22-96 Approving Amended & Restated Service Plan Springs South Metropolitan District 08-24-2022
AMENDED AND RESTATED
SERVICE PLAN
FOR
THE SPRINGS SOUTH METROPOLITAN DISTRICT
TOWN OF FIRESTONE, COLORADO
Prepared
By
Miller & Associates Law Offices, LLC
1555 California Street No 505
Denver, Colorado 80202
(303) 285-5320
Approval Date:
___________, 2022
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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 ................................................................................................................ 5
IV. PROPOSED LAND USE, PROJECTED POPULATION PROJECTIONS AND
CURRENT ASSESSED VALUATION ........................................................................ 5
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND SERVICES
........................................................................................................................................... 5
A. Powers of the District and Service Plan Amendment. .......................................... 6
B. Preliminary Engineering Survey. ........................................................................ 10
VI. FINANCIAL PROVISIONS ........................................................................................ 10
A. General. ............................................................................................................... 10
B. Maximum Voted Interest Rate and Maximum Underwriting Discount. ............ 11
C. Mill Levies. ......................................................................................................... 11
D. Debt Parameters. ................................................................................................. 12
E. Debt Instrument Disclosure Requirement. .......................................................... 13
F. Privately Placed Debt Limitation. ....................................................................... 13
G. TABOR Compliance. .......................................................................................... 13
H. District’s Organizational Costs and Operation and Maintenance Costs. ............ 13
I. Town O&M MIll Levy ....................................................................................... 14
VII. ANNUAL REPORT ...................................................................................................... 14
A. General. ............................................................................................................... 14
B. Reporting of Significant Events. ......................................................................... 14
VIII. DISSOLUTION ............................................................................................................. 14
IX. DISCLOSURE NOTICES............................................................................................ 15
X. INTERGOVERNMENTAL AGREEMENT.............................................................. 15
XI. NON-COMPLIANCE WITH SERVICE PLAN........................................................ 16
XII. CONCLUSION ............................................................................................................. 16
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LIST OF EXHIBITS
EXHIBIT A Vicinity Map
EXHIBIT B Initial Boundary Map and Legal Description
EXHIBIT C Financial Plan
EXHIBIT D Capital Plan - List of Public Improvements
EXHIBIT E Disclosure Notice
EXHIBIT F Intergovernmental Agreement
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I. INTRODUCTION
A. Purpose and Intent.
The District is an independent unit of local government, separate and distinct from the
Town. The primary purpose of the District will be to finance the construction of the Public
Improvements. The District will provide ongoing operation and maintenance services as
specifically set forth in this Service Plan and in the Intergovernmental Agreement between the
Town and the District.
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.
B. Need for the District.
A. This Amended and Restated Service Plan is intended to replace in its entirety the
existing service plan for The Springs South Metropolitan District. The Town of Firestone
approved the original service plan by Resolution No. 06-46 on October 26, 2006 and the Weld
County District Court ordered the organization of the District on December 18, 2006. All
capitalized terms used herein are defined in Section II. There is no development in the District
as of 2022.
There were not at the time of formation of the District nor are there currently other
governmental entities, including the Town, located in the immediate vicinity of the District 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 District is 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 District is to authorize the
District 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 District.
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 V I.C.1; by Fees
as limited by Section V.A.20; and/or by Special Assessments as set forth in Section V.A.21.
This Amended and Restated Service Plan is intended to replace in its entirety the existing
service plan for The Springs South Metropolitan District. The Town of Firestone approved the
original service plan by Resolution No. 06-46 on October 26, 2006 and the Weld County District
Court ordered the organization of the District on December 18, 2006. All capitalized terms used
herein are defined in Section II. This Service Plan is intended to establish a limited purpose for
the District and explicit financial constraints that are not to be violated under any circumstances.
The primary purpose of the District is to provide the Public Improvements associated with
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development pursuant to the Approved Development Plan. No development has occurred within
the boundaries of the District as of 2022.
The 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, the District shall not be required to
dissolve. Additionally, if the Board of Directors of the District determines that the existence of the
District is no longer necessary to accomplish the purposes set forth in this Service Plan, the Board
of Directors of the District shall promptly effectuate the dissolution of the District.
The District is 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
District.
A. Consultants.
This Service Plan has been prepared by the following:
District Counsel District Engineer
Dianne Miller
Miller Law pllc
1555 California St No 505
Denver CO 80202
303 285 5320
dmiller@ddmalaw.com
Anna Sparks
Innovative Land Consultants, Inc.
12071 Tejon St Suite 470
Westminster Co 80234
303 421 4224
anna@innovativelandinc.com
Underwriter
Mike Sullivan
Piper Sandler & Co.
1200 17th Street, Suite 1250
Denver CO 80202
303 405 0876
Mike.sullivan@psc.com
II. DEFINITIONS
In this Service Plan, the following terms shall have the meanings indicated below, unless
the context hereof clearly requires otherwise:
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Approved Development Plan: means a development plan, subdivision development agreement or
other land use application process 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 the District.
Capital Plan: means the Capital Plan described in Section V.B. which includes a list of the Public
Improvements financed by the District and the cost of the Public Improvements.
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 the District has promised to impose an ad valorem property
tax mill levy.
District: means The Springs South Metropolitan District.
District Boundaries: means the property within the Initial Boundaries.
End User: means any owner, or tenant of any owner, of any taxable improvement within the
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
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
the District has engaged a municipal adviser that meets the foregoing criteria and has a fiduciary
duty to the 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 the District for services,
programs or facilities provided by the 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.
Initial Boundaries: means the boundaries of the District’s area described in the Initial Boundary
Map and Legal Description, attached hereto as Exhibit B.
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Intergovernmental Agreement: means the intergovernmental agreement between the District 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 District and the Town.
Maximum Debt Mill Levy: means the maximum mill levy the 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 the District first issues any debt, in which the District’s Debt mill levy may be imposed.
Maximum Operation and Maintenance Mill Levy: means the maximum mill levy the 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, 2023, there are changes in the method of
calculating assessed valuation or any 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, 2023, 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.
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.
Project: means the development or property commonly referred to as Vistosa.
Public Improvements: means a part or all of the improvements authorized to be planned, designed,
acquired, constructed, installed, relocated, redeveloped and financed by the District 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.
Service Plan: means this Service Plan for the District 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.
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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 the 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.
Total Debt Limit: means Thirty-Eight Million Dollars ($38,000,000) which Total Debt Limit
includes all Debt issued by the District for Public Improvements.
Town O&M Mill Levy: means three (3) mills, to be imposed and collected by the 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 includes approximately 191 acres, and the legal description and map of the Initial
Boundaries are set forth in Exhibit B. It is anticipated that the 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 115.53 acres. The
population of the Service Area at build-out is estimated to be approximately 1,140 people. The
current assessed valuation of the property within the Service Area is $0 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.
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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.
V. DESCRIPTION OF PROPOSED POWERS, IMPROVEMENTS AND
SERVICES
A. Powers of the District and Service Plan Amendment.
The District has 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 District
is to plan for, design, acquire, construct, install, relocate, redevelop and finance the Public
Improvements. The District 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 District is 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 District shall be open to the general public
free of charge. The District may provide covenant enforcement, design review services and other
services to the residents, owners and taxpayers within the District pursuant to and in accordance
with § 32-1-1004(8) C.R.S. The District 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 District 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.
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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 District 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.
4. Limitation on Extraterritorial Service. The District 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.
5. Telecommunication Facilities. The District agrees 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 District shall
affect the ability of the Town to expand its public safety telecommunication facilities or impair
existing telecommunication facilities.
6. Construction Standards Limitation. The District will ensure that the
Public Improvements constructed by the District are designed and constructed in accordance with
the standards and specifications of the Town and of other governmental entities having proper
jurisdiction. The District 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 District 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 District and the realization of District revenue.
9. Conveyance. The District agrees 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 District 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
the District’s ability to construct, operate and/or maintain Public Infrastructure, as the same may
be limited by this Service Plan.
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10. Eminent Domain. The District shall not be authorized to exercise,
nor shall it use the power of eminent domain, except as otherwise provided pursuant to an
intergovernmental agreement with the Town.
11. Water Rights/Resources Limitation. The District 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 District may be permitted to construct, finance, operate and maintain a non- 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, only if required or
authorized by an intergovernmental agreement with the Town, separate and distinct from the
Intergovernmental Agreement. Provided however that nothing herein shall prohibit the District
from reimbursing the developer of the Project for the costs of raw water.
12. Inclusion Limitation. Without prior written notice to the Town, the
District shall not include into its boundaries any property. No property will be included within the
District at any time unless such property has been annexed into the Town’s corporate limits.
13. Exclusion Limitation. The District may exclude from its boundaries
any property within the District Boundaries. Any exclusion shall require the prior written notice
to the Town. 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 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 the District shall not overlap
with any other district 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 District 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. At no time during its existence shall the District
have Debt outstanding in excess of the Total Debt Limit.
16. Sales and Use Tax. The District shall not exercise its Town sales and
use tax exemption.
17. Monies from Other Governmental Sources. The District 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 District without any
limitation.
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18. Consolidation Limitation. The District 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 District 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.
20. Fees. If authorized by the Intergovernmental Agreement, the District
may impose and collect Fees for services, programs or 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 any
indebtedness of the District.
21. Special Assessments. If authorized in the Intergovernmental
Agreement, the 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 the District’s property and specific ownership taxes. At
least 30 days prior to issuing any revenue bonds, the 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. 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. 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 is not a material modification that
requires an amendment to the Service Plan.
23. Public Improvement Fee and Sales Tax Limitation. The District
shall not impose, collect, receive, spend or pledge to any Debt any fee, assessment, tax or charge
which is collected by a retailer in the District 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
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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 any 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 the 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 the District’s debt service fund and used for the purpose of retiring the District’s
debt.
26. Service Plan Amendment Requirement. This Service Plan has been
designed with sufficient flexibility to enable the District 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 VII.C or VII.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 District has 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 District and the cost
of the Public Improvements is attached hereto as Exhibit D. The District 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 District and is approximately Twenty Million Three Hundred Sixty-One
Thousand Three Dollars ($20,361,003).
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All of the Public Improvements constructed by the District 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 District is authorized to provide for the planning, design, acquisition, construction,
installation, relocation and/or redevelopment of the Public Improvements from its revenues and
by and through the proceeds of Debt to be issued by the District. The District 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 District may also rely upon various other
revenue sources authorized by law. At the District’s discretion, these may include the power to
assess 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 District, which is attached hereto as Exhibit C, reflects that the
District will issue no more Debt than the District can reasonably expect to pay from revenues
derived from the Maximum Debt Mill Levy, Fees, Special Assessments and other legally available
revenues. The District may issue such Debt on a schedule and in such year or years as the District
determines 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 the District is permitted to impose upon the
taxable property within the District for payment of Debt, and shall be Fifty Mills (50) mills for so
long as the total amount of aggregate Debt of the District exceeds fifty percent (50%) of the
District’s assessed valuation.
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 as such a
rate as is necessary to pay the Debt service on such Debt, without limitation of rate increase;
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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.
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 the District for payment of Operation and Maintenance
Costs, and shall be 60.000 mills until such time that the District issues Debt. After the District
issues Debt, the Maximum Operation and Maintenance Mill Levy shall be 10.000 mills, subject to
the Mill Levy Adjustment. 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.
D. Debt Parameters.
1. All Debt issued by the 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.
2. At least 30 days prior to issuing any Debt, the District shall submit
all relevant details of such issuance to the Town Board. If it is determined by the Town Board that
the issuance of such Debt 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 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. The 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 the 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 the District in the payment of any such obligation.
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4. The District shall not issue Debt in excess of the Total Debt Limit,
which Total Debt Limit includes any Debt issued for Public Improvements; provided that the
foregoing shall not include the principal amount of Debt which has been refinanced or refunded
unless the principal amount of the refunding bonds exceeds the principal amount of the bonds to
be refunded, in which case the difference shall count against the Total Debt Limit..
5. Any Debt issued by the 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 the District, including the remedy of enjoining
the issuance of additional authorized but unissued debt, until such material modification is
remedied.
6. The Maximum Debt Mill Levy Imposition Term shall not exceed
forty (40) years from the date upon which the District first issues any Debt. Upon expiration of
the Maximum Debt Mill Levy Imposition Term, the 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 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, C.R.S.; et seq. 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.
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:
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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 District will comply with the provisions of TABOR. In the discretion of the Board, the
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 the District will remain
under the control of the 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 District’s Organizational Costs, including the estimated, engineering services, legal
services and administrative services, together with the estimated costs of the District’s organization
and initial operations, are eligible for reimbursement from Debt proceeds.
In addition to the capital costs of the Public Improvements, the District 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, the District hereby
agrees that is shall impose the Town O&M Mill Levy. The District’s obligation to impose and
collect the revenues from the Town O&M Mill Levy shall begin when the District first imposes a
debt service mill levy and shall not be required to be imposed prior to such date. The 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 the
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.
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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.
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 the
District was created have been accomplished, the 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 the District shall not be required to dissolve. Additionally, if the Board of Directors of
the 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 the 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
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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 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, and by inspecting the
sales offices within the District’s boundaries on a quarterly basis to assure the information
provided is accurate and prominently displayed.
C. Within six (6) months 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 the District’s activities, is attached hereto as Exhibit F. The District shall
approve the Intergovernmental Agreement at its 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 District 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 District’s imposition of Fees for services, programs or
facilities furnished by the 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 the District proposes
any Fee Amendment to the Town, the Town Board shall make its determination as to such Fee
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Amendment in writing to the District within sixty (60) days after submittal of the Fee Amendment
by the District, unless the Town and District mutually agree to a different date.
The District is also a party to the Cooperation Agreement among the Firestone Urban
Renewal Authority and The Springs South Metropolitan District – Firestone Northern Urban
Renewal Plan (the “FURA Agreement”).]
No intergovernmental agreements other than the Intergovernmental Agreement, the FURA
Agreement, and, if necessary, the District’s intergovernmental agreements are anticipated. Except
for such Intergovernmental Agreement with the Town, 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 the 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 the 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 the District to act in accordance with t he 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., and agree they will not rely on such provisions as a bar to the enforcement
by the Town of any provisions of this Service Plan.
XII. CONCLUSION
It is submitted that this Service Plan for the District, 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 District;
2. The existing service in the area to be served by the District is
inadequate for present and projected needs;
3. The District is capable of providing economical and sufficient
service to the area within its proposed boundaries; and
4. The area to be included in the District has, or will have, the financial
ability to discharge the proposed indebtedness on a reasonable basis.
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EXHIBIT A
Vicinity Map
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EXHIBIT B
Initial Boundary Map and Legal Description
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DISTRICT BOUNDARY MAP
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LEGAL DESCRIPTION
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EXHIBIT C
Financial Plan
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Springs South Metropolitan District
Weld County, Colorado
~~~
General Obligation Bonds, Series 2024
General Obligation Refunding Bonds, Series 2034
~~~
Service Plan
Bond Assumptions Series 2024 Series 2034 Total
Closing Date 12/1/2024 12/1/2034
First Call Date 12/1/2029 12/1/2044
Final Maturity 12/1/2054 12/1/2064
Discharge Date 12/2/2064 12/2/2064
Sources of Funds
Par Amount 20,065,000 36,525,000
Funds on Hand 0 1,290,455
Total 20,065,000 37,815,455
Uses of Funds
Project Fund 14,597,096 15,388,868 29,985,963
Refunding Escrow 0 19,475,000
Capitalized Interest 3,009,750 0
Surplus Deposit 1,806,854 0
Cost of Issuance 651,300 432,625
Total 20,065,000 37,815,455
Debt Features
Projected Coverage at Mill Levy Cap 1.00x 1.00x
Tax Status Tax-Exempt Tax-Exempt
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%
Tax Authority Assumptions
Metropolitan District Revenue
Debt Service Mills
Service Plan Mill Levy Cap 50.000
Maximum Adjusted Cap 50.000
Target Mill Levy 50.000
Specific Ownership Tax 6.00%
County Treasurer Fee 1.50%
Operations
Mill Levy 10.000
Town O&M
Mill Levy 3.000
6/16/2022
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DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Springs South Metropolitan DistrictDevelopment SummaryResidential TM SFD Alley 32' x 95' lotsTM SFD Front Load 45' x 98' lotsTM SFD Front Load 50' x 110' lotsPulte SFD Front Load 45' x 98' lotsPulte SFD Front Load 50' x 110' lots3rd Party Builder Sale - SFA Alley 25' x 80'3rd Party Builder Sale - SFA Front Load 43' x 94'3rd Party Builder Sale SFD Front Load 45' x 98' 3rd Party Builder Sale SFD Front Load 50' x 110' TotalStatutory Actual Value (2022)$496,000 $559,000 $632,000 $530,000 $584,000 $425,000 $495,000 $560,000 $635,0002021----------2022----------2023----------2024----------2025-----1714--312026-4523 - - 7 -4820143202723-194819---25134202848--2936----113202923---14----372030----------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----------2063----------2064---------- Total Units944542776924144845458Total Statutory Actual Value$46,624,000 $25,155,000 $26,544,000 $40,810,000 $40,296,000 $10,200,000 $6,930,000 $26,880,000 $28,575,000 $252,014,000B Springs South MD Financial Plan 4.21.22.xlsx Dev4/21/20222DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Springs South 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 Lag 2 Year Lag29.00% 6.00% 7.15%20210--020220--0202300 --00020241,415,5000--00020258,224,600031- 15,021,3990020267,582,700410,495143901,284 104,948,3990410,49520276,020,200 2,385,134134- 188,667,534 1,074,030 3,459,16420281,958,400 2,198,983113 11,320,052 267,784,816 7,503,811 9,702,79420290 1,745,85837- 290,280,676 13,489,729 15,235,58720300567,936- 17,416,841 307,697,516 19,146,614 19,714,550203100-- 307,697,516 20,755,068 20,755,068203200- 18,461,851 326,159,367 22,000,372 22,000,372203300-- 326,159,367 22,000,372 22,000,372203400- 19,569,562 345,728,929 23,320,395 23,320,395203500-- 345,728,929 23,320,395 23,320,395203600- 20,743,736 366,472,665 24,719,618 24,719,618203700-- 366,472,665 24,719,618 24,719,618203800- 21,988,360 388,461,025 26,202,796 26,202,796203900-- 388,461,025 26,202,796 26,202,796204000- 23,307,662 411,768,687 27,774,963 27,774,963204100-- 411,768,687 27,774,963 27,774,963204200- 24,706,121 436,474,808 29,441,461 29,441,461204300-- 436,474,808 29,441,461 29,441,461204400- 26,188,488 462,663,296 31,207,949 31,207,949204500-- 462,663,296 31,207,949 31,207,949204600- 27,759,798 490,423,094 33,080,426 33,080,426204700-- 490,423,094 33,080,426 33,080,426204800- 29,425,386 519,848,480 35,065,251 35,065,251204900-- 519,848,480 35,065,251 35,065,251205000- 31,190,909 551,039,388 37,169,166 37,169,166205100-- 551,039,388 37,169,166 37,169,166205200- 33,062,363 584,101,752 39,399,316 39,399,316205300-- 584,101,752 39,399,316 39,399,316205400- 35,046,105 619,147,857 41,763,275 41,763,275205500-- 619,147,857 41,763,275 41,763,275205600- 37,148,871 656,296,728 44,269,072 44,269,072205700-- 656,296,728 44,269,072 44,269,072205800- 39,377,804 695,674,532 46,925,216 46,925,216205900-- 695,674,532 46,925,216 46,925,216206000- 41,740,472 737,415,004 49,740,729 49,740,729206100-- 737,415,004 49,740,729 49,740,729206200- 44,244,900 781,659,904 52,725,173 52,725,173206300-- 781,659,904 52,725,173 52,725,173206400- 46,899,594 828,559,498 55,888,683 55,888,683Total458 550,500,1581. Vacant land value calculated in year prior to construction as 10% build-out market valueB Springs South MD Financial Plan 4.21.22.xlsx #1 AV4/21/20223DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Springs South 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 0.0000000020230 0.0000000020240 0.0000000020250 50.000 0 0 0 (4,000) (4,000)2026410,495 50.000 20,422 1,225 (306) (4,000) 17,34120273,459,164 50.000 172,093 10,326 (2,581) (4,000) 175,83820289,702,794 50.000 482,714 28,963 (7,241) (4,000) 500,436202915,235,587 50.000 757,970 45,478 (11,370) (4,000) 788,079203019,714,550 50.000 980,799 58,848 (14,712) (4,000) 1,020,935203120,755,068 50.000 1,032,565 61,954 (15,488) (4,000) 1,075,030203222,000,372 50.000 1,094,519 65,671 (16,418) (4,000) 1,139,772203322,000,372 50.000 1,094,519 65,671 (16,418) (4,000) 1,139,772203423,320,395 50.000 1,160,190 69,611 (17,403) (4,000) 1,208,398203523,320,395 50.000 1,160,190 69,611 (17,403) (4,000) 1,208,398203624,719,618 50.000 1,229,801 73,788 (18,447) (4,000) 1,281,142203724,719,618 50.000 1,229,801 73,788 (18,447) (4,000) 1,281,142203826,202,79650.000 1,303,58978,215 (19,554)(4,000) 1,358,251203926,202,79650.000 1,303,58978,215 (19,554)(4,000) 1,358,251204027,774,96350.000 1,381,80482,908 (20,727)(4,000) 1,439,986204127,774,96350.000 1,381,80482,908 (20,727)(4,000) 1,439,986204229,441,46150.000 1,464,71387,883 (21,971)(4,000) 1,526,625204329,441,46150.000 1,464,71387,883 (21,971)(4,000) 1,526,625204431,207,94950.000 1,552,59593,156 (23,289)(4,000) 1,618,462204531,207,94950.000 1,552,59593,156 (23,289)(4,000) 1,618,462204633,080,42650.000 1,645,75198,745 (24,686)(4,000) 1,715,810204733,080,42650.000 1,645,75198,745 (24,686)(4,000) 1,715,810204835,065,25150.000 1,744,496 104,670 (26,167)(4,000) 1,818,999204935,065,25150.000 1,744,496 104,670 (26,167)(4,000) 1,818,999205037,169,16650.000 1,849,166 110,950 (27,737)(4,000) 1,928,378205137,169,16650.000 1,849,166 110,950 (27,737)(4,000) 1,928,378205239,399,31650.000 1,960,116 117,607 (29,402)(4,000) 2,044,321205339,399,31650.000 1,960,116 117,607 (29,402)(4,000) 2,044,321205441,763,275 50.000 2,077,723 124,663 (31,166) (4,000) 2,167,220205541,763,275 50.000 2,077,723 124,663 (31,166) (4,000) 2,167,220205644,269,072 50.000 2,202,386 132,143 (33,036) (4,000) 2,297,494205744,269,072 50.000 2,202,386 132,143 (33,036) (4,000) 2,297,494205846,925,21650.000 2,334,529 140,072 (35,018)(4,000) 2,435,583205946,925,21650.000 2,334,529 140,072 (35,018)(4,000) 2,435,583206049,740,729 50.000 2,474,601 148,476 (37,119) (4,000) 2,581,958206149,740,729 50.000 2,474,601 148,476 (37,119) (4,000) 2,581,958206252,725,173 50.000 2,623,077 157,385 (39,346) (4,000) 2,737,116206352,725,173 50.000 2,623,077 157,385 (39,346) (4,000) 2,737,116206455,888,683 50.000 2,780,462 166,828 (41,707) (4,000) 2,901,583Total62,425,141 3,745,508 (936,377) (160,000) 65,074,272B Springs South MD Financial Plan 4.21.22.xlsx #1 Rev4/21/20224DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Springs South Metropolitan DistrictDebt ServiceTotalNet Debt ServiceSurplus FundRatio AnalysisSeries 2024Series 2034TotalRevenue Available for Debt ServiceDated: 12/1/2024 Dated: 12/1/2034Annual SurplusFunds on Hand Used as a SourceCumulative BalanceReleased RevenueDebt Service CoverageSenior Debt to Assessed ValuePar: $20,065,000 Par: $36,525,000 $4,013,000Proj: $14,597,096 Proj: $15,388,868 20240 0 0 0 1,806,854 0 n/a n/a2025(4,000) 0 0 (4,000) 1,802,854 0 n/a n/a202617,341 0 0 17,341 1,820,195 0 n/a n/a2027175,838 0 0 175,838 1,996,033 0 n/a 4888%2028500,436 1,003,250 1,003,250 (502,814) 1,493,219 0 50% 580%2029788,079 1,003,250 1,003,250 (215,171) 1,278,048 0 79% 207%20301,020,935 1,018,250 1,018,250 2,685 1,280,733 0 100% 132%20311,075,030 1,072,500 1,072,500 2,530 1,283,263 0 100% 101%20321,139,772 1,139,000 1,139,000 772 1,284,035 0 100% 96%20331,139,772 1,137,000 1,137,000 2,772 1,286,807 0 100% 90%20341,208,398 1,204,750 0 1,204,750 3,648 1,290,455 (0) 0 100% 166%20351,208,398 Refunded 1,205,750 1,205,750 2,648 2,648 0 100% 156%20361,281,142 1,277,450 1,277,450 3,692 6,340 0 100% 155%20371,281,142 1,276,900 1,276,900 4,242 10,582 0 100% 146%20381,358,251 1,356,200 1,356,200 2,051 12,633 0 100% 145%20391,358,251 1,357,950 1,357,950 301 12,933 0 100% 135%20401,439,986 1,439,400 1,439,400 586 13,519 0 100% 134%20411,439,986 1,438,150 1,438,150 1,836 15,355 0 100% 125%20421,526,625 1,526,600 1,526,600 25 15,379 0 100% 123%20431,526,625 1,522,050 1,522,050 4,575 19,954 0 100% 115%20441,618,462 1,617,200 1,617,200 1,262 21,216 0 100% 113%20451,618,462 1,614,050 1,614,050 4,412 25,629 0 100% 104%20461,715,810 1,715,450 1,715,450 360 25,989 0 100% 102%20471,715,810 1,713,250 1,713,250 2,560 28,549 0 100% 94%20481,818,999 1,815,450 1,815,450 3,549 32,097 0 100% 91%20491,818,999 1,813,900 1,813,900 5,099 37,196 0 100% 83%20501,928,378 1,926,600 1,926,600 1,778 38,974 0 100% 80%20511,928,378 1,925,100 1,925,100 3,278 42,253 0 100% 73%20522,044,321 2,042,700 2,042,700 1,621 43,874 0 100% 70%20532,044,321 2,040,800 2,040,800 3,521 47,395 0 100% 62%20542,167,220 2,162,850 2,162,850 4,370 51,766 0 100% 59%20552,167,220 2,165,100 2,165,100 2,120 53,886 0 100% 52%20562,297,494 2,296,000 2,296,000 1,494 55,380 0 100% 48%20572,297,494 2,296,650 2,296,650 844 56,224 0 100% 41%20582,435,583 2,430,800 2,430,800 4,783 61,007 0 100% 37%20592,435,583 2,434,400 2,434,400 1,183 62,190 0 100% 31%20602,581,958 2,581,200 2,581,200 758 62,948 0 100% 26%20612,581,958 2,576,850 2,576,850 5,108 68,057 0 100% 20%20622,737,116 2,735,700 2,735,700 1,416 69,473 0 100% 16%20632,737,116 2,732,800 2,732,800 4,316 73,788 0 100% 10%20642,901,583 2,898,838 2,898,838 2,745 0 76,534 100% 0%Total65,074,272 7,578,000 57,936,138 65,514,138 (439,865) 1,290,45576,5341. Assumes $1,806,854 Deposit to Surplus Fund at ClosingB Springs South MD Financial Plan 4.21.22.xlsx CI Debt Refg4/21/20225DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055205620572058205920602061206220632064TotalSprings South Metropolitan DistrictRevenueTotalOperations Mill Levy RevenueExpenseTotalAssessed Value in Collection YearO&M Mill LevyO&M Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeRevenue Available for Operations10.000 Cap99.50%6.00%1.50%10.000 Target00.000000000.000000000.0000000010.0000000410,49510.0004,105245(62)4,2883,459,16410.00034,5922,065(519)36,1389,702,79410.00097,0285,793(1,455) 101,36515,235,58710.000 152,3569,096(2,285) 159,16619,714,55010.000 197,14611,770(2,957) 205,95820,755,06810.000 207,55112,391(3,113) 216,82822,000,37210.000 220,00413,134(3,300) 229,83822,000,37210.000 220,00413,134(3,300) 229,83823,320,39510.000 233,20413,922(3,498) 243,62823,320,39510.000 233,20413,922(3,498) 243,62824,719,61810.000 247,19614,758(3,708) 258,24624,719,61810.000 247,19614,758(3,708) 258,24626,202,79610.000 262,02815,643(3,930) 273,74126,202,79610.000 262,02815,643(3,930) 273,74127,774,96310.000 277,75016,582(4,166) 290,16527,774,96310.000 277,75016,582(4,166) 290,16529,441,46110.000 294,41517,577(4,416) 307,57529,441,46110.000 294,41517,577(4,416) 307,57531,207,94910.000 312,07918,631(4,681) 326,02931,207,94910.000 312,07918,631(4,681) 326,02933,080,42610.000 330,80419,749(4,962) 345,59133,080,42610.000 330,80419,749(4,962) 345,59135,065,25110.000 350,65320,934(5,260) 366,32735,065,25110.000 350,65320,934(5,260) 366,32737,169,16610.000 371,69222,190(5,575) 388,30637,169,16610.000 371,69222,190(5,575) 388,30639,399,31610.000 393,99323,521(5,910) 411,60539,399,31610.000 393,99323,521(5,910) 411,60541,763,27510.000 417,63324,933(6,264) 436,30141,763,27510.000 417,63324,933(6,264) 436,30144,269,07210.000 442,69126,429(6,640) 462,47944,269,07210.000 442,69126,429(6,640) 462,47946,925,21610.000 469,25228,014(7,039) 490,22846,925,21610.000 469,25228,014(7,039) 490,22849,740,72910.000 497,40729,695(7,461) 519,64149,740,72910.000 497,40729,695(7,461) 519,64152,725,17310.000 527,25231,477(7,909) 550,82052,725,17310.000 527,25231,477(7,909) 550,82055,888,68310.000 558,88733,366(8,383) 583,86912,547,767 749,102 (188,217) 13,108,652C Springs South MD Financial Plan 06.16.22.xlsx #1 Rev6/16/20226DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049205020512052205320542055205620572058205920602061206220632064TotalSprings South Metropolitan DistrictRevenueTotalTown O&M Mill Levy RevenueExpenseTotalAssessed Value in Collection YearTown Mill LevyTown Mill Levy CollectionsSpecific Ownership TaxesCounty Treasurer FeeRevenue Available for Operations3.000 Cap99.50%6.00%1.50%3.000 Target00.000000000.000000000.000000003.0000000410,4953.0001,23174(62)1,2433,459,1643.00010,377620(519)10,4789,702,7943.00029,1081,738(1,455)29,39115,235,5873.00045,7072,729(2,285)46,15019,714,5503.00059,1443,531(2,957)59,71720,755,0683.00062,2653,717(3,113)62,86922,000,3723.00066,0013,940(3,300)66,64122,000,3723.00066,0013,940(3,300)66,64123,320,3953.00069,9614,177(3,498)70,64023,320,3953.00069,9614,177(3,498)70,64024,719,6183.00074,1594,427(3,708)74,87824,719,6183.00074,1594,427(3,708)74,87826,202,7963.00078,6084,693(3,930)79,37126,202,7963.00078,6084,693(3,930)79,37127,774,9633.00083,3254,974(4,166)84,13327,774,9633.00083,3254,974(4,166)84,13329,441,4613.00088,3245,273(4,416)89,18129,441,4613.00088,3245,273(4,416)89,18131,207,9493.00093,6245,589(4,681)94,53231,207,9493.00093,6245,589(4,681)94,53233,080,4263.00099,2415,925(4,962) 100,20433,080,4263.00099,2415,925(4,962) 100,20435,065,2513.000 105,1966,280(5,260) 106,21635,065,2513.000 105,1966,280(5,260) 106,21637,169,1663.000 111,5076,657(5,575) 112,58937,169,1663.000 111,5076,657(5,575) 112,58939,399,3163.000 118,1987,056(5,910) 119,34439,399,3163.000 118,1987,056(5,910) 119,34441,763,2753.000 125,2907,480(6,264) 126,50541,763,2753.000 125,2907,480(6,264) 126,50544,269,0723.000 132,8077,929(6,640) 134,09544,269,0723.000 132,8077,929(6,640) 134,09546,925,2163.000 140,7768,404(7,039) 142,14146,925,2163.000 140,7768,404(7,039) 142,14149,740,7293.000 149,2228,909(7,461) 150,67049,740,7293.000 149,2228,909(7,461) 150,67052,725,1733.000 158,1769,443(7,909) 159,71052,725,1733.000 158,1769,443(7,909) 159,71055,888,6833.000 167,66610,010(8,383) 169,2923,764,330 224,731 (188,217) 3,800,844C Springs South MD Financial Plan 06.16.22.xlsx #1 Rev6/16/20227DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:55 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-SP24)
SOURCES AND USES OF FUNDS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION BONDS, SERIES 2024
Non-Rated, 1.00x, 30-yr. Maturity, 6% Biennial Inflation
Service Plan
Dated Date 12/01/2024
Delivery Date 12/01/2024
Sources:
Bond Proceeds:
Par Amount 20,065,000.00
20,065,000.00
Uses:
Project Fund Deposits:
Project Fund 14,597,095.83
Other Fund Deposits:
Capitalized Interest Fund 3,009,750.00
Surplus Fund 1,806,854.17
4,816,604.17
Cost of Issuance:
Other Cost of Issuance 250,000.00
Underwriter's Discount:
Other Underwriter's Discount 401,300.00
20,065,000.00
8
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:55 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-SP24)
BOND SUMMARY STATISTICS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION BONDS, SERIES 2024
Non-Rated, 1.00x, 30-yr. Maturity, 6% Biennial Inflation
Service Plan
Dated Date 12/01/2024
Delivery Date 12/01/2024
Last Maturity 12/01/2054
Arbitrage Yield 5.000000%
True Interest Cost (TIC)5.151650%
Net Interest Cost (NIC)5.086118%
All-In TIC 5.248402%
Average Coupon 5.000000%
Average Life (years)23.224
Duration of Issue (years)13.604
Par Amount 20,065,000.00
Bond Proceeds 20,065,000.00
Total Interest 23,299,500.00
Net Interest 23,700,800.00
Total Debt Service 43,364,500.00
Maximum Annual Debt Service 2,163,000.00
Average Annual Debt Service 1,445,483.33
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 2054 20,065,000.00 100.000 5.000% 23.224
20,065,000.00 23.224
All-In Arbitrage
TIC TIC Yield
Par Value 20,065,000.00 20,065,000.00 20,065,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount -401,300.00 -401,300.00
- Cost of Issuance Expense -250,000.00
- Other Amounts
Target Value 19,663,700.00 19,413,700.00 20,065,000.00
Target Date 12/01/2024 12/01/2024 12/01/2024
Yield 5.151650%5.248402%5.000000%
9
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:55 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-SP24)
NET DEBT SERVICE
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION BONDS, SERIES 2024
Non-Rated, 1.00x, 30-yr. Maturity, 6% Biennial Inflation
Service Plan
Capitalized
Period Total Interest Net
Ending Principal Coupon Interest Debt Service Fund Debt Service
12/01/2025 1,003,250 1,003,250 1,003,250
12/01/2026 1,003,250 1,003,250 1,003,250
12/01/2027 1,003,250 1,003,250 1,003,250
12/01/2028 1,003,250 1,003,250 1,003,250
12/01/2029 1,003,250 1,003,250 1,003,250
12/01/2030 15,000 5.000% 1,003,250 1,018,250 1,018,250
12/01/2031 70,000 5.000% 1,002,500 1,072,500 1,072,500
12/01/2032 140,000 5.000% 999,000 1,139,000 1,139,000
12/01/2033 145,000 5.000% 992,000 1,137,000 1,137,000
12/01/2034 220,000 5.000% 984,750 1,204,750 1,204,750
12/01/2035 230,000 5.000% 973,750 1,203,750 1,203,750
12/01/2036 315,000 5.000% 962,250 1,277,250 1,277,250
12/01/2037 330,000 5.000% 946,500 1,276,500 1,276,500
12/01/2038 425,000 5.000% 930,000 1,355,000 1,355,000
12/01/2039 445,000 5.000% 908,750 1,353,750 1,353,750
12/01/2040 550,000 5.000% 886,500 1,436,500 1,436,500
12/01/2041 580,000 5.000% 859,000 1,439,000 1,439,000
12/01/2042 695,000 5.000% 830,000 1,525,000 1,525,000
12/01/2043 730,000 5.000% 795,250 1,525,250 1,525,250
12/01/2044 855,000 5.000% 758,750 1,613,750 1,613,750
12/01/2045 900,000 5.000% 716,000 1,616,000 1,616,000
12/01/2046 1,040,000 5.000%671,000 1,711,000 1,711,000
12/01/2047 1,095,000 5.000%619,000 1,714,000 1,714,000
12/01/2048 1,250,000 5.000%564,250 1,814,250 1,814,250
12/01/2049 1,315,000 5.000%501,750 1,816,750 1,816,750
12/01/2050 1,490,000 5.000%436,000 1,926,000 1,926,000
12/01/2051 1,565,000 5.000%361,500 1,926,500 1,926,500
12/01/2052 1,760,000 5.000%283,250 2,043,250 2,043,250
12/01/2053 1,845,000 5.000%195,250 2,040,250 2,040,250
12/01/2054 2,060,000 5.000%103,000 2,163,000 2,163,000
20,065,000 23,299,500 43,364,500 3,009,750 40,354,750
10
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:55 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-SP24)
CALL PROVISIONS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION BONDS, SERIES 2024
Non-Rated, 1.00x, 30-yr. Maturity, 6% Biennial Inflation
Service Plan
Call Table: CALL
Call Date Call Price
12/01/2029 103.00
12/01/2030 102.00
12/01/2031 101.00
12/01/2032 100.00
11
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:55 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-SP24)
BOND SOLUTION
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION BONDS, SERIES 2024
Non-Rated, 1.00x, 30-yr. Maturity, 6% Biennial Inflation
Service Plan
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2025 1,003,250 -1,003,250 -4,000 -4,000
12/01/2026 1,003,250 -1,003,250 17,341 17,341
12/01/2027 1,003,250 -1,003,250 175,838 175,838
12/01/2028 1,003,250 1,003,250 500,436 -502,814 49.88%
12/01/2029 1,003,250 1,003,250 788,079 -215,171 78.55%
12/01/2030 15,000 1,018,250 1,018,250 1,020,935 2,685 100.26%
12/01/2031 70,000 1,072,500 1,072,500 1,075,030 2,530 100.24%
12/01/2032 140,000 1,139,000 1,139,000 1,139,772 772 100.07%
12/01/2033 145,000 1,137,000 1,137,000 1,139,772 2,772 100.24%
12/01/2034 220,000 1,204,750 1,204,750 1,208,398 3,648 100.30%
12/01/2035 230,000 1,203,750 1,203,750 1,208,398 4,648 100.39%
12/01/2036 315,000 1,277,250 1,277,250 1,281,142 3,892 100.30%
12/01/2037 330,000 1,276,500 1,276,500 1,281,142 4,642 100.36%
12/01/2038 425,000 1,355,000 1,355,000 1,358,251 3,251 100.24%
12/01/2039 445,000 1,353,750 1,353,750 1,358,251 4,501 100.33%
12/01/2040 550,000 1,436,500 1,436,500 1,439,986 3,486 100.24%
12/01/2041 580,000 1,439,000 1,439,000 1,439,986 986 100.07%
12/01/2042 695,000 1,525,000 1,525,000 1,526,625 1,625 100.11%
12/01/2043 730,000 1,525,250 1,525,250 1,526,625 1,375 100.09%
12/01/2044 855,000 1,613,750 1,613,750 1,618,462 4,712 100.29%
12/01/2045 900,000 1,616,000 1,616,000 1,618,462 2,462 100.15%
12/01/2046 1,040,000 1,711,000 1,711,000 1,715,810 4,810 100.28%
12/01/2047 1,095,000 1,714,000 1,714,000 1,715,810 1,810 100.11%
12/01/2048 1,250,000 1,814,250 1,814,250 1,818,999 4,749 100.26%
12/01/2049 1,315,000 1,816,750 1,816,750 1,818,999 2,249 100.12%
12/01/2050 1,490,000 1,926,000 1,926,000 1,928,378 2,378 100.12%
12/01/2051 1,565,000 1,926,500 1,926,500 1,928,378 1,878 100.10%
12/01/2052 1,760,000 2,043,250 2,043,250 2,044,321 1,071 100.05%
12/01/2053 1,845,000 2,040,250 2,040,250 2,044,321 4,071 100.20%
12/01/2054 2,060,000 2,163,000 2,163,000 2,167,220 4,220 100.20%
20,065,000 43,364,500 -3,009,750 40,354,750 39,901,166 -453,584
12
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
SOURCES AND USES OF FUNDS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Dated Date 12/01/2034
Delivery Date 12/01/2034
Sources:
Bond Proceeds:
Par Amount 36,525,000.00
Other Sources of Funds:
Funds on Hand 1,290,455.00
37,815,455.00
Uses:
Project Fund Deposits:
Project Fund 15,388,867.50
Refunding Escrow Deposits:
Cash Deposit 19,475,000.00
Other Fund Deposits:
Debt Service Reserve Fund 2,518,962.50
Cost of Issuance:
Other Cost of Issuance 250,000.00
Underwriter's Discount:
Other Underwriter's Discount 182,625.00
37,815,455.00
13
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
BOND SUMMARY STATISTICS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Dated Date 12/01/2034
Delivery Date 12/01/2034
Last Maturity 12/01/2064
Arbitrage Yield 3.000000%
True Interest Cost (TIC)3.032345%
Net Interest Cost (NIC)3.022895%
All-In TIC 3.076982%
Average Coupon 3.000000%
Average Life (years)21.839
Duration of Issue (years)15.718
Par Amount 36,525,000.00
Bond Proceeds 36,525,000.00
Total Interest 23,930,100.00
Net Interest 24,112,725.00
Total Debt Service 60,455,100.00
Maximum Annual Debt Service 5,417,800.00
Average Annual Debt Service 2,015,170.00
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 2064 36,525,000.00 100.000 3.000% 21.839
36,525,000.00 21.839
All-In Arbitrage
TIC TIC Yield
Par Value 36,525,000.00 36,525,000.00 36,525,000.00
+ Accrued Interest
+ Premium (Discount)
- Underwriter's Discount -182,625.00 -182,625.00
- Cost of Issuance Expense -250,000.00
- Other Amounts
Target Value 36,342,375.00 36,092,375.00 36,525,000.00
Target Date 12/01/2034 12/01/2034 12/01/2034
Yield 3.032345%3.076982%3.000000%
14
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
NET DEBT SERVICE
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Period Total Debt Service Net
Ending Principal Coupon Interest Debt Service Reserve Fund Debt Service
12/01/2035 110,000 3.000% 1,095,750 1,205,750 1,205,750.00
12/01/2036 185,000 3.000% 1,092,450 1,277,450 1,277,450.00
12/01/2037 190,000 3.000% 1,086,900 1,276,900 1,276,900.00
12/01/2038 275,000 3.000% 1,081,200 1,356,200 1,356,200.00
12/01/2039 285,000 3.000% 1,072,950 1,357,950 1,357,950.00
12/01/2040 375,000 3.000% 1,064,400 1,439,400 1,439,400.00
12/01/2041 385,000 3.000% 1,053,150 1,438,150 1,438,150.00
12/01/2042 485,000 3.000% 1,041,600 1,526,600 1,526,600.00
12/01/2043 495,000 3.000% 1,027,050 1,522,050 1,522,050.00
12/01/2044 605,000 3.000% 1,012,200 1,617,200 1,617,200.00
12/01/2045 620,000 3.000% 994,050 1,614,050 1,614,050.00
12/01/2046 740,000 3.000% 975,450 1,715,450 1,715,450.00
12/01/2047 760,000 3.000% 953,250 1,713,250 1,713,250.00
12/01/2048 885,000 3.000% 930,450 1,815,450 1,815,450.00
12/01/2049 910,000 3.000% 903,900 1,813,900 1,813,900.00
12/01/2050 1,050,000 3.000% 876,600 1,926,600 1,926,600.00
12/01/2051 1,080,000 3.000% 845,100 1,925,100 1,925,100.00
12/01/2052 1,230,000 3.000% 812,700 2,042,700 2,042,700.00
12/01/2053 1,265,000 3.000% 775,800 2,040,800 2,040,800.00
12/01/2054 1,425,000 3.000% 737,850 2,162,850 2,162,850.00
12/01/2055 1,470,000 3.000% 695,100 2,165,100 2,165,100.00
12/01/2056 1,645,000 3.000% 651,000 2,296,000 2,296,000.00
12/01/2057 1,695,000 3.000% 601,650 2,296,650 2,296,650.00
12/01/2058 1,880,000 3.000% 550,800 2,430,800 2,430,800.00
12/01/2059 1,940,000 3.000% 494,400 2,434,400 2,434,400.00
12/01/2060 2,145,000 3.000% 436,200 2,581,200 2,581,200.00
12/01/2061 2,205,000 3.000% 371,850 2,576,850 2,576,850.00
12/01/2062 2,430,000 3.000% 305,700 2,735,700 2,735,700.00
12/01/2063 2,500,000 3.000% 232,800 2,732,800 2,732,800.00
12/01/2064 5,260,000 3.000% 157,800 5,417,800 2,518,962.50 2,898,837.50
36,525,000 23,930,100 60,455,100 2,518,962.50 57,936,137.50
15
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
SUMMARY OF BONDS REFUNDED
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Maturity Interest Par Call Call
Bond Date Rate Amount Date Price
Series 24, Service Plan, SP24, TERM54:
12/01/2035 5.000% 230,000 12/01/2034 100.000
12/01/2036 5.000% 315,000 12/01/2034 100.000
12/01/2037 5.000% 330,000 12/01/2034 100.000
12/01/2038 5.000% 425,000 12/01/2034 100.000
12/01/2039 5.000% 445,000 12/01/2034 100.000
12/01/2040 5.000% 550,000 12/01/2034 100.000
12/01/2041 5.000% 580,000 12/01/2034 100.000
12/01/2042 5.000% 695,000 12/01/2034 100.000
12/01/2043 5.000% 730,000 12/01/2034 100.000
12/01/2044 5.000% 855,000 12/01/2034 100.000
12/01/2045 5.000% 900,000 12/01/2034 100.000
12/01/2046 5.000% 1,040,000 12/01/2034 100.000
12/01/2047 5.000% 1,095,000 12/01/2034 100.000
12/01/2048 5.000% 1,250,000 12/01/2034 100.000
12/01/2049 5.000% 1,315,000 12/01/2034 100.000
12/01/2050 5.000% 1,490,000 12/01/2034 100.000
12/01/2051 5.000% 1,565,000 12/01/2034 100.000
12/01/2052 5.000% 1,760,000 12/01/2034 100.000
12/01/2053 5.000% 1,845,000 12/01/2034 100.000
12/01/2054 5.000% 2,060,000 12/01/2034 100.000
19,475,000
16
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
ESCROW REQUIREMENTS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Dated Date 12/01/2034
Delivery Date 12/01/2034
Pay & Cancel Series 2024 (PC24)
Period Principal
Ending Redeemed Total
12/01/2034 19,475,000 19,475,000.00
19,475,000 19,475,000.00
17
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
PRIOR BOND DEBT SERVICE
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Pay & Cancel Series 2024 (PC24)
Annual
Period Debt Debt
Ending Principal Coupon Interest Service Service
06/01/2035 486,875 486,875
12/01/2035 230,000 5.000%486,875 716,875 1,203,750
06/01/2036 481,125 481,125
12/01/2036 315,000 5.000%481,125 796,125 1,277,250
06/01/2037 473,250 473,250
12/01/2037 330,000 5.000%473,250 803,250 1,276,500
06/01/2038 465,000 465,000
12/01/2038 425,000 5.000%465,000 890,000 1,355,000
06/01/2039 454,375 454,375
12/01/2039 445,000 5.000%454,375 899,375 1,353,750
06/01/2040 443,250 443,250
12/01/2040 550,000 5.000%443,250 993,250 1,436,500
06/01/2041 429,500 429,500
12/01/2041 580,000 5.000% 429,500 1,009,500 1,439,000
06/01/2042 415,000 415,000
12/01/2042 695,000 5.000% 415,000 1,110,000 1,525,000
06/01/2043 397,625 397,625
12/01/2043 730,000 5.000% 397,625 1,127,625 1,525,250
06/01/2044 379,375 379,375
12/01/2044 855,000 5.000% 379,375 1,234,375 1,613,750
06/01/2045 358,000 358,000
12/01/2045 900,000 5.000% 358,000 1,258,000 1,616,000
06/01/2046 335,500 335,500
12/01/2046 1,040,000 5.000%335,500 1,375,500 1,711,000
06/01/2047 309,500 309,500
12/01/2047 1,095,000 5.000%309,500 1,404,500 1,714,000
06/01/2048 282,125 282,125
12/01/2048 1,250,000 5.000%282,125 1,532,125 1,814,250
06/01/2049 250,875 250,875
12/01/2049 1,315,000 5.000%250,875 1,565,875 1,816,750
06/01/2050 218,000 218,000
12/01/2050 1,490,000 5.000%218,000 1,708,000 1,926,000
06/01/2051 180,750 180,750
12/01/2051 1,565,000 5.000%180,750 1,745,750 1,926,500
06/01/2052 141,625 141,625
12/01/2052 1,760,000 5.000%141,625 1,901,625 2,043,250
06/01/2053 97,625 97,625
12/01/2053 1,845,000 5.000%97,625 1,942,625 2,040,250
06/01/2054 51,500 51,500
12/01/2054 2,060,000 5.000%51,500 2,111,500 2,163,000
19,475,000 13,301,750 32,776,750 32,776,750
18
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
CALL PROVISIONS
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Call Table: CALL
Call Date Call Price
12/01/2044 100.00
19
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
Apr 21, 2022 8:58 am Prepared by DBC Finance (Finance 8.800 Springs South MD:B_042122-34IGR24,34IGR24)
BOND SOLUTION
SPRINGS SOUTH METROPOLITAN DISTRICT
Weld County, CO
~~~
GENERAL OBLIGATION REFUNDING & IMPROVEMENT BONDS, SERIES 2034
Investment Grade, 1.00x, 30-yr Maturity, 6% Biennial Inflation
Service Plan
Period Proposed Proposed Debt Service Total Adj Revenue Unused Debt Service
Ending Principal Debt Service Adjustments Debt Service Constraints Revenues Coverage
12/01/2035 110,000 1,205,750 1,205,750 1,208,398 2,648 100.22%
12/01/2036 185,000 1,277,450 1,277,450 1,281,142 3,692 100.29%
12/01/2037 190,000 1,276,900 1,276,900 1,281,142 4,242 100.33%
12/01/2038 275,000 1,356,200 1,356,200 1,358,251 2,051 100.15%
12/01/2039 285,000 1,357,950 1,357,950 1,358,251 301 100.02%
12/01/2040 375,000 1,439,400 1,439,400 1,439,986 586 100.04%
12/01/2041 385,000 1,438,150 1,438,150 1,439,986 1,836 100.13%
12/01/2042 485,000 1,526,600 1,526,600 1,526,625 25 100.00%
12/01/2043 495,000 1,522,050 1,522,050 1,526,625 4,575 100.30%
12/01/2044 605,000 1,617,200 1,617,200 1,618,462 1,262 100.08%
12/01/2045 620,000 1,614,050 1,614,050 1,618,462 4,412 100.27%
12/01/2046 740,000 1,715,450 1,715,450 1,715,810 360 100.02%
12/01/2047 760,000 1,713,250 1,713,250 1,715,810 2,560 100.15%
12/01/2048 885,000 1,815,450 1,815,450 1,818,999 3,549 100.20%
12/01/2049 910,000 1,813,900 1,813,900 1,818,999 5,099 100.28%
12/01/2050 1,050,000 1,926,600 1,926,600 1,928,378 1,778 100.09%
12/01/2051 1,080,000 1,925,100 1,925,100 1,928,378 3,278 100.17%
12/01/2052 1,230,000 2,042,700 2,042,700 2,044,321 1,621 100.08%
12/01/2053 1,265,000 2,040,800 2,040,800 2,044,321 3,521 100.17%
12/01/2054 1,425,000 2,162,850 2,162,850 2,167,220 4,370 100.20%
12/01/2055 1,470,000 2,165,100 2,165,100 2,167,220 2,120 100.10%
12/01/2056 1,645,000 2,296,000 2,296,000 2,297,494 1,494 100.07%
12/01/2057 1,695,000 2,296,650 2,296,650 2,297,494 844 100.04%
12/01/2058 1,880,000 2,430,800 2,430,800 2,435,583 4,783 100.20%
12/01/2059 1,940,000 2,434,400 2,434,400 2,435,583 1,183 100.05%
12/01/2060 2,145,000 2,581,200 2,581,200 2,581,958 758 100.03%
12/01/2061 2,205,000 2,576,850 2,576,850 2,581,958 5,108 100.20%
12/01/2062 2,430,000 2,735,700 2,735,700 2,737,116 1,416 100.05%
12/01/2063 2,500,000 2,732,800 2,732,800 2,737,116 4,316 100.16%
12/01/2064 5,260,000 5,417,800 -2,518,963 2,898,838 2,901,583 2,745 100.09%
36,525,000 60,455,100 -2,518,963 57,936,138 58,012,671 76,534
20
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
4
EXHIBIT D
Capital Plan - List of Public Improvements
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
THE SPRINGS SOUTH METROPOLITAN DISTRICT
PUBLIC IMPROVEMENTS
ESTIMATE OF PROBABLE CONSTRUCTION COSTS
3/4/2022
CONSTRUCTION ITEM QTY UNIT UNIT COST TOTAL COST
STORM SEWER
Inlets 112 EA $9,000.00 $1,008,000.00
6' M anholes 15 EA $6,100.00 $91,500.00
5' M anholes 95 EA $5,030.00 $477,850.00
18" RCP 9,182 LF $89.00 $817,198.00
24"RCP 4,135 LF $99.00 $409,365.00
36"RCP 1,978 LF $161.50 $319,447.00
24" RCP FES 1 EA $4,000.00 $4,000.00
36"RCP FES 5 EA $4,000.00 $20,000.00
Detention Pond Grading 1 LS $120,000.00 $120,000.00
Outlet Structure 1 EA $15,000.00 $15,000.00
Subtotal $3,282,360.00
SANITARY SEWER
8" Sewer Line 15,438 LF $80.00 $1,235,040.00
4' M anholes 79 EA $4,250.00 $335,750.00
Tie into existing system 1 EA $3,000.00 $3,000.00
Subtotal $1,573,790.00
STREET - On Site
Mountable Curb, Gutter, & Sidewalk 23,802 LF $63.00 $1,499,526.00
Vertical Curb, Gutter, & Sidewalk 10,384 LF $63.00 $654,192.00
6" Full Depth Asphalt 61,534 SY $29.00 $1,784,498.89
Subgrade Preparation 61,534 SY $3.00 $184,603.33
Street Lights 51 EA $5,000.00 $255,000.00
10' Sidewalk 1,859 LF $65.00 $120,835.00
Curb Ramp 79 EA $3,000.00 $237,000.00
Postal Pads (for mailboxes)12 EA $1,251.00 $15,012.00
Stop & Street Signs 40 EA $350.00 $14,000.00
Subtotal $4,764,667.22
Please contact Innovative Land Consultants, Inc. at 303.421.4224 with any questions or concerns.
Page 1 of 3
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
THE SPRINGS SOUTH METROPOLITAN DISTRICT
PUBLIC IMPROVEMENTS
ESTIMATE OF PROBABLE CONSTRUCTION COSTS
3/4/2022
CONSTRUCTION ITEM QTY UNIT UNIT COST TOTAL COST
WATER LINE
8" Water Line 16,671 LF $65.00 $1,083,615.00
8" Bends 30 EA $1,300.00 $39,000.00
Water Valve & Box 124 EA $2,500.00 $310,000.00
8" Tee 22 EA $1,400.00 $30,800.00
8" Cross 3 EA $1,500.00 $4,500.00
8"x8"x6" Tee 34 EA $1,300.00 $44,200.00
6" Water Line 529 LF $70.00 $37,030.00
Taps 465 EA $2,600.00 $1,209,000.00
Tie into existing system 2 EA $6,000.00 $12,000.00
Fire Hydrant Assemblies 34 EA $9,000.00 $306,000.00
Subtotal $3,076,145.00
LANDSCAPING*
South Common Areas - Manicured 1 LS $705,000.00 $705,000.00
South Common Areas - Native 1 LS $2,850,000.00 $2,850,000.00
South Pocket Park 3 1 LS $605,000.00 $605,000.00
Subtotal $4,160,000.00
* Landscaping provided by Seven29 Design. Please contact Seven29 Design at 303.883.3278 with any questions or concerns.
EARTHWORK & EROSION CONTROL
Cut Earth and recompact 228,397 CY $3.40 $776,549.80
Straw Bale Barrier 12 EA $103.00 $1,236.00
Silt Fence 5,669 LF $3.00 $17,007.00
Inlet Protection 112 EA $320.00 $35,840.00
Vehicle Tracking 2 EA $6,000.00 $12,000.00
Riprap 45 CY $125.00 $5,625.00
Subtotal $848,257.80
Please contact Innovative Land Consultants, Inc. at 303.421.4224 with any questions or concerns.
Page 2 of 3
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
THE SPRINGS SOUTH METROPOLITAN DISTRICT
PUBLIC IMPROVEMENTS
ESTIMATE OF PROBABLE CONSTRUCTION COSTS
3/4/2022
CONSTRUCTION ITEM QTY UNIT UNIT COST TOTAL COST
TOTAL ESTIMATE $17,705,220.02
Construction Contingency 15%$2,655,783.00
GRAND TOTAL $20,361,003.03
Please contact Innovative Land Consultants, Inc. at 303.421.4224 with any questions or concerns.
Page 3 of 3
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
POCKETPARK 3FIRESTONE BLVDSYMBOLDESCRIPTIONCOMMON AREA - MANICUREDCOMMON AREA - NATIVEPOCKET PARK 3LEGENDSprings South Metro DistrictLandscape ImprovementsMarch 7, 2022DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
5
EXHIBIT E
Disclosure Notice
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
THE SPRINGS SOUTH METROPOLITAN DISTRICT
WELD COUNTY, COLORADO
▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪
DISCLOSURE STATEMENT
Pursuant to Article IX of the Amended and Restated Service Plan
of The Springs South Metropolitan District
▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪
DISTRICT ORGANIZATION:
The Springs South Metropolitan District (the “District”), Weld County, Colorado is a quasi-
municipal corporation and political subdivision of the State of Colorado duly organized and existing
as a metropolitan district pursuant to Title 32, Colorado Revised Statutes. The Town of Firestone
approved the original service plan by Resolution No. 06-46 on October 26, 2006 and the Weld
County District Court ordered the organization of the District on December 18, 2006.
The District is located entirely within the corporate limits of the Town of Firestone,
Colorado, in Weld County. The legal description of the property forming the boundaries of the
District is described in Exhibit A.
DISTRICT PURPOSE:
The Springs Metropolitan District was organized as a “financing only” district for the
purpose of financing streets, street lighting, traffic and safety controls, water, landscaping, storm
sewers and flood and surface drainage, and park and recreation improvements, all in accordance
with its Service Plan approved by the Board of Trustees of Firestone. When completed,
improvements shall be dedicated to the Town of Firestone or other governmental entities, all for the
use and benefit of residents and taxpayers. The District’s Service Plan is on file and available for
review at the office of the District’s general counsel, Miller & Associates Law Offices, LLC, 1641
California St, Suite 300, Denver, Colorado 80202, and at the office of the Town Clerk, Town of
Firestone, 151 Grant Avenue, Firestone, Colorado 80520.
TAX LEVY INFORMATION:
The primary source of revenue for the District is ad valorem property taxes. Property
taxes are determined annually by the District’s Board of Directors and set by the Board of
County Commissioners for Weld County as to rate or levy based upon the assessed valuation of
the property within the District. The levy is expressed in terms of mills. A mill is 1/1,000 of the
assessed valuation, and a levy of one mill equals $1 of tax for each $1,000 of assessed value.
The financial forecast for the District (as set forth in its Service Plan) assumes that the District
will be able to set its tax levy at approximately sixty (60.000) mills (or less) for 2023 through
2063 for debt service and administration purposes (subject to legally required changes in
valuation ratios). Except for certain adjustments permitted by the Service Plan to compensate for
such changes in valuation ratios, the District shall not impose a debt service mill levy in excess
of fifty (50.000) mills and shall not impose a mill levy for administration, warranty ma intenance
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
and other operating expenses in excess of ten (10.000) mills. District taxes are collected as part
of the property tax bill from Weld County.
THE SPRINGS SOUTH METROPOLITAN
DISTRICT
President
STATE OF COLORADO )
) ss.
COUNTY OF WELD )
The foregoing instrument was acknowledged before me this _____ day of
200_, by _____________________________ as President of The Springs Metropolitan District.
WITNESS my hand and official seal.
My commission expires: ____________________________
______________________________
Notary Public
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
The Springs\Service Plan
JLG1532
0773.0003
EXHIBIT A
(Legal Description of District)
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
6
EXHIBIT F
Intergovernmental Agreement
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DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA
DocuSign Envelope ID: 830EB886-6D4C-4AAE-BEEE-CD19C46AC0EA