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Erie hears financing options for big projects; advisers outline COPs, bonds and election tradeoffs
Summary
Hilltop Securities presented capital-financing choices to Erie council, explaining certificates of participation (COPs), general obligation and revenue bonds, TABOR implications and ballot timelines; advisers said a near-term debt-service rolloff creates only limited borrowing capacity (roughly $9.5M) without a new tax.
Advisers from Hilltop Securities briefed Erie council on July 15 about long-term financing options for large capital projects and the tradeoffs between using certificates of participation (COPs) and asking voters for tax-backed debt.
"COPs are a form of lease purchase agreement; they're subject to annual appropriation," Jason Simmons (S16) said, explaining that COPs avoid voter authorization because annual payments are subject to the council's budget process. Maddie Bernonavink (S19) described the transaction mechanics: the town can lease a piece of property to a trustee, sell certificates to…
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