maintenance Mill Levy
These mill levies result in taxes you will owe to the District and
are described further below.
District Total Debt Issuance Authorized per
Districts Service Plan:
$35,678,000 in the aggregate (with Firelight Irrigation
Metropolitan District and Firelight Commercial Metropolitan
District)
District Improvements Financed by Debt: The District intends to, or has already issued debt to pay for the
following public improvements: streets, water, non-potable
water, sewer, traffic and safety control, parks and recreation, and
landscaping. The District is permitted to issue debt for any
purposes set forth in its Service Plan.
Maximum Debt Mill Levy that may be
levied annually on properties within the
District to pay back debt:
Maximum Debt Mill Levy: 50 Mills
This Mill Levy may fluctuate based on changes in assessment
rates.
At such time as the total amount of aggregate Debt of the District
is equal to or less than fifty percent (50%) of the District’s
assessed valuation, either on the date of issuance of any Debt or
at any time thereafter, the mill levy to be imposed to repay such
portion of Debt shall not be subject to the Maximum Debt Mill
Levy and, as a result, the mill levy may be imposed at such a rate
as is necessary to pay the Debt service on such Debt, without
limitation of rate increase; provided, however, that after any
conversion to an unlimited mill levy, the District shall not issue
additional Debt that would cause the aggregate Debt to exceed
50% of the District’s then assessed value. For the purposes of the
foregoing, the Board may further provide that such Debt shall
remain secured by such increased mill levy, notwithstanding any
subsequent change in the District’s Debt to assessed value ratio.
Ongoing Operations and Maintenance
Services of the District:
The District intends to impose an Operating Mill Levy to pay for
ongoing administration, operating and maintenance obligations
Maximum Operating Mill Levy that may be
levied annually on properties within the
District to pay for the ongoing operations
and maintenance described above.
Maximum Operating Mill Levy: 60 Mills until such time the
District issues Debt. After the District issues debt, the Maximum
Operation and Maintenance Mill Levy, when combined with the
Debt Mill Levy, shall be 60 Mills, subject to the Mill Levy
Adjustment.
This Mill Levy may fluctuate based on changes to residential
assessment rates.
The Operating Mill Levy is distinct from the Debt Mill Levy
taxes and cannot be used to repay Debt.
The Maximum Operation and Maintenance Mill Levy shall apply
to the District’s ability to increase its mill levy as necessary for
provision of operation and maintenance services to its taxpayers
and service users until such time as End Users cast the majority
of affirmative votes taken by the District’s Board of Directors at
a meeting authorizing an increase of such Maximum Operation
and Maintenance Mill Levy, at which time the mill levy may be
such amount as is necessary to pay the Operation and
Maintenance Cost.
Maximum Town O&M Mill Levy that is
required to be levied annually on properties
within the District and transferred to the
Town.
Maximum Town Operations and Maintenance Mill Levy: 3 mills
District Fees: The District may impose and collect Fees for services, programs
facilities furnished by the District, and may from time to time
increase or decrease such fees, and may use the revenue from
such fees for the repayment of Debt, capital costs, or Operation
and Maintenance costs and for the payment of an indebtedness of
the District.
Other Taxing Entities to which you will pay
taxes to:
[List all taxing entities and current mill levies within the District
Boundaries as identified by the Weld County Assessor, including
mille levies and annual tax levied for prior fiscal year]
** This information is based upon the
property taxes levied on property within the
District imposed in 2022 for collection in
2023, and is intended only to provide
approximations of the total overlapping mill
levies within the District. The stated mill
levies are subject to change and you should
contact the Weld County Assessor’s office
to obtain the most accurate and up to date
information.
Sample Calculation of Taxes Owed for a Residential Property within the District:
Assumptions:
Average market value of home in District is $500,000
Debt Mill Levy is 50 mills
Operating Mill Levy is 10 mills
Town O&M Mill Levy is 3 mills
Total Metropolitan District mill levies = 63 mills
Calculation of Metropolitan District Taxes:
$500,000 x .0715 = $35,750 (Assessed Valuation)
$35,750 x .063 mills = 2,252 per year in taxes
Total Additional Mill Levies from Other Taxing Entities: mills = $ annual taxes
TOTAL 2022 PROPERTY TAXES [DUE IN 2023] FOR A HOME COSTING $500,000 = $ ____
5
EXHIBIT F
Amended and Restated Intergovernmental Agreement
AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT BETWEEN AND
AMONG
THE TOWN OF FIRESTONE, COLORADO AND THE
FIRELIGHT IRRIGATION METROPOLITAN DISTRICT,
FIRELIGHT COMMERCIAL METROPOLITAN DISTRICT,
AND THE
FIRELIGHT RESIDENTIAL METROPOLITAN DISTRICT
This AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT (the
“Agreement”) is made and entered into as of this ___day of _______, 2022, by, between and among
the TOWN OF FIRESTONE, a statutory town organized and existing under the laws of the State of
Colorado (the “Town”), and the FIRELIGHT IRRIGATION METROPOLITAN DISTRICT (the
“Irrigation District”), FIRELIGHT COMMERCIAL METROPOLITAN DISTRICT (the
“Commercial District”), and the FIRELIGHT RESIDENTIAL METROPOLITAN DISTRICT (the
“Residential District”), each a quasi-municipal corporation and political subdivision of the State of
Colorado (collectively, the “Districts”). The Town and the Districts are collectively referred to as the
Parties.
WITNESSETH:
WHEREAS, C.R.S. § 29-1-203 authorizes the Parties to cooperate and contract with one
another regarding functions, services and facilities each is authorized to provide; and
WHEREAS, the Districts were organized to provide those services and to exercise powers as
are more specifically set forth in the Districts’ Amended and Restated Service Plan approved by the
Town on July 13, 2022 (the “Service Plan”); and
WHEREAS, the Service Plan makes reference to and requires the execution of an
intergovernmental agreement among the Town and the Districts; and
WHEREAS, the Town has approved the Firelight Park ODP Amendment, Residential
Preliminary Plat, and Non-Residential Minor Plat for the Property; and
WHEREAS, the Parties have determined that any capitalized term not specifically defined in
this Agreement shall have that meaning as set forth in the Service Plan; and
WHEREAS, the Parties have determined it to be in the best interests of their respective
taxpayers, residents and property owners to enter into this Agreement to comply with the Service
Plan and to address certain matters related to the organization, powers and authorities of the District.
NOW, THEREFORE, in consideration of the covenants and mutual agreements herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:
1. Operations and Maintenance. The purpose of the Districts is to plan for, design,
acquire, construct, install, relocate, redevelop and finance the Public Improvements. The Districts
shall dedicate the Public Improvements to the Town or other appropriate jurisdiction in a manner
consistent with the Approved Development Plan, this Agreement, and other rules and regulations of
the Town and applicable provisions of the Town Code. The Districts are authorized, but not obligated,
1st August
to own, operate and maintain Public Improvements not otherwise required to be dedicated to the
Town or other public entity, including, but not limited to street improvements (including roads, curbs,
gutters, culverts, sidewalks, bridges, parking facilities, paving, lighting, grading, landscaping, and
other street improvements), traffic and safety controls, retaining walls, park and recreation
improvements and facilities, trails, open space, landscaping, drainage improvements (including
detention and retention ponds, trickle channels, and other drainage facilities), irrigation system
improvements (including wells, pumps, storage facilities, and distribution facilities), and all
necessary equipment and appurtenances incident thereto. Notwithstanding the foregoing, all parks,
trails and open space not otherwise dedicated to the Town and owned by the Districts shall be open
to the general public free of charge. The Districts may provide covenant enforcement, design review
services and other services to the residents, owners and taxpayers within the Districts pursuant to and
in accordance with § 32-1-1004(8), C.R.S. The Districts may impose a mill levy, Special
Assessments and/or Fees to pay for Operation and Maintenance Costs in accordance with the Service
Plan and this Agreement.
2. Town O&M Mill Levy. Commensurate with the initial imposition of a debt service
mill levy imposed after approval of this Service Plan, the Commercial District and the Residential
District hereby agree that they shall impose the Town O&M Mill Levy. Each District’s obligation to
impose and collect the revenues from the Town O&M Mill Levy shall begin when that District first
imposes a debt service mill levy and shall not be required to be imposed prior to such date; provided,
however, that any debt service mill levy previously imposed by the Commercial District shall not
trigger this requirement and this requirement shall instead trigger upon the imposition of a debt
service mill levy imposed after approval of this Service Plan. The revenues received from the Town
O&M Mill Levy shall be remitted to the Town annually. Revenues generated by the Town O&M
Mill Levy and a District’s obligation to remit said revenues to the Town on an annual basis, as
required by the Service Plan and this Agreement, shall not be included within or subject to the Total
Debt Limit. The Town O&M Mill Levy shall be separate and apart from the Maximum Debt Mill
Levy and the Maximum Operation and Maintenance Mill Levy.
3. Fire Protection. The Districts shall not be authorized to plan for, design, acquire,
construct, install, relocate, redevelop, finance, operate or maintain fire protection facilities or
services, unless such facilities and services are provided pursuant to an intergovernmental
agreement with the Town and the Frederick-Firestone Fire Protection District. The authority to plan
for, design, acquire, construct, install, relocate, redevelop or finance fire hydrants and related
improvements installed as part of the water system shall not be limited by this provision.
4. Television Relay and Translation; Mosquito Control, and Other Limitations. The
Districts shall not be authorized to plan for, design, acquire, construct, install, relocate, redevelop,
finance, operate, maintain, or provide: (a) any television relay and translation facilities and services,
other than for the installation of conduit as a part of a street construction project; (b) any mosquito
control facilities and services; and (c) any solid waste disposal, collection and transportation
facilities and services.
5. Construction Standards. The Districts will ensure that the Public Improvements
constructed by the Districts are designed and constructed in accordance with the standards and
specifications of the Town and of other governmental entities having proper jurisdiction. The
Districts will obtain the approval of civil engineering plans from the appropriate jurisdiction and
will obtain applicable permits for construction and installation of Public Improvements prior to
performing such work.
6. Issuance of Privately Placed Debt. Prior to the issuance of any privately placed Debt,
the District shall obtain the certification of an External Financial Advisor substantially as follows:
We are [I am] an External Financial Advisor within the meaning of the District’s
Service Plan.
We [I] certify that (1) the net effective interest rate (calculated as defined in
Section 32-1-103(12), C.R.S.) to be borne by [insert the designation of the
Debt] does not exceed a reasonable current [tax- exempt] [taxable] interest
rate, using criteria deemed appropriate by us [me] and based upon our [my]
analysis of comparable high yield securities; and (2) the structure of [insert
designation of the Debt], including maturities and early redemption
provisions, is reasonable considering the financial circumstances of the
District.
7. Inclusion Limitation. The Districts shall not include into their respective boundaries
any property outside of the Inclusion Area set forth in Exhibit B-1 of the Service Plan; provided,
however, that the Districts shall provide prior written notice to the Town prior to any inclusion
becoming effective. No property will be included within a District at any time unless such property
has been annexed into the Town’s corporate limits.
8. Exclusion Limitation. A District may exclude from its boundaries any property;
provided, however, that a District shall provide prior written notice to the Town prior to any
exclusion becoming effective. The District shall not exclude from its boundaries property upon
which a Debt mill levy has been imposed for the purpose of the inclusion of such property into
another metropolitan district that has been or will be formed under the Special District Act, without
the prior written consent of the Town, as evidenced by resolution of the Town Board of Trustees.
9. Total Debt Issuance. The Districts, in the aggregate, shall not issue Debt in excess
of the Total Debt Limit. The Total Debt Limit shall not be applicable to refunding or refinancing
of Debt authorized to be issued pursuant to the Service Plan unless the principal amount of the
refunding bonds exceed the principal amount originally issued, in which case the difference shall
count against the Total Debt Limit.
10. Monies from Other Governmental Sources. The Districts shall not apply for or accept
Conservation Trust Funds, Great Outdoors Colorado Funds, or other funds available from or
through governmental or non-profit entities that the Town is eligible to apply for, except pursuant
to the Intergovernmental Agreement. This Section shall not apply to specific ownership taxes which
shall be distributed to and be a revenue source for the Districts without any limitation.
11. Fees. Except as set forth in the Service Plan, and if authorized through amendment
to this Agreement, a District may impose and collect Fees for services, programs or facilities
furnished by that District, and may from time to time increase or decrease such Fees, and may use
the revenue from such Fees for the repayment of Debt, capital costs, or Operation and Maintenance
Costs and for the payment of any indebtedness of the District. Notwithstanding anything herein to
the contrary, the Irrigation District is authorized to impose Fees in an amount reasonably required
for services, programs and facilities provided by the Irrigation District and may from time to time
increase or decrease such Fees, and may use the revenue from such Fees for the repayment of Debt,
capital costs, or Operation and Maintenance Costs and for the payment of any indebtedness of the
Irrigation District.
12. Consolidation. The Districts shall not file a request with any Court to consolidate
with another Title 32 district without the prior written consent of the Town, as evidenced by
resolution of the Town Board of Trustees.
13. Dissolution. Upon an independent determination of the Town Board that the
purposes for which a District was created have been accomplished, a District shall dissolve upon
payment or defeasance of all Debt incurred or upon a court determination that adequate provision
has been made for the payment of all Debt, except that if the District has ongoing operation and
maintenance functions such District shall not be required to dissolve. Additionally, if the Board of
Directors of a District determines that the existence of that District is no longer necessary to
accomplish the purposes set forth in this Service Plan, the Board of Directors of such District shall
promptly effectuate the dissolution of that District
14. Service Plan Amendment Requirement. The Service Plan has been designed with
sufficient flexibility to enable the Districts to provide required services and facilities under evolving
circumstances without the need for numerous amendments. Actions of any District which violates
the limitations set forth in V.A. above or in VI.C or VI.D shall be deemed to be material
modifications to the Service Plan and the Town shall be entitled to all remedies available under
State and local law to enjoin such actions of the District.
15. Applicable Laws. The Districts acknowledge that the property within their respective
boundaries shall be subject to all ordinances, rules and regulations of the Town, including without
limitation, ordinances, rules and regulations relating to zoning, subdividing, building and land use,
and to all related Town land use policies, master plans and related plans.
16. Annual Report. The Districts shall submit an annual report (“Annual Report”) to the
Town no later than April 30th of each year following the year in which the Order and Decree creating
the District has been issued, containing the information set forth in Section VII of the Service Plan.
17. Notices. All notices, certificates or other communications hereunder shall be
sufficiently given and shall be deemed given when given by hand delivery, overnight delivery,
mailed by certified or registered mail, postage prepaid, delivered electronically (if confirmed
promptly telephonically) or dispatched by telegram or telecopy (if confirmed promptly
telephonically), addressed to the following address or at such other address or addresses as any party
hereto shall designate in writing to the other party hereto:
To Town: Town of Firestone
151 Grant Ave.
Firestone, Colorado 80102
Attention: Town Manager
To Districts:
Firelight Irrigation Metropolitan District
Firelight Commercial Metropolitan
District
Firelight Residential Metropolitan District
c/o White Bear Ankele Tanaka & Waldron
2154 East Commons Avenue, Suite 2000
Centennial, Colorado 80122
Attention: Jennifer Gruber Tanaka, Esq.
All notices, demands, requests or other communications shall be effective upon such personal
delivery or one (1) business day after being deposited with Federal Express or other nationally
recognized overnight air courier service or three (3) business days after deposit in the United States
mail. By giving the other party hereto at least ten (10) days written notice thereof in accordance
with the provisions hereof, each of the Parties shall have the right from time to time to change its
address.
18. Miscellaneous.
a. Effective Date. This Agreement shall be in full force and effect and be legally binding
upon final approval of the governing bodies of the Parties.
b. Non-assignability. No party to this Agreement may assign any interest therein to any
person without the consent of the other party hereto at that time, and the terms
of this Agreement shall inure to the benefit of and be binding upon the respective
representatives and successors of each party hereto.
c. Amendments. This Agreement may be amended from time to time by written
amendment, duly authorized and signed by representatives of the parties hereto.
d. Severability. If any section, subsection, paragraph, clause, phrase, or other provision
of this Agreement shall for any reason be held to be invalid or unenforceable, the
invalidity or unenforceability of such section, subsection, paragraph, clause, phase,
or other provision shall not affect any of the remaining provisions of this Agreement.
e. Execution of Documents. This Agreement may be executed in two (2) counterparts,
either of which shall be regarded for all purposes as one original.
f. Waiver. No waiver by either party of any term or condition of this Agreement shall
be deemed or construed as a waiver of any other term or condition, nor shall a
waiver of any breach be deemed to constitute a waiver of any subsequent breach,
whether of the same or of a different provision of this Agreement.
g. Default/Remedies. In the event of a breach or default of this Agreement by any party,
the non-defaulting party shall be entitled to exercise all remedies available at law or
in equity, specifically including suits for specific performance and/or monetary
damages. In the event of any proceeding to enforce the terms, covenants or
conditions hereof, the prevailing party in such proceeding shall be entitled to obtain
as part of its judgment or award its reasonable attorneys’ fees.
h. Governing Law and Venue. This Agreement shall be governed and construed under
the laws of the State of Colorado. Venue for all actions brought hereunder shall be
in the District Court in and for Weld County.
i. Inurement. Each of the terms, covenants and conditions hereof shall be binding upon
and inure to the benefit of the Parties hereto and their respective successors and
assigns.
j. Paragraph Headings. Paragraph headings are inserted for convenience of reference
only.
k. No Third Party Beneficiaries. No person or entity who or which is not a party to this
Agreement will have any right of action under this Agreement.
l. Entirety. This Agreement merges and supersedes all prior negotiations,
representations, and agreements between the parties hereto relating to the subject
matter hereof and this Agreement, which agreement serves to supplement the Service
Plan and, along with the Service Plan, constitutes the entire agreement between the
Parties concerning the subject matter hereof. Any previous intergovernmental
agreements between the Parties concerning the subject matter hereof are superseded
by this Agreement. Notwithstanding anything herein to the contrary, the Parties
hereto, along with the Highway 119 Metropolitan District Nos. 4-10 (the “Highway
119 Districts”), entered into an Intergovernmental Agreement, dated October 10,
2017 (the “Original IGA”). Nothing herein shall amend or supersede the Original
IGA as it relates to the Highway 119 Districts. This Agreement shall amend and
replace and supersede in its entirety the Original IGA as it relates to the Districts
only.
[Remainder of Page Intentionally Left Blank. Signature Page to Follow].
IN WITNESS WHEREOF, this Agreement is executed by the Town and the Districts as of
the date first above written.
TOWN OF FIRESTONE, COLORADO
________________________________
Drew Peterson, Mayor
ATTEST:
____________________________________
Jessica Koenig, Town Clerk
ATTEST:
_____________________________________
FIRELIGHT IRRIGATION METROPOLITAN
DISTRICT
By: __________________________________
President
ATTEST:
By: _________________________________
Secretary
Dale Bruns (Aug 1, 2022 18:02 MDT)
Reggie Golden President (Aug 2, 2022 17:03 MDT)
Reggie Golden President
FIRELIGHT COMMERICAL METROPOLITAN
DISTRICT
By: __________________________________
President
ATTEST:
By: _________________________________
Secretary
FIRELIGHT RESIDENTIAL METROPOLITAN
DISTRICT
By: __________________________________
President
ATTEST:
By: _________________________________
Secretary
Dale Bruns (Aug 1, 2022 18:02 MDT)
Dale Bruns (Aug 1, 2022 18:02 MDT)
Reggie Golden President (Aug 2, 2022 17:03 MDT)
Reggie Golden President
Reggie Golden President (Aug 2, 2022 17:03 MDT)
Reggie Golden President