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Grand County OKs certificate sale to finance EMS Station 1, sets repayment parameters
Summary
The Grand County Board of County Commissioners authorized a certificates of participation (COPs) financing to raise up to $25 million toward construction of EMS Station 1 and set the sale parameters, call date and maximum repayment limits.
Grand County commissioners on Feb. 11 approved a resolution authorizing certificates of participation (COPs) to finance construction of a new EMS Station 1, authorizing staff to finalize sale documents and setting financial parameters for the transaction.
The resolution delegates final pricing authority to the board chair, county manager and finance director and allows sale of COPs sized to provide a $25,000,000 project fund for the station. Commissioners set transaction caps — a maximum effective interest rate of 5.00 percent, a maximum total repayment cap of $42,000,000 and a maximum annual appropriation not to exceed $2,210,000 — and approved related documents in form so staff and counsel can finalize the sale.
Why it matters: The county will use a lease/leaseback COP structure that lets it finance construction without voter approval, because payments are subject to annual appropriation rather than a bond indebtedness requiring TABOR voter…
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