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Turnberry metro‑district bond issuance raised at council; city manager seeking formal complaint
Summary
Representatives of Turnberry metro districts told council that BNC Metro District 3 issued $3.5 million in junior‑lien bonds that may exceed its borrowing cap; the city manager requested a formal written complaint and staff will review whether the issuance violated the district's service plan.
During public comment, Jessica Reynolds, district manager for BNC 1 and BNC 2 metro districts, told Commerce City Council that BNC Metro District 3 issued $3,500,000 in junior‑lien bonds on April 22, 2025 despite a remaining borrowing capacity of $2,300,000 in its service plan. That would place the district $1,200,000 over its approved borrowing limit, she said.
Reynolds said BNC 3 initially refused to release bond offering documents and only produced them after a public open‑records request; she said the district waited until April 25 — the maximum allowed three‑day response period — to…
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