March 4, 2015

Boulder County eyes certificates of participation to fund flood repairs

The Boulder County Commissioners on Thursday will discuss the use of certificates of participation to fund faster completion of various flood-recovery projects.

The Times-Call reports that the county would use revenue from the flood-recovery sales and use tax approved by Boulder County voters last November to repay the debt. That tax is projected to collect $49.6 million by 2019, but borrowing against those revenues would allow certain flood-recovery projects to begin sooner by not having to wait for the tax revenue to come in.

Certificates of participation are the same funding mechanism the city of Longmont is using to fund $27.5 million in public money contributed to the redevelopment of the former Twin Peaks Mall site. Longmont’s plan drew fire from the community because it involves putting up four city buildings — the Development Services Center, the Safety and Justice Center, the Civic Center and the library — as collateral to back the certificates of participation being used to fund a private development.

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Through the use of COPs, the county would essentially sell some of its buildings to a trustee. As the building-backed loans are paid back over time, the county would get the titles to its buildings back. The funding mechanism is one Boulder County has used in the past to fund construction of new buildings.

The Boulder County Commissioners on Thursday will discuss the use of certificates of participation to fund faster completion of various flood-recovery projects.

The Times-Call reports that the county would use revenue from the flood-recovery sales and use tax approved by Boulder County voters last November to repay the debt. That tax is projected to collect $49.6 million by 2019, but borrowing against those revenues would allow certain flood-recovery projects to begin sooner by not having to wait for the tax revenue to come in.

Certificates of participation are the same funding mechanism the city of Longmont…

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