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Council approves Willow Bend Metro District debt limit increase to enable refinancing
Summary
Thornton City Council unanimously approved a resolution to amend the Willow Bend Metropolitan District service plan and IGA, increasing the total debt limit from $22 million to $25 million to allow a proposed bond refinancing that applicants say will reduce homeowner taxes and provide net present value savings.
Thornton City Council approved a resolution amending the Willow Bend Metropolitan District service plan and intergovernmental agreement to raise the district’s total debt issuance limit from $22,000,000 to $25,000,000 to permit a proposed refinancing of the district’s outstanding bonds.
City staff and the applicant said the proposed change would let the district refinance higher-interest bonds and lower the effective mill levy for residents. Ellie Hasson, senior planner for the city, described the request as a material modification that must be processed substantially the same as the original approval and recommended approval after finding the amendment conforms with applicable…
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