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Home My WebLink About1.0 ApplicationJune 21, 2000 Garfield County COUNTY ATTORNEY'S OFFICE 109 8th Street, Suite 300 Glenwood Springs, CO 81601 Tele: (970) 945-9150 Fax: (970) 384-5005 Mr. Blake Jordan SHERMAN & HOWARD 633 Seventeenth Street Suite 3000 Denver, CO 80202 Re: Park and Recreation District Service Plan Review Dear Blake: Enclosed please find a full copy of the proposed service plan for the Roaring Fork Open Space, Park and Recreation District. This matter will be reviewed by our Planning Commission on the 12th of July, 2000 and by the Board of County Commissioners thereafter. As with previous special district service plans brought to the County for review, we are asking that you opine upon all issues you deem relevant with the Service Plan, particularly focusing on financing and fiscal matters set forth in this document. Additionally, I would be interested in your position concerning any requirement that the County fund an election in this matter. Also, in regard to properties of more than 40 acres that are used for agricultural purposes, those may not be included in this District without the written consent of the owner of that property. At this juncture, we have received no written consents although there are substantial areas within the outer boundaries of this District that meet the statutory definition. (See Section 32-1-307). I would be very interested in your opinion concerning the affect of such an omission. Thank you for consideration of this matter. Your fees and costs will be dealt with as in previous service plan reviews. Sincerely yours, Atr DON . DEFORD COUNTY ATTORNEY DKD/ylc 2 f Roaring Fork Open Space, Park and Recreation District Service Plan I. INTRODUCTION This Service Plan has been prepared for the formation of a Parks and Recreation District pursuant to §32-1-202, C.R.S. The District shall be named the Roaring Fork Open Space, Parks and Recreation District ("District"). The purpose of the District is to finance, purchase and construct open space and recreation facilities in the mid and lower Roaring Fork Valley areas of Garfield and Eagle Counties for the use and benefit of its residents, taxpayers, and visitors (the "Improvements"). Unless otherwise agreed with Garfield County, Eagle County, City of Glenwood Springs, Town of Basalt, Town of Carbondale, or another governmental entity (the "Local Jurisdictions"), the District will be responsible for the perpetual maintenance and operation of the Improvements and the provision of related programs and activities. The District shall have all of the powers provided by law, except as otherwise provided herein. The District shall not have power of condemnation. This Service Plan has been prepared by the Organizers and the following participating consultants: Organizers Open Space 2000 Darcey Brown, Doug Coffman, Charlie Cole, Harlan Feder, Pat Fitzgerald, Bill Gray, Larry Hon, Carter Jackson, Robert MacGregor, Sheila Markowitz, Richard Montrose, Marty Neislanik, Steve Smith, Lathrop Strang, Charles Willman. Drawer 1330 Glenwood Springs, CO 81602 Bond Counsel Tom Peitz Kutak Rock 717 Seventeenth St. Suite 2900 Denver, CO 80202 303-297-2400 ROARING FORK OPEN SPACE DISTRICT PLAN 1 iiim Accountant T/B/D Financial Advisor Terry Casey Dain Rauscher 1200 17th St., Suite 2200 Denver, CO 80202 (303) 595-1221 Project Mana¢ mid Local Contact Robert Schultz Robert Schultz Consulting 354 Fawn Dr. Carbondale. CO 81623 (970)- 963-3670 ROARING FORK OPEN SPACE DISTRICT PLAN 2 H. NEED FOR SERVICES OF THE DISTRICT Development pressures in the Roaring Fork valley have transformed the landscape and land uses in the region. Until the mid- 1980's proposed residential developments tended to be subdivisions of less than 100 units located in or near towns. The exceptions to that rule were subdivisions in unincorporated Garfield and Eagle Counties throughout Missouri Heights. Several such subdivisions were approved but never constructed or minimally developed. By the late 1980's development pressures increased in the lower valley and real estate speculation increased. Larger subdivisions with high infrastructure costs and substantial acreage were proposed in both counties. The rate of growth in the midvalley is about twice the rate in Pitkin County. Such development when approved threatens historical land use patterns, municipal tax base, and clear delineation of community boundaries. As suburban subdivisions replaced agricultural uses many local residents have experienced a threat to the quality of life which they have come to enjoy. As these pressures have increased, counties and town have looked to new planning tools such as comprehensive planning, urban growth boundaries, and transferable development rights to direct growth to appropriate locations. Open space acquisition and agricultural preservation is supported by comprehensive and master plans in every town and county in the service area. In the summer of 1999, the Roaring Crystal Alliance sponsored a regional open space study to identify and rank undeveloped or under -developed parcels from Aspen to West Glenwood Springs. The study, performed by Robert Schultz Consulting and Otak/Rock Creek Studio ranked parcels for open space value based on rational planning criteria including biological significance, view plane, agricultural value, wildlife mapping, and buffers between communities. The study would provide the basis for an open space program to identify and prioritize acquisitions of open space parcels. . There is currently no dedicated revenue for acquiring open space in the mid and lower valley. That forces local governments to reduce other local services in order to provide funding for open space acquisition. Thus far, local elected official have rarely been able to fund such acquisitions or to provide matching funds for non -local open space grants. The District will provide a dedicated funding source to implement open space goals and to match non -local grants for open space acquisition and recreation improvements, such as trails. The District will provide economical and sufficient service to the area to address the needs of the area and will have the financial ability to discharge its indebtedness as demonstrated in the Financing Plan in Section IV. ROARING FORK OPEN SPACE DISTRICT PLAN 3 III. PROPOSED SERVICES OF THE DISTRICT The District will finance the acquisition of open space, purchase conservation easements, and provide for the maintenance and operations of improvements and land owned by the District for the benefit of taxpayers and owners of real property within its boundaries through the Financing Plan in Section IV. The District will work closely and cooperate with the Local Jurisdictions to serve and promote the health, welfare, safety, prosperity, security, and general welfare of its inhabitants. The District will also work closely with state and national funding sources to attract non -local funding for open space acquisition and improvements. In addition, the District will work closely with conservation, education organizations, and other private groups interested in open space and recreation. The District appreciates the need for a diversity of park and recreation experiences and will coordinate planning with local recreation providers. The District recognizes the potential validity of future recreation districts and will consent to their creation, if approved by public vote. ROARING FORK OPEN SPACE DISTRICT PLAN 4 N. FINANCIAL INFORMATION AND FINANCING PLAN This section describes the nature, basis, method of funding, debt, and mill levy limitations associated with the District's public improvements program and operations. A detailed Financing Plan and statement of assumptions is contained in Exhibit A. a. Debt Limitation The aggregate general obligation debt of the District shall not exceed Ten Million Dollars ($10,000,000), unless the District receives the prior approval of Eagle and Garfield Counties and its qualified electors. b. Debt Issuance The District intends to issue an initial series of bonds in the approximate amount of Ten Million Dollars ($10,000,000) for acquisition of fee simple land and conservation easements. Refunding bonds may be issued by the District to refinance original issue bonds in compliance with applicable law. c. Identification of District Revenue The mill levy to support debt and operating expenses will not exceed 2.5 mills without voter approval. The District anticipates significant non -local funding to support implementation of its open space and recreation programs. d. Security for Debt The District will not pledge any funds, assets or credit of the Local Jurisdictions as security for the indebtedness. The Local Jurisdictions will bear no responsibility for repayment of the District's debt. ROARING FORK OPEN SPACE DISTRICT PLAN 5 e. Financing Plan A detailed financing plan prepared by Terry Casey of Dain Rauscher is attached as Exhibit A, containing the following: 1.) The total debt for the District; 2.) The total amount of debt to be issued during the three (3) year period commencing with the formation of the District and beyond; 3.) All proposed sources of revenue and projected District expenses, as well as the assumptions upon which they are based for at least a ten year period from the date of organization of the District.; 4.) The dollar amount of any anticipated financing, including capitalized interest, costs of issuance, estimated maximum rates and discounts and any expenses related to the organization and initial operation of the District; 5.) A detailed repayment plan covering the life of financial, including the frequency and amounts expected to be collected from all sources; 6.) The amount of any reserve fund and the expected level of annual debt service coverage that will be maintained. f. Operating Costs of District The District will require sufficient operating funds to plan and acquire lands, implement trail improvements, and maintain lands. A general description of the estimated cost of acquiring, land, engineering services, legal services, administrative services, and other expenses are included in Exhibit A. ROARING FORK OPEN SPACE DISTRICT PLAN 6 V. ENGINEERING SURVEY AND DESCRIPTION OF PROPOSED FACILITIES Given the nature of the proposed District with an emphasis on open space acquisition, an engineering survey and description of proposed facilities are not applicable. Any proposed facilities would be reviewed through applicable regulations and approved by Local Jurisdictions. ROARING FORK OPEN SPACE DISTRICT PLAN 7 VL BOUNDARIES & VALUATION A legal description and a detailed boundary map of the service area is included in Exhibit B. The 1999 Assessed Value of property within the proposed District boundary was $406,541,270. The estimated Assessed Value and size of the District may be affected by the exclusion of properties pursuant to 32-1-307, C.R.S. that are in excess of forty acres and are zoned and used for agricultural purposes. The effect of exclusion is deemed minimal because of the valuation of the property as "agricultural" land and the limited amount of such lands. In addition, it serves the purposes of the District to allow exclusion of such land to support true agricultural users. The estimated population of the District in 1999 was 23,870. A 2.5 mill levy rate will generate approximately $1,000,000 in the first year of District existence. Funding will be distributed according to the following formula: No less than 70% of revenues - Acquisition of fee simple land and establishment of conservation easements. Preservation or conservation of sites, scenes, open space, and vistas of recreational, scientific, historic, aesthetic, or other public interest, Not less than 15% - Provide funding necessary to develop recreation opportunities within the district, specifically, development and maintainence of trails, and other improvements. Not more than 15% Maintenance of acquired properties and administration. VII, ANNUAL REPORT The District will submit an annual report to the Local Jurisdiction within one hundred twenty (120) days from the conclusion of the District's fiscal year (December 31). the annual report shall include all legally required information and the following: a. Boundary changes made or proposed; b. Intergovernmental Agreements entered into or proposed; c. Status of acquisitions and conservation easements; d. The current Assessed Valuation in the District. ROARING FORK OPEN SPACE DISTRICT PLAN 8 VIII, LANDOWNERS PUBLIC IMPROVEMENTS The creation of the District shall not relieve any developers of property, their successors or assigns of any open space or recreation requirements of Local Jurisdictions unless otherwise stipulated through an IGA with a Local Jurisdiction. ROARING FORK OPEN SPACE DISTRICT PLAN 9 EXIIIBIT A FINANCING PLAN AND OPERATING BUDGET ROARING FORK OPEN SPACE DISTRICT PLAN 10 Di61 RttUSCHER INVESTMENT SERVICES INVESTMENT BANKING June 8. 2000 The Petitioners of Roaring Fork Open Space and Recreation District Garfield and Eagle Counties, Colorado We have compiled the accompanying projection of revenues. expenditures and debt service schedules for Roaring Fork Open Space and Recreation District. These projections are not presented in conformance with any externally promulgated guidelines. Rather they represent our best estimates of assessed valuation levels, operating revenues, debt service revenues, specific ownership taxes and resultant mill levies for the District given the attendant assumptions stated herein. Respe fully, Terre Casey =� Managing Director enclosures TC/nw Suite 2200 1200 17th Street Denver. CO 80202-5822 (303) 595-1100 Dain Rauscher Fax (303) 595-1221 Member NYSE/SIPC ROARING FORK OPEN SPACE AND RECREATION DISTRICT (In the Formation Stage of Development) SUMMARY OF SIGNIFICANT FORECASTED ASSUMPTIONS June 8, 2000 NOTE 1) NATURE AND LIMITATION OF FORECAST This forecast of financial information is for the purpose of a financial analysis of the proposed Plan of Roaring Fork Open Space and Recreation District (the "District"). It is to display how the proposed facilities and services are to be provided and financed. This financial forecast presents, to the best knowledge and belief of the District. the District's expected revenues and expenditures of cash receipts and disbursements for the forecasted periods. Accordingly. the forecast reflects the District's judgement. as of June 1. 2000. the date of this forecast. of the expected conditions and the District's expected course of action. The assumptions disclosed herein are those the District believes are significant to the forecast. There still usually may be differences between forecasted and actual results, because events and circumstances frequently do not occur as expected, and those may be material. The forecast is expressed in terms of 2000 dollars. The possible effects of inflation (or deflation of valuation) have not been considered in these assumptions, except as stated specifically in the forecast. NOTE 2) ORGANIZATION The Petitioners for the formation of the District, a quasi -municipal corporation, are in the process of organization. The District will be governed pursuant to provisions of the Colorado Special District Act (Title 32). The District will operate under a service plan approved by Eagle and Garfield Counties and the towns of Glenwood Springs, Basalt, and Carbondale. The District's service area is located in a portion of Garfield and Eagle County and partially in the incorporated towns of Glenwood Springs, Basalt. and Carbondale. The District is being established to finance. purchase. construct. and maintain open space and recreational assets in the above described area. As set forth in this plan, the District is forecasted to issue 510,000,000 of voter approved limited tax debt. Formation of the District is intended to be timed to allow for the proper legislative. judicial and election process to be completed in order for the District electors to be able to vote for the authorization of debt and tax levies and TABOR questions in November. 2000. NOTE 3) PETITIONERS/INITIAL BOARD OF DIRECTORS — Unincorporated Garfield County — Town of Basalt — Town of Carbondale — Unincorporated Eagle County — Town of Glenwood Springs NOTE 4) PROPERTY TAXES The primary source of revenue or cash receipts will be ad valorem property taxes. Property taxes are determined annually by the District's Board of Directors and set by County Commissioners of each county as to rate or levy based upon the assessed valuation of the property within the District. The Garfield and Eagle County Assessors determine the assessed valuation. The levy is expressed in terms of mills. A mill is 1/1,000 of the assessed valuation. The forecast assumes that the District will be able to set its mill levy for operating purposes and debt service at 2.5 mills for the term of the forecast. Furthermore. the petitioner's operating levy question and debt question will include mill levy cap of 2.5 mills. NOTE 5) ASSESSED VALUATION ASSUMPTIONS The District's proposed boundaries are spread over portions of unincorporated Garfield and Eagle Counties as well as the incorporated towns of Basalt. Carbondale, and Glenwood Springs. The historical assessed valuation growth rate for these areas is presented below. The forecast model assumes 12% growth for the next three reassessment years of 2002, 2004, and 2006 and 4% for all other years. History of Average Growth Rate in Roaring Fork Open Space and Recreational District Assessed Valuation Growth Levy Year Average % Change from Prior Year 1999 $406,541.270 14.52 1998 $354,999,540 4.89 1997 $338,435,020 20.93 1996 $279,852,620 4.82 1995 $264.127.070 NOTE 6) NOTE 7) NOTE 8) The District will include both residential and non-residential property: all residential propertyis assumed to be assessed at 9.74% of market value and commercial property at 29% of market value. SPECIFIC OWNERSHIP TAXES Specific ownership taxes are set by the State and collected by the County Treasurer primarily on vehicle lice-; ig within the Counties as a whole. The specific ownership taxes are allocated by the County¢:, ieasurers to all taxing entities within the Counties. The forecast assumes that the Districttt :e will be equal to approximately 10% of the property taxes collected. Specific ownership taxes are allocated based on a formula expressed as follows: (District Total Property Taxes/Total County -wide Property Taxes) X Total County -wide Specific Ownership Taxes. Given the number of independent variables in this allocation formula, the forecast assumes conservatively that the District's share of specific ownership taxes are allocated as 10% of its property taxes levied. INTEREST INCOME The forecast model assumes that year-end balances earned interest at 4%. OPERATING EXPENSES Operating expenses for the Trail Development and Recreational Asset Budget are itemized below and are assumed to increase at the rate of growth in assessed valuation, i.e. either 12% or 5%. Operating Expenses for Administration and Maintenance are also estimated below and are expected to increase at 5% annually. Fiscal/Calendar Year 2001: Trail Devel. and Recreational Asset Budget: Administration and Maintenance Budget: Engineering 30,000 Staff 60.000 Planning and Permitting 15,000 Legal 30,000 Construction 60,000 Office Rent 6,000 Waste Disposal 4,000 Office Supplies 4,000 Maintenance 30,000 Land Mgmt — Contract 12,000 Miscellaneous 11,000 Miscellaneous 6,000 Total S150,000 Total $130,0001 NOTE 9) CAPITAL IMPROVEMENTS AND LAND ACQUISITION The District's estimated cost of Open Space Land Acquisition is $10.000,000. NOTE 10) DEBT SERVICE The District anticipates issuing voter approved limited tax bonds in one Series to pay for the above mentioned open space acquisition. The bonds x\ ill be issued in December of 2000 in the amount of $10.000.000: the issue will be sold as a20 year issue. and is assumed to have a net Net Interest Cost of 6.25°/0. to- Ip V V N V1 O N O N m N n v u Z P P P m A� bma 0 I m. h w 2 .p ,p �o P 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o E 0000000000a00000�., Ste. o�u o�i�PPo + P m Z 0 0 a NKINWNNAINKINNNWNNWNWNW O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 e0000000aoP0000 00 g N 2 a tsi • m A N P P P P P P P P P P P P P P PPP P d. ROARING FORK OPEN SPACE & RECREATION DISTRICT SERIES 2000 LIMITED TAX BONDS $10,000,000 DEBT SERVICE SCHEDULE Pate Principal Coupon Interest Total r+I 19/15/2000 - - 12/15/2001 - 625,000.00 62 5,000.00 12/15/2002 290,000.00 6.25041, 625,000.00 915,000.00 12/15/2003 305,000.00 6.250% 606,875.00 911,875.00 12/15/2004 325,000.00 6.250% 587,812.50 912,812.50 r, 12/15/2005 345,000.00 6.250% 567,500.00 912,500.00 12/15/2006 370,000.00 6._50"5 545,937.50 915,937.50 12/15/2007 390,000.00 6.250% 522,812.50 912,812.50 12/15/2008 415,000.00 6.250% 498,437.50 913,437.50 12/15/2009 440,000.00 6.250.0of 472,500.00 912,500.00975,000.00 12/15/2010 470,000.00 6.250% 445,000.00 500,000.00 6.250% 415,625.00 915,625.00 12/15/2011 12/15/2012 530,000.00 6.250% 384,375.00 914,375.00 12/15/2013 565,000.00 6.250% 351,250.00 916,250.00 12/15/2014 600,000.00 6.250% 315,937.50 915,937.50 913,437.50 278,437.50 12/15/2015 635,000.00 6._5045 913,750.00 12/15/2016 675,000.00 6.250% 238,750.00 12/15/2017 715,000.00 6.250% 196,562.50 911,562.50 12/15/2018 760,000.00 6.250% 151,875.00 911,875.00 12/15/2019 810,000.00 6.250% 104,375.00 914,375.00 12/15/2020 860,000.00 6.250% 53,750.00 913,750.00 Total 10,000,000.00 - 7,987,812.50 17,987,812.50 YIELD STATISTICS Frond Year Dollars Average Life Average Coupon Net Interest Cost (NIC) True Interest Cost (TIC) Bond field for Arbitrage Purposes All Inclusive Cost (AIC) IRS FORM 8038 Net Interest Cost Weighted Average Maturity Dain Rauscher Inc. Public Finance Deimrhuenl 8127,805.00 12.781 Years 6.2500000% 6.2500000% 6.2500000% 6.2500000% 6.2500000% 6.2500000% 12.781 Years File = SER2000(aI(i.25.sl-SER2000A- SINGLEI'URPOSE Li/ 5/2000 3:51 1114 EXHIBIT B LEGAL DESCRIPTION AND DETAILED BOUNDARY MAP The boundaries of the District will follow the boundaries of the Roaring Fork School District (RE -1), excluding all parcels exclusively in Pitkin County. A legal description and detailed boundary map follow. ROARING FORK OPEN SPACE DISTRICT PLAN 11 4 • AA •T: !LEGAL, DESCRIPTIbN DESCRIPTION of Roaring Fork School Distr ct No. Re -I (Joining, with 6fAifield.. Eagle, and Pitkin Counties). • Routg:Fork School District No. Re -1 consists OC 311 trritory .within al,oundary line deseribead as follows (All Townships I. I) are south of the 40 Base line and all Ranges t . •.,. ;..s.. of the 6' principal :\•leridian: 1. Beginning at the NE corner of Sec. 5, T.3S, R.89 V; ..) Thence sOuth to the SL comer of Sec. 32, T.4S. R. 39W; Thence east on the. S line of .1..4S to the NW comer of Sec. 6, '1..5S. R 87 \V; 4. i. hence south to the NW comer of See. 18. T.5S, R. 37W; Theme east to the NE comer of Sec.. 17, T.5S, R 87W; Thence SOUt . it the center line o:: the Colorado River at its intersection with thr.! i. line of -See 20, T.5S, R.S7W; l'henee northerly and eastei-ly along the cer.ter hie of the Colorado RiN..er to its intersection with the east line o:=Sec. 15, T.cS, Ri.87W; ;silence south to the SF. corner or Scc. 3,4. T..5S, R. 87W; ,j. •l'hence east to the Garfield County boundary 1in at its intersection with the N i.A: See. 4.-1..6S, R.87W; ' 4 ) . Thence south along the boundary line or G'affiel.. County to the E -W c =ter hr.c ''....,ec. 33, T.6S, R.87Vv'; I , i 1 1 .1 -hence cam to the center of Sec.. 34, T.i..-/S.. 9.. 12. {hence south to the N l..1 comer of Sec. 3, T.7S, r;. . 87W: 13. Theni:e east to the NE eorn:r of See. 1, T.7S, R. 87W; 14. ';:hence south to the SW comer Qf See. 33, T.6S,!R. 87W; 17'... l'hence due east to thc SEcorr.er of Sec. 31, 17.6., R. 84W; i t.. hence due south 3 tni :es MI. to,a point: 17. zenc.:: due eLtst along al.:: N 1ines of Sections 23; and 24, T.7S, RI 8.3W 15 riile,.. 1\11 to a point; i . Thence due south to a point at the N boundary line of Pitkin Cnty: . ... Thenc..e east along the N bulimia* line of Pi..k:n1C.o.unty to its intersection with point common to Eagle. Lae, and Pitkin Countles; ..'.0. Thence southerly along the E boundary line of Plitkin County to 39 b; 1 . Thence due west to a point due south of the SE comer of Sec. 33. I. SS, R. S3\,:: .)..:Z. Thence north to the SI -L comer of.suid Sec. 33. TrSS, R.S3Niv% •.'.',. Thenze \v•!st to the SF corner of See. 36. T.SS, 4.85W . .:2. Thence north to the SE corner of See. 24. T.SS, :35\V; 25. lhnce west to the SE corner of Sec. 21:), T.SS, it SSW; ..6 Thenc;:: south to the SE corner of Sec. 32. T,SS,k, .85W; 27. Thence west to the SW corner of Sec. 31. T.SS,R.85W; ).,, Filence south to the N1,11,' .Jorner of Sec. IS. T.9S1, R.S5\,V; -...,'.). Ibence east to the NE co rri!:. of Sc. 1 7, T.9S, R.85W; L 6 Fa' 9 6 L - e cis 'd • z.' •• . • • • • • t • t ; ; i 1 I' lie: AA - Pae . Thence south to the SE corner 01:3aid Sec. 17, 7,`;S, R.S5W; 1 -hence west to the SW corner c'.-. said Sc. 17, T.S. R.S5W; 3:. Thence southwest to the SF. corner of Sec. 24, .T.S, R.MN,V; 33. 1 hence south to the SE corner of Sec. 25. T.9S.11.86W; 34. Thence southwest to the NE corner of Sec. 10. T.10S, R.86W; :' ''. 'thence due south to the Second Correction Line North; .:(,. Thence west along the Second C-ATeetion Line North to the NF comer of Sec. 4. -1,11S, R,S6W; - . .-17. I hence due south along the Scc. lines to the S bo[indary line of Pitkin Count: 3S. 'ilience northerly and wes:eriy along the SW boundary line o Pitkin County to ntersection with the S boundary line of Garfield County; 9. !-hence. north along the boundary line of the Whitt River National forest to the S corner of Sec. 34, T.7S, R.90‘,",.. in the vi,.•-initv or Bald Mountain: 40. Thence east to the SW corner of Sec, 31, *1.7S. R.89W. L. .1'henee north to the NW corner of Sec. 7, T.7S, R.S9W. 42, Thence west to the SW corner of See. 1. T, 7S. R 9O\'; 4.i, . Thence north to the NW xrner of said Sc. 1. T5S, R.90W: :A. Thence cvest to the W ,,:or.cr oi.7Ste. 3, T.6S, R 90W; -...i. T.:hence north to the NW corner of saidSe....s. 35, T.6S. R.9O\V .1-6. Thence west to the SW comer cfSec. 27 1 S k.,-.10‘1+,'; -; 7. Thence north to the SW comer of See. 3, T.6S, 4.90W; 4F.l. Thence wegt to the S 1.1; comer or Sec. 5,, T.65, .12i90W : Theme north to the N '...'4C0111t7 ,f said Sc. 5, Ti6S. R.90W: Thence cztst to the SWCon-ler of Sec. 36. T.5S. R.S9 Thence n-th to the W '-•.; come:: ;:lt: said See. 36, iT.5S. R.S9 \:. The rie crest along the EW center line of See. 35, T.5S, R.89 1/2 \\.,' 17S.7 3, Thence south to the center I He of the Colorado lki‘,.er: Thence ,.k..esterly along the Center eir.e 01 C:k,rad3 River 10 its intersoction ‘vith ;.1-...: W line of Sec. 34, T.5...S, R.90W. extended souk if necessary; .1 -hence north to thel\l'N corne:: of Sec. 3, T.3S. ..90W, being a point on th.! N boundary line of Garfie:(1 County: 1 . •. ',Thence east alonc the N boundar. line ol-Garfield Co.Inty to the point cs,f. 'ocit; iilg. Anted.Revised: July 1991 R.evised: Februarvla,s0 District - • 'f.Y..;;54114..51.40•11,0,51" 1r. - 41.*J1- • 55Vi•5.. . MVP 5/f 5' 5.10151 5 5/55155 5 tf• "M"ef:INIT .552pY vxmax4,6.,:;1700,,,ZA° . • 75. „ 74 MM. 7ZrE,'477 "4"." 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W CA N O X 0) 0 CO CO A NJ (O OO 0 CO m D 0 0 0 0 0 0 0 0 0 0 0 0 v y y 0 my m Z 3 a 7J 0 o D ( c r D c St 0 N CT - v-, 0 N 01 D 01 ) Cr, A O W 01 W Ul A W coWN (O a) COC -J W N) CO -1 0) O (O o cO W rn C a (O-o4(n4�ti�� D 0o omo0000000 r OOOZ/0 WLO w 0 ) 0 0 0 0 0 0 0 0 01 0 Cr) 6666666666 w O o 0 0 0 0 0 0- O cr1 0 o 0 0 0 0 0 0 0 0 CO CO CD -CO N CD O 0) CO Q) O O CD O O CA O N CD 0 0 0 0 0 0 0 0 0 0 n m y NOIldI I3S3a m r a3SS3SSv m cn cr 0 m• �D0 N ii N 5- m Q— Z X 7 0 D N c r D'47 0 ROARING FORK OPEN SPACE & RECREATION DISTRICT SERIES 2000 LIMITED TAX BONDS $10,000,000 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 12/15/2000 12/15/2001 - - 625,000.00 625,000.00 12/15/2002 290,000.00 6.250% 625,000.00 915,000.00 12/15/2003 305,000.00 6.250% 606,875.00 911,875.00 12/15/2004 325,000.00 6.250% 587,812.50 912,812.50 12/15/2005 345,000.00 6.250% 567,500.00 912,500.00 12/15/2006 370,000.00 6.250% 545,937.50 915,937.50 12/15/2007 390,000.00 6.250% 522,812.50 912,812.50 12/15/2008 415,000.00 6.250% 498,437.50 913,437.50 12/15/2009 440,000.00 6.250% 472,500.00 912,500.00 12/15/2010 470,000.00 6.250% 445,000.00 915,000.00 12/15/20I1 500,000.00 6.250% 415,625.00 915,625.00 12/15/2012 530,000.00 6.250% 384,375.00 914,375.00 12/15/2013 565,000.00 6.250% 351,250.00 916,250.00 12/15/2014 600,000.00 6.250% 315,937.50 915,937.50 12/15/2015 635,000.00 6.250% 278,437.50 913,437.50 12/15/2016 675,000.00 6.250% 238,750.00 913,750.00 12/15/2017 715,000:00 6.250% 196,562.50 911,562.50 12/15/2018 760,000.00 6.250% 151,875.00 911,875.00 12/15/2019 810,000.00 6.250% 104,375.00 914,375.00 12/15/2020 860,000.00 6.250% 53,750.00 913,750.00 Total 10,000,000.00 - 7,987,812.50 YIELD STATISTICS 17,987,812.50 Bond Year Dollars $127,805.00 Average Life 12.781 Years Average Coupon 6.2500000X, Net Interest Cost (NIC) 6.2500000% True Interest Cost (TIC) 6.2500000% Bond Yield for Arbitrage Purposes 6.2500000% All Inclusive Cost (AIC) 6.2500000% IRS FORM 8038 Net Interest Cost 6.2500000% Weighted Average Maturity 12.781 Years Data Rauscher Inc. File = SER2000 /6.25.sf-SER2000A- SINGLE PURPOSE Public Finance Department 6/ 8/2000 1:45 FM Roaring Fork Open Space Park and Recreation District Amendments to Service Plan The following amendments shall be made to the Service Plan for the Roaring Fork Open Space Park and Recreation District which amendments have been approved by the Board of County Commissions for Eagle County, Colorado and the Board of County Commissioners for Garfield County, Colorado on the 12th day of September, 2000. These Amendments and the original Service Plan shall be construed together. 1. In Part I, Introduction, the last line of the first paragraph shall be deleted and the following new second paragraph will be added: The District shall have all of the powers provided by law. As a matter of Service Plan Policy, the District shall not exercise the right of condemnation. Pursuant to statute, the District is empowered to exercise the power of eminent domain (i) only within the boundaries of the District, (ii) only for the purpose of easements and right-of-way for access to such facilities operated by the District, and (iii) only where no other access to such facilities exists or can be acquired by other means. Given the intent of the District and this Service Plan to forego the statutory power of eminent domain, the District will not acquire or operate any open space, park, or recreation lands or facilities which will require the exercise of this statutory power of eminent domain. read: 2. In Part III, Proposed Services of the District, the third paragraph will be amended to It is hereby acknowledged that the District is intended only for the acquisition of open space, conservation easements and public parks for passive recreation uses and that such facilities do not by their nature duplicate or interfere with any other park and recreation improvements or facilities which future or existing special districts may acquire or construct, including without limitation other open space and conservation easements that may by acquired by such other special districts. Accordingly , it is acknowledged that there is no reason why the District's Board of Directors would not consent to the creation of any such other special district exercising park and recreation powers, as provided in C.R.S. 32-1-107(3), and to extent permitted by law, it is the intent of this Service Plan that the District's Board of Directors shall consent to the creation of such other special districts. Specifically, the District's Board of Directors will consent to the creation of such other special recreation district to make improvements and/or operate the Mount Sopris Tree Farm site in Eagle County. 3. In Part III, Proposed Services of the District, a new paragraph will be added to read: It is not the intent of this Service Plan to allow the District's Board of Directors to purchase land the sole purpose of which would prevent the natural expansion of any municipal or special district's utilities. Such utilities could be constructed over land owned by the District at suitable locations along the boundaries of any such land or at such other suitable locations as the District's Board of Directors and the owner of such utilities can agree. The construction of any utilities across District owned land shall be accomplished so as to minimize the impact upon the District owned land, and the owner of such utilities shall fully mitigate the construction by re -vegetation and such other reasonable means as agreed between the District's Board of Directors and the owner of such utilities. 4. In Part III, Proposed Services of the District, the second paragraph shall be amended to read as follows: The District will work closely and cooperate with the Local Jurisdictions to serve and promote the health, welfare, safety, prosperity, security and general welfare of its inhabitants. The District shall submit, pursuant to C.R.S. 30-28-110, any proposed improvements to the Eagle County or Garfield County Planning Commission depending upon the county in which the proposed improvements will be located. The District will also work closely with state and national funding sources to attract non -local funding for open space acquisition and improvements. In addition, the District will work closely with conservation, education organizations, and other private groups interested in open space and recreation to read: 5. In Part IV, Financial Information and Financing Plan, paragraph C. will be amended C. Identification ofDistrict Revenue: The District' s total ad valorem property tax mill levy shall not exceed 2.5 mills for all purposes, including the mill levy imposed for debt purposes. Any bonds or other obligations issued, and operations and maintenance expenses incurred, shall be payable solely from the proceeds of a mill levy not in excess of 2.5 mills. It is acknowledged that the foregoing provisions are material and any deviation from these provisions is a material change from this Service Plan. 6. In Part VI, Boundaries and Valuation, the third paragraph will be amended to read: A 2.5 mill levy rate will generate approximately $1,000,000 in the first year of the District existence. Unless the District's Board of Directors determines that the public peace, health and safety requires otherwise, it is the intent of this Service Plan that the following will control the expenditure of funds by the District: