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Trustee warns county to prepare mandatory 10-mill levy after judgment against BNC Metropolitan District No. 2
Summary
Adams County commissioners heard from an attorney for the trustee of bonds issued by BNC Metropolitan District No. 2 that a court entered a money judgment against the district and the county may be required by statute to levy a judgment mill levy if the district does not provide for payment.
Adams County commissioners heard from an attorney for UNB Bank and a representative of BNC Metropolitan District No. 2 on a court judgment that could require the county to levy a judgment mill levy on residents of that metro district.
Catherine McDermott, an attorney with the law firm Davis, Graham and Stets representing UNB Bank (the trustee), told commissioners the dispute concerns bonds issued by BNC Metropolitan District No. 2 to finance public improvements. “The debt issued by the Metro District is in the form of bonds that is issued for public improvements like streets, sidewalks and parks, and the district pays it off over time with taxes,” McDermott said. She said a jury found the district breached its contract and a final money judgment was entered on Dec. 19; the court later permitted the trustee to begin enforcement. McDermott said the district had not made…
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