In the fall of 2019, the Colorado City Metropolitan District sought to refund its existing Series 2012 and capture interest savings, along with additional capital needed for the installation and upgrades of aging meters throughout the system.
District officials engaged Ehlers to provide debt issuance & management services. Ehlers recommended that a direct private placement bank loan for a non-rated Water and Wastewater Utility Revenue bond would provide the greatest savings, with new capital the District was seeking for the acquisition, installation and operations of new meters and metering system.
In November 2019, the District received proposals and selected their local Bank of San Juans who provided the lowest bid and largest interest savings to the Districts refunding and new money request. In addition, the first payment was extended out until 2021 along with a lower reserve requirement; overall strengthening the District’s financials and ability to support ongoing operations.
*Deb Hinsvark was initially the lead municipal advisor on this project. She has since retired.