Clear Creek Transit Metropolitan District Nos. 1 & 2

In accordance with Section 32-104.5(3)(X), C.R.S., the following general explanation in plain, nontechnical language, is provided.  This information is intended to be read in conjunction with all applicable legal requirements, governing documents, agreements, resolutions, and determinations of the Boards of Directors of the Districts.

1.  A metropolitan district is a special district that provides any two or more of the following services:

(a) Fire protection;

(b) Mosquito control;

(c) Parks and recreation;

(d) Safety protection;

(e) Sanitation;

(f) Solid waste disposal facilities or collection and transportation of solid waste;

(g) Street improvement;

(h) Television relay and translation;

(i) Transportation; and

(j) Water.

2.  In accordance with the Districts’ Service Plan, the Districts may provide the following public improvements and services:

(a) Fire protection;

(b) Mosquito control;

(c) Parks and recreation;

(d) Safety protection;

(e) Sanitation;

(f) Solid waste disposal facilities or collection and transportation of solid waste;

(g) Street improvement;

(h) Television relay and translation;

(i) Transportation;

(j) Water; and

(k) Covenant enforcement and design review.

The Districts are currently undertaking construction of the following categories of public improvements: sanitary sewer, water, storm water, streets, traffic and safety protection, and parks and recreation.

The Districts do not currently provide any ongoing services. The Districts’ future public improvement ongoing services will be dependent upon the dedication and acceptance of public improvements by other local jurisdictions following the completion thereof in accordance with the final development plans for the project. Those improvements not accepted by other local jurisdictions are anticipated to be operated and maintained by the Districts following acceptance thereof.     

3.  In accordance with the Districts’ Service Plan, the total amount of debt the Districts can incur to provide and pay for public infrastructure is $35,000,000 in either general obligation bonds and/or revenue bonds. Additional debt over and above $35,000,000 may be issued under the Special District Act only if the Districts apply to the County for any necessary amendments to the Service Plan and otherwise comply with the statutory limits on the issuance of general obligation bonds.

4. In accordance with the Districts’ Service Plan, the following revenue may be used to pay for the Districts’ debt:

All bonds issued by the Districts may be payable from any and all legally available revenues of the Districts, including general ad valorem taxes to be imposed upon all taxable property within the boundaries of District No. 2, subject to the maximum mill levy limitations described in #5 below.

5.  In accordance with the Districts’ Service Plan, the maximum mill levy the Districts may assess to pay for their debt is as follows:

For all general obligation debt, including refunding debt, the maximum mill levy District No. 1 or No. 2 can promise to impose to the payment of such debt shall be: fifty (50) mills; provided, however, the mill levy limitation applicable to such debt may be increased or decreased to reflect changes in the method of calculating assessed valuation with tax year 2010 as the base year for calculation of any such adjustments, such increases or decreases to be determined by the Board of Directors of the Districts in good faith (such determination to be binding and final) so that to the extent possible, the actual tax revenues generated by the mill levy, as adjusted, are neither diminished nor enhanced as a result of such changes. For purposes of the foregoing, a change in the ratio of actual value to assessed value shall be deemed a change in the method of calculating assessed valuation.

6. Residents may serve on the Board of Directors of a District if they are eligible electors of that District. A resident is an eligible elector of a District if the resident lives within the boundaries of the District and is registered to vote in Colorado.