CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN …bmrmetro.org/cbmrmd/meetings/packets/Consolidated_Bell_Mountai… · 05/11/2019 · participate in voting or take any other action

{00667748.DOCX / }

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT REGULAR BOARD MEETING AGENDA

Board of Directors: Up For Re-Election: Russell Grant, President May 2020 Calvin Bills, Vice President May 2020 Frank Strand, Secretary / Treasurer May 2020 Steve Luthy, Assistant Secretary / Treasurer May 2020 VACANT, Assistant Secretary / Treasurer May 2020 Date: November 5, 2019 Time: 6:30 p.m. Place: Lowell Ranch 2330 S. I-25 Castle Rock, CO 80104 1. Call to Order

________________________________________________________________________ 2. Declaration of Quorum/Director Qualifications/Disclosure of Conflicts

A. If needed, motion to excuse Director absence ________________________________________________________________________

3. Approval of Agenda ________________________________________________________________________ 4. Discuss Board Vacancy ________________________________________________________________________ 5. Community Comments - Members of the public may express their views to the Board on matters that affect the District. Comments will be limited to three (3) minutes per peson.

________________________________________________________________________

6. Manager’s Report / Administrative Matters A. Review and Consider Approval of the Minutes of the October 3, 2019 Study

Session and October 1, 2019 Regular Meeting (enclosed) B. Review and Consider Approval of CRR (Cash Requirements Report) for September

Totaling $49,864.44 including BMR Water Usage Totaling $3,595.00 (enclosed) C. Review and Accept Cash Position Report as of November 2019 (to be distributed) D. 2020 Insurance Renewal E. Approve 2020 Simmons & Wheeler Accounting Services Engagement Letter

(to be distributed) ________________________________________________________________________

1

Consolidated BMR Metropolitan District Agenda – November 5, 2019 Page 2

{00667748.DOCX / }

7. Director Discussion - Action

A. Conduct Public Hearing to Consider Approval Amendment of 2019 Budget, if Necessary, and Adoption of 2020 Budget, Appropriate Expenditures and Certify Mill Levies; Consider Approval of Resolution to Amend 2019 Budget, if necessary, Approval of Resolution to Adopt 2020 Budget, Appropriate Expenditures and Certify Mill Levies (enclosed)

B. Douglas County Special Officer (DCSO) Traffic Safety Patrols – Director Luthy C. Trailhead Hiker Parking – Director Strand

D. Status of Park Repair, Maintenance & Improvements – Director Strand E. Status of IREA Right-of-Way Permit Work – Director Luthy F. COMCAST Right-of-Way Permit Work – Director Luthy G. Advanced Property Maintenance Contracts – Director Grant H. Status of Drainage Issue on Glade Gulch Circle – Director Strand I. Update on Drainage Culvert Repairs – Director Strand _______________________________________________________________________

8. Attorney Items

A. Update on Discussion with Bell Mountain Equestrian Center on Easements B. Accept Final Agreement with D.A. Davidson Regarding Future Bond Refinancing (enclosed) _______________________________________________________________

9. Adjournment

________________________________________________________________________

NEXT SCHEDULED REGULAR BOARD MEETING

Tuesday, December 3, 2019 at 6:30 p.m. at Lowell Ranch

2330 South I-25 Castle Rock, CO 80104

2

{00718292.DOCX / }

MINUTES OF A SPECIAL MEETING OF THE BOARD OF DIRECTORS OF THE

CONSOLIDATED BMR METROPOLITAN DISTRICT HELD OCTOBER 3, 2019

A special meeting of the Board of Directors of the Consolidated BMR Metropolitan District was held on Thursday, October 3, 2019 at 12:30 p.m. at Philip S. Miller Library, 100 S. Wilcox Street, Castle Rock, CO 80104.

Attendance In attendance were Directors: Russell Grant Calvin Bills Steve Luthy Frank Strand

Also in attendance: Bob Blodgett; CliftonLarsonAllen LLP Tim Flynn; Collins Cockrell & Cole Brooke Hutchens; D.A. Davidson

Call to Order Director Grant called the meeting to order at 12:35 p.m.

Declaration of Quorum/Director Qualification/ Disclosure of Conflicts

All of the Directors had previously filed Disclosure of Potential Conflict of Interest Statements with the Board and with the Secretary of State in accordance with statutory requirements. Such conflicts arise because each Director is also a Director on the Bell Mountain Ranch Metropolitan District. The Consolidated Bell Mountain Ranch Metropolitan District has entered into and may from time to time enter into additional agreements with the BMR Metropolitan District. All Disclosures of Potential Conflict of Interest Statements whether filed for this meeting or previously filed are deemed continuing in nature and are incorporated into the record of this meeting. All Directors stated that the participation of at least three of them in the meeting was necessary to obtain a quorum of the Board or otherwise enable the Board to act. After each Director had summarily stated for the record the fact and nature of his or her respective private interest and stated that the determination to participate in voting or take any other action on any contract or other matter in which he or she may have a private interest would be made in compliance with Section 24-18-109(3)(a) and (b), C.R.S., on an ad hoc basis, the Board turned its attention to the remaining agenda items.

3

CBMR Metro District October 3, 2019 Page 2

{00718292.DOCX / }

Approval of Agenda

Upon a motion duly made by Director Luthy, seconded by Director Strand, and upon a vote, unanimously carried, the Board approved the agenda as submitted.

Community Comments

None.

Consider Engagement of Investment Banking Firm

With recent downward trends in interest rates, Ms. Hutchens of D.A. Davidson reviewed various refinancing strategies and options with the Board. On behalf of the District, D.A. Davidson offered to monitor interest rates. D.A. Davidson will not begin to seek lenders with an RFP until the Board decides to proceed. She reported that BBVA, Academy Bank and NBH are the likely lenders to respond regarding a 20 year loan. After additional discussion, upon a motion duly made by Director Strand, seconded by Director Luthy, and upon a vote, unanimously carried, the Board approved the engagement letter with D.A. Davidson, subject to final review by Mr. Flynn. No RFP’s will be sent at this time, however.

Discuss Traffic Calming Devices

Director Strand distributed information received from Douglas County regarding their reasoning for not approving speed bumps on Douglas County Roads. They noted that the District roads were not accepted as County roads, so the District may proceed as they wish. Director Luthy reported traffic issues this morning at the Ranch related to construction and passenger vehicles that he personally witnessed, including the speed of some of those vehicles, within the IREA construction zone along Glade Gulch Rd. Other Board members expressed concern that addressing the speeding issue is an immediate concern for residents. Director Luthy recommended that the Board obtain a proposal from the Douglas County Sheriff’s office for off-duty Sheriff’s officers to patrol the Ranch at $70 per hour. Their minimum commitment is a three hour timeframe for $210. Director Luthy recommended that $5,000 be authorized immediately for off-duty officers as a pilot program to determine what its impact will be on speeding. After further discussion, upon a motion duly made by Director Strand, seconded by Director Grant, and upon a vote, unanimously carried, the Board authorized Director Bills to continue research on the use of speed bumps on District roads and approved funding for Director Luthy to obtain a contract for off-duty Douglas County Sheriff officers work at Bell Mountain Ranch, subject to Mr. Flynn’s legal review of the agreement.

Discuss Rules and Regulations

Director Bills reported he recently met with Doug Deleff, President of the BMR HOA, to discuss the status of the Rules and Regulations. He distributed

4


{00718292.DOCX / }

an email response from Mr. Deleff regarding the status. Mr. Deleff reported the HOA Board has a committee which has drafted a Consolidated Rules and Regulations document for the HOA and the District. The Rules Committee is to consider this work at an October 12th meeting. Following that meeting, the recommendations of the HOA will be forwarded to the District for review prior to being sent to the residents within the District. The Board deferred discussion until they can review the Rules and Regulations document to be sent by the HOA in the future.

Discuss Bell Mountain Equestrian Center Easements

Mr. Flynn reviewed draft easement agreements between the District and the Bell Mountain Ranch Equestrian Center regarding Lot 98 and Tract C access issues. Mr. Flynn indicated he will further refine the document for review at the November 5th Board meeting. The Board concurred.

Other Items

Director Strand reported a culvert has been poured and an additional one is needed on Old Gate Road. He will request proposals for the additional culvert work. J and D Concrete is the contractor he recommends. Director Strand also reported that a guardrail is needed with the drainage culverts that go under Glade Gulch Rd next to the park. The guardrail will be 46 ft., about 23 ft. on each side. He will obtain a proposal for the November 5th Board meeting.

Adjournment Upon a motion duly made by Director Strand, seconded by Director Luthy, and upon a vote, unanimously carried, the Board adjourned the meeting at 2:57 p.m.

The foregoing minutes were approved by the Board of Directors on the ______ day of _________,

2019.

The foregoing record constitutes a true and correct copy of the minutes of the above-referenced meeting.

Respectfully submitted,

_________________________ Secretary for the Meeting

5

{00700372.DOC / 2 }

MINUTES OF A REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE

CONSOLIDATED BMR METROPOLITAN DISTRICT HELD OCTOBER 1, 2019

A regular meeting of the Board of Directors of the Consolidated BMR Metropolitan District was held on Tuesday, October 1, 2019 at 7:12 p.m. at Lowell Ranch, 2330 S. I-25, Castle Rock, CO 80104.

Attendance In attendance were Directors: Russell Grant Calvin Bills Steve Luthy Frank Strand

Also in attendance: Bob Blodgett & Pat Shannon; CliftonLarsonAllen LLP Tim Flynn; Collins Cockrell & Cole Brooke Hutchens; D.A. Davidson Ann Molner; 4219 Serenade Road Glenn Laufer; 4120 Old Gate Road Eugenia Thomas; 867 Glade Gulch Stephanie Kelley; 3741 Serenade Road Carl Erikson; 1658 Glade Gulch Kristi Hoben; 757 Glade Gulch

Call to Order Director Grant called the meeting to order at 7:12 p.m.

Declaration of Quorum/Director Qualification/ Disclosure of Conflicts

All of the Directors had previously filed Disclosure of Potential Conflict of Interest Statements with the Board and with the Secretary of State in accordance with statutory requirements. Such conflicts arise because each Director is also a Director on the Bell Mountain Ranch Metropolitan District. The Consolidated Bell Mountain Ranch Metropolitan District has entered into and may from time to time enter into additional agreements with the BMR Metropolitan District. All Disclosures of Potential Conflict of Interest Statements whether filed for this meeting or previously filed are deemed continuing in nature and are incorporated into the record of this meeting. All Directors stated that the participation of at least three of them in the meeting was necessary to obtain a quorum of the Board or otherwise enable the Board to act. After each Director had summarily stated for the record the fact and nature of his or her respective private interest and stated that the determination to

6


{00700372.DOC / 2 }

participate in voting or take any other action on any contract or other matter in which he or she may have a private interest would be made in compliance with Section 24-18-109(3)(a) and (b), C.R.S., on an ad hoc basis, the Board turned its attention to the remaining agenda items.

Approval of Agenda

Mr. Blodgett recommended that an agenda item be added to Discuss Bond Refunding Options under Manager’s Report/Administrative Items. Upon a motion duly made by Director Strand, seconded by Director Luthy, and upon a vote, unanimously carried, the Board approved the agenda as amended.

Accept Director Shiker’s Resignation

A. Discuss Board Vacancy Upon a motion duly made by Director Strand, seconded by Director Luthy, and upon a vote, unanimously carried, the Board accepted the resignation of Director Shiker.

Community Comments

Ms. Thomas asked why there was a skid steer in the park. Director Strand reported that the District’s contractor is currently doing concrete work. Director Strand reported that bark will be installed on October 10th. Ms. Thomas asked if there was a concern with any playground equipment, other than the swings, needing to be replaced due to rotting. Director Strand stated that there is no concern with the other playground equipment. Ms. Hoben asked what the District can do to get a new slide. The Board discussed and ultimately deferred the discussion to later in the agenda.

Manager’s Report/ Administrative Matters

A. Review and Consider Approval of the Minutes of the September 3, 2019 Regular Meeting

Upon a motion duly made by Director Bills, seconded by Director Strand, and upon a vote, unanimously carried, the Board approved the Minutes of the September 3, 2019 Regular Meeting.

B. Review and Consider Approval of CRR (Cash Requirements Report) for August Totaling $133,439.09 including BMR Water Usage Totaling $2,345

Upon a motion duly made by Director Strand, seconded by Director Bills, and upon a vote, unanimously carried, the Board approved the CRR (Cash Requirements Report) for August Totaling $133,439.09 including BMR Water Usage Totaling $2,345.

7


{00700372.DOC / 2 }

C. Review and Accept August 31, 2019 Financial Statements Upon a motion duly made by Director Luthy, seconded by Director Strand, and upon a vote, unanimously carried, the Board accepted the August 31, 2019 Financial Statements.

D. Review and Accept Cash Position Report as of October 2019 Upon a motion duly made by Director Strand, seconded by Director Bills, and upon a vote, unanimously carried, the Board accepted the Cash Position Report as of October 2019.

E. 2020 Budget Process 1. Discuss 2020 Draft Budget 2. October 15 – Draft Budget Submitted 3. November 5, 2019 Board Meeting – Public Hearing to Approve

2020 Budget Director Grant reviewed the draft budget.

F. Discuss Potential Bond Refinancing

Ms. Hutchens presented options for the District to refinance its Series 2010 Bonds and reviewed the potential impacts of refinancing. Ms. Hutchens took questions from the Board. The Board decided to hold a Special Meeting to discuss the refinancing further.

Director Discussion

A. Discuss Traffic Calming Devices Director Bills reported that he asked Mr. Laufer to conduct research into methods for traffic calming. Mr. Laufer presented comments made by residents related to reckless driving in the community and discussed the findings of his research. After researching multiple technologies, including security cameras and license plate readers, Mr. Laufer recommended installing speed bumps throughout the District. Mr. Laufer also reported that he has had discussions with the Douglas County Sheriff’s Office about hiring off duty officers for traffic detail in the District as a short term solution prior to speed bumps being installed. The Board will discuss this matter further during their Special Meeting.

B. Update on Stevens Ranch Construction Director Strand reported that Stevens Ranch has completed paving and drainage work. This item may be removed from future agendas.

8


{00700372.DOC / 2 }

C. Trailhead Hiker Parking Construction This item was discussed later in the agenda.

D. Status of Park Repair, Maintenance & Improvements

The Board discussed replacing the slide in the playground. Upon a motion duly made by Director Bills, seconded by Director Luthy, and upon a vote, unanimously carried, the Board approved the purchase of a slide for an amount not to exceed $7,000.

E. BMR Equestrian Center License Agreement Update Director Bills reported that he has started rewriting the BMR Equestrian Center License Agreement. Director Bills has a meeting at the Equestrian Center scheduled for October 5th to discuss the plan to enhance trails for 2020.

F. Metro Rules and Regulations This item was deferred.

G. Status of 2019 Chip Seal & Striping Work Director Grant reported that the chip seal and striping project is complete. Upon a motion duly made by Director Grant, seconded by Director Bills, and upon a vote, unanimously carried, the Board approved the release of retainage to A-1 Chipseal if no claims are filed as of the final settlement date.

H. Status of Revised IREA Right-of-Way Permit Work Director Luthy reported that he received a letter from IREA last week notifying the District that they will be beginning their work, as required by the District’s permit. Director Luthy expects IREA to start boring from the east end of the project area on Thursday.

I. Advanced Property Management Contracts Director Bills reported that he met with APM to discuss their quality of service. Director Bills recommended staying with APM and asked for authorization to draft a scope of work for their 2020 contract. The Board authorized Director Bills to draft a scope of work for APM.

J. Status of Drainage Issue on Glade Gulch Circle Director Strand reported that a plan is being developed to divert the drainage

9


{00700372.DOC / 2 }

from the roadway across the road shoulder in several locations so that it will flow to the existing drainage swales that are located approximately 30’ from the edge of the roadway.

K. Hiker Trail Parking Director Strand reported gravel will be installed and compacted tomorrow.

L. Update on Drainage Culvert Repairs Regarding the work needed on Glade Gulch Rd near Riva Rose Circle, Director Strand reported that the District’s contractor is forming a concrete gutter along the guardrail. Regarding the work needed near 4022 Bell Mtn Dr, repairs are scheduled. Regarding the work needed adjacent to the Community Park, installation of a metal culvert approximately 40’ long is being planned.

Attorney Items A. Update on Discussion with BMR Equestrian Center on Easements

Mr. Flynn reported that he has prepared license agreements for access across Bell Mountain Parkway to Tract C. The Board will discuss the easements further during their Special Meeting.

Other Business The Board decided to hold a special meeting later in the week to discuss: 1) Bond refinancing; 2) traffic calming devices; and 3) the Equestrian Center license agreements. Director Luthy will contact the Philip S. Miller Library in Castle Rock and inform the Board of options tomorrow. Mr. Flynn reported the special meeting can be posted online 24 hours before the meeting per the Board’s recent resolution.

Adjournment Director Grant adjourned the meeting at 9:15 p.m. The foregoing minutes were approved by the Board of Directors on the

______ day of _________, 2019.

The foregoing record constitutes a true and correct copy of the minutes of the above-referenced meeting.

Respectfully submitted,

_________________________ Secretary for the Meeting

10

DOWNLOAD | BACK

Unpaid Bills

VENDOR INVOICE # DATEDUE DATE

AGINGAPPROVAL STATUS

PAYMENT STATUS

OPEN BALANCE

A-1 Chipseal Co. 10983A 10/22/19 10/30/19 1 Approving Unpaid 6216.17

Advanced Property Maintenance, Inc 34803 07/08/19 10/30/19 1 Approving Unpaid 1590.00




BMR MD 35406July19 07/30/19 07/29/19 94 Approved Unpaid 0.00

BMR MD 35406Aug19 08/31/19 09/24/19 37 Approved Unpaid 0.00

BMR MD 35407Sep19 09/30/19 10/30/19 1 Approving Unpaid 1190.00



BMR MD 35408Oct19 10/30/19 10/30/19 1 Approving Unpaid 555.00



CVL Consultants of Colorado 027108 09/27/19 10/30/19 1 Approving Unpaid 1260.00

CliftonLarsonAllen, LLP 2272283 09/30/19 10/30/19 1 Approving Unpaid 2939.20

Frank Strand Refund 10/01/19 10/30/19 1 Approving Unpaid 4160.00

N GileConsolidated BMR Metropol…

HOME INBOX PAYABLES DOCUMENTS REPORTS NETWORK

Page 1 of 2Unpaid Bills

10/31/2019https://app.bill.com/AppExportReportServlet?r_templateId=UnpaidBills&r_endDate=10...

11

gile36098

Text Box

CRR

gile36098

Highlight

VENDOR INVOICE # DATEDUE DATE

AGINGAPPROVAL STATUS

PAYMENT STATUS

OPEN BALANCE

Frank Strand Refund 10/07/19 10/30/19 1 Approving Unpaid 230.00

IREA 24034901Sep19 09/30/19 10/30/19 1 Approving Unpaid 21.90

IREA 21897701Sep19 09/30/19 10/30/19 1 Approving Unpaid 43.17

J&D Concrete 2049 10/13/19 10/30/19 1 Approving Unpaid 12735.00

Knothead Tree and Lawn Care 2380 01/11/19 10/30/19 1 Approving Unpaid 425.00

Kolbe Striping, Inc 19071*01 09/11/19 10/30/19 1 Approving Unpaid 13517.10

Simmons & Wheeler, PC 25110 09/30/19 10/30/19 1 Approving Unpaid 1898.30

Grand Total 53459.40

DOWNLOAD | BACK

ABOUT US TERMS OF SERVICE PRIVACY NOTICE LICENSES SUPPORT

© 2007-2019 Bill.com, LLC snvapp01.82.35 107014 40

Page 2 of 2Unpaid Bills

10/31/2019https://app.bill.com/AppExportReportServlet?r_templateId=UnpaidBills&r_endDate=10...

12

Consolidated Bell Mountain Ranch Metropolitan DistrictProposed Budget

General FundFor the Year Ended December 31, 2020

Adopted Adopted ProposedBudget Actual Budget Actual Estimate Budget2018 2018 2019 8/31/2019 2019 2020

Beginning balance 241,359$ 231,629$ 291,752$ 378,413$ 378,413$ 440,823$

Revenues:Property taxes 428,335 427,773 427,644 426,447 427,644 477,974 Specific ownership taxes 103,087 135,888 102,922 83,046 124,569 114,714 Interest 1,000 556 1,000 696 1,000 1,000 Reimbursements & other - 42,638 10,000 19,147 20,000 10,000 Conservation Trust Fund 2,600 3,098 3,000 1,979 3,000 3,000

Total revenues 535,022 609,953 544,566 531,315 576,213 606,688

Total funds available 776,381 841,582 836,318 909,728 954,626 1,047,511

Expenditures:Accounting / audit 13,000 14,135 14,000 5,349 14,000 14,000 Legal 26,000 33,450 30,000 24,123 30,000 35,000 Legal - water 6,000 6,509 6,000 7,745 6,000 6,000 District management 33,000 33,699 33,000 25,073 33,000 35,000 Insurance 8,000 7,880 9,000 9,330 9,330 10,263 Dues and memberships 650 802 900 680 680 900 General engineering 3,000 25,502 13,000 6,464 13,000 13,000 Election expense 14,000 1,405 - - - 5,000 Utilities 1,500 1,049 1,500 685 1,500 1,500 Treasurer fees 6,425 6,425 6,415 6,407 6,415 7,170 Miscellaneous 5,000 2,991 5,000 1,941 5,000 5,000 Traffic/Speed Enforcement 7,000 825 7,000 160 7,000 17,000 Snow removal 41,000 15,140 41,000 28,415 41,000 41,000 Street/shoulder maintenance 100,000 35,385 80,000 28,630 80,000 80,000 Landscape & park maintenance 64,500 39,540 50,000 16,663 50,000 50,000 Park / open space improvements - - 20,000 4,178 4,178 10,000 Wildfire mitigation - - 20,000 - - 10,000 Irrigation Water 7,700 10,310 7,700 6,695 7,700 7,700 Equestrian trail maintenance 5,000 4,144 5,000 - 5,000 20,000 Pedestrian path maintenance 20,000 59,205 30,000 - 30,000 25,000 Road Chip Seal and Striping 120,000 149,063 140,000 125,192 145,000 140,000 Emergency Reserve 15,943 - 15,917 - - 17,781 Mowing 12,000 9,040 15,000 3,585 15,000 15,000 Vegetation control 10,000 6,670 10,000 5,530 10,000 10,000 Contingency 106,663 - 50,886 - - 26,197 Transfer to Capital Project Fund 150,000 - 225,000 - - 445,000

Total expenditures 776,381 463,169 836,318 306,845 513,803 1,047,511

Ending balance 150,000$ 378,413$ 225,000$ 602,883$ 440,823$ -$

150,000$

Assessed Valuation 17,133,410$ 17,105,770$ 19,118,950$

Mill Levy 25.000 25.000 25.000

13

Consolidated Bell Mountain Ranch Metropolitan DistrictProposed Budget

Capital Projects FundFor the Year Ended December 31, 2020

Adopted ProposedActual Budget Actual Estimate Budget2018 2019 8/31/2019 2019 2020

Beginning balance -$

Revenues:Transfer from General Fund 445,000 Interest 5,000

Total revenues 450,000

Total funds available 450,000

Expenditures:Capital improvements 450,000

Total expenditures 450,000

Ending balance -$

Consolidated Bell Mountain Ranch Metropolitan DistrictProposed BudgetDebt Service Fund

For the Year Ended December 31, 2020

Adopted Adopted ProposedBudget Actual Budget Actual Estimate Budget2018 2018 2019 8/31/2019 2019 2020

Beginning balance 636,324$ 639,843$ 589,881$ 599,493$ 599,493$ 545,495$

Revenues:Property taxes 856,671 855,545 855,289 852,893 855,289 955,948 Interest income 2,461 29,231 20,000 25,195 20,000 20,000

Total revenues 859,132 884,776 875,289 878,088 875,289 975,948

Total funds available 1,495,456 1,524,619 1,465,170 1,477,581 1,474,782 1,521,443

Expenditures:Bond Interest 2010 Series 570,776 570,776 558,451 279,226 558,451 544,251 Bond Principal 2010 Series 340,000 340,000 355,000 - 355,000 370,000 Treasurer's Fees 12,857 12,850 12,836 12,814 12,836 14,346 Paying agent fees 3,000 1,500 3,000 1,500 3,000 3,000

Total expenditures 926,633 925,126 929,287 293,540 929,287 931,597

Ending balance 568,823$ 599,493$ 535,883$ 1,184,041$ 545,495$ 589,846$

Required Reserve 92,438$ 92,557$ 92,557$ 92,557$ 92,557$ 92,557$

Assessed Valuation 17,133,410$ 17,105,770$ 19,118,950$

Mill Levy 50.000 50.000 50.000

Total Mill Levy 75.000 75.000 75.000

14

{00717910.DOC / }

CERTIFICATION OF BUDGET

TO: Division of Local GovernmentDepartment of Local Affairs1313 Sherman Street, Room 520Denver, Colorado 80203

THIS IS TO CERTIFY that the Adopted Budget attached hereto, is a true and correct copy of the Adopted Budget for the Consolidated Bell Mountain Ranch Metropolitan District, County of Douglas, Colorado, for the budget year beginning January 1, 2020 and ending December 31, 2020, as adopted by the District’s Board of Directors on November 5, 2019.

IN WITNESS WHEREOF, I have executed this Certification of Budget as of the 5th day of November, 2019.

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT

By:Russell J. Grant, President

15

{00717902.DOCX / }

RESOLUTION 2019-11-1

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICTDOUGLAS COUNTY, COLORADO

________________________________________________________________________

A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE CONSOLIDATED BELL

MOUNTAIN RANCH METROPOLITAN DISTRICT, DOUGLAS COUNTY, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2020, AND ENDING ON THE LAST DAY OF DECEMBER, 2020

________________________________________________________________________

WHEREAS, the Board of Directors (“Board”) of Consolidated Bell Mountain Ranch Metropolitan District (the “District”) appointed a Budget Officer to prepare and submit a proposed 2020 budget to the Board at the proper time; and

WHEREAS, the Budget Officer submitted a proposed budget to the Board on or before October 15, 2019 for its consideration; and

WHEREAS, upon due and proper notice published on October 10, 2019 in the Douglas County News-Press in accordance with the law, said proposed budget was open for inspection by the public at the offices of CliftonLarsonAllen, LLP, located at 8390 E. Crescent Parkway, Suite 300, Greenwood Village, Colorado, and interested electors of the District were given the opportunity to file or register any objections to the proposed budget; and a public hearing was held on November 5, 2019, at 6:30 p.m., at Lowell Ranch, 2330 South I-25, Castle Rock, CO 80104; and

WHEREAS, the proposed budget has been prepared to comply with all terms, limitations and exemptions, including but not limited to reserve transfers and expenditure exemptions, under Article X, Section 20, of the Colorado Constitution and other laws and or obligations which are applicable to or binding upon the District; and

WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues or were planned to be expended from reserve fund balances so that the budget remains in balance, as required by law.

NOW, THEREFORE, BE IT RESOLVED BY the Board of Directors of the Consolidated Bell Mountain Ranch Metropolitan District, Douglas County, Colorado as follows:

16

{00717902.DOCX / } 2

Section 1. That the estimated expenditures for each fund for the calendar year beginning on the 1st day of January 2020, and ending on the last day of December 2020, are as follows:

General Fund $1,047,511Capital Project’s Fund $ 0Debt Service Fund $ 931,597

Total Sums Appropriated $1,979,108

Section 2. That the estimated revenues for each fund for the calendar year beginning on the 1st day of January, 2020 and ending on the last day of December 2020 are as follows:

General FundFrom 2019 year-end fund balance $ 440,823From sources other than general property tax $ 128,714From the general property tax levy $ 477,974

Total General Fund $1,047,511

Capital Project’s FundFrom 2019 year-end fund balance $ 0From sources other than general property tax $ 0From the general property tax levy $ 0

Total Capital Project’s Fund $ 0

Debt Service FundFrom 2019 year-end fund balance $ 0From sources other than general property tax $ 20,000From the general property tax levy $ 955,948

Total Debt Service Fund $ 975,948

Total Revenue – General Fund, Capital Project’s Fund and Debt Service Fund $2,023,459

Section 3. Subject to whatever changes may be necessary upon receipt of the final (December) Certification of Valuation from the County Assessor, the budget, as submitted, amended, and herein summarized by fund, is hereby approved and adopted as the budget of the Consolidated Bell Mountain Ranch Metropolitan District, for the 2020 calendar year, a copy of which is attached hereto as Exhibit A and shall be certified by the Treasurer, Secretary, Vice President, or President of the District to all appropriate agencies.

17

{00717902.DOCX / } 3

APPROVED AND ADOPTED on the 5th day of November, 2019.

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT, a quasi-municipal corporation and political subdivision of the State of Colorado

By:Russell J. Grant, Chairman

Attest:

Frank Strand, Secretary/Treasurer

SEAL

18

{00717902.DOCX / }

EXHIBIT A

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT2020 BUDGET

19

{00717906.DOCX / }



DOUGLAS COUNTY, COLORADO

________________________________________________________________________

A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH BELOW,

FOR THE CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN DISTRICT, DOUGLAS COUNTY, COLORADO,

FOR THE 2020 BUDGET YEAR________________________________________________________________________

WHEREAS, the Board of Directors (“Board”) of Consolidated Bell Mountain Ranch Metropolitan District (“District”) adopted its budget for calendar year 2020 in accordance with the Local Government Budget Law, on November 5, 2019; and

WHEREAS, the Board of the District has made provision therein for revenues in an amount equal to or greater than the total proposed expenditures as set forth in said budget; and

WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and reserves or fund balances provided in the budget to and for the purposes described below, thereby establishing a limitation on expenditures for the operations of the District.

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Consolidated Bell Mountain Ranch Metropolitan District, Douglas County, Colorado as follows:

Section 1. That the following sums are hereby appropriated from the revenue of the District to each fund for the purposes stated:

General Fund $1,047,511Capital Project’s Fund $ 0Debt Service Fund $ 931,597

Total Sums Appropriated $1,979,108

20

{00717906.DOCX / } 2



By:Russell J. Grant, Chairman

Attest:

Frank Strand, Secretary/TreasurerSEAL

21

{00717909.DOCX / }



DOUGLAS COUNTY, COLORADO

________________________________________________________________________

A RESOLUTION LEVYING PROPERTY TAXES FOR YEAR 2019 FOR COLLECTION IN 2020, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN

DISTRICT, DOUGLAS COUNTY, COLORADO,FOR THE 2020 BUDGET YEAR

________________________________________________________________________

WHEREAS, the Board of Directors (“Board”) of the Consolidated Bell Mountain Ranch Metropolitan District (“District”) has adopted the budget for 2020 in accordance with the Local Government Budget Law of Colorado, on November 5, 2019; and

WHEREAS, the amount of money necessary to balance the budget for general operating purposes from property tax revenue is $477,974; and

WHEREAS, the amount of money necessary to balance the budget for debt service purposes from property tax revenue is $955,948; and

WHEREAS, the 2019 valuation for assessment for the District, as certified by the Douglas County Assessor is $19,188,950; and

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Consolidated Bell Mountain Ranch Metropolitan District, Douglas County, Colorado as follows:

Section 1. That for purposes of meeting all general operating expenses of the District during the 2020 budget year there is hereby levied a tax of 25.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District to raise $477,974 in revenue.

Section 2. That for the purpose of meeting all bond and interest payments of the District during the 2020 budget year, there is hereby levied a tax of 50.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District to raise $955,948 in revenue.

Section 3. That the Manager, Secretary, Treasurer, Vice President, or President of the District is hereby authorized and directed to immediately certify to the Board of County Commissioners of Douglas County, Colorado, the mill levies for the District as

22

{00717909.DOCX / } 2

hereinabove determined and set, or as adjusted, if necessary, upon receipt of the final (December) certification of valuation from the County Assessor in order to comply with any applicable revenue and other budgetary limitations.



By:Russell J. Grant, Chair

Attest:

Frank Strand, Secretary/TreasurerSEAL

23

D.A. Davidson & Co. Fixed Income Capital Markets 1550 Market Street, Suite 300 • Denver, CO 80202 • (303) 764-6000 • 1-800-942-7557 • FAX (303) 764-5736

http://www.davidsoncompanies.com/ficm/

October 14, 2019 Consolidated Bell Mountain Ranch Metropolitan District c/o Bob Blodgett CliftonLarsonAllen LLP 8390 E. Crescent Parkway, Suite 300 Greenwood Village, CO 80111 RE: Letter Agreement for Investment Banking Services to

Consolidated Bell Mountain Ranch Metropolitan District

District Board, This letter agreement confirms the terms and conditions upon which D.A. Davidson & Co. Fixed Income Capital Markets (“Davidson”), its successors or assigns will provide investment banking services to Consolidated Bell Mountain Ranch Metropolitan District (the “Client”). The investment banking services rendered by Davidson under this agreement may include:

- Analysis of the project’s credit quality - Analysis of the capital markets, including interest rates and terms available in the market - Evaluating potential strategies to achieve the Client’s goals - Working with the Client’s consultants and attorneys to determine the feasibility of various

borrowing or restructuring options - Advising the Client on the structure and terms of a restructured bond or a new bond or loan - Coordinating with the Client’s attorneys and consultants, the dissemination of financial data - Negotiating the structure and terms of the Bonds/loan with the purchaser on behalf of the

Client - Underwriting or privately placing Bonds on behalf of the Client or assisting the Client in

obtaining a direct, tax exempt loan - Under the direction and legal advice of nationally recognized bond counsel, assist and

supervise the steps necessary to be taken to close the transaction Delivered with this letter are the disclosures required by MSRB Rule G-17 regarding our role, duties and interests as an underwriter of the Bonds. By signing this letter agreement, the Client acknowledges and agrees that: (i) the transaction contemplated by this Agreement will be an arm’s length, commercial transaction between the Client and the purchaser, in which Davidson may be acting as an agent or as an underwriter, but not as a municipal advisor, financial advisor or fiduciary to the Issuer; (ii) Davidson has not assumed any fiduciary responsibility to the Client with respect to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto; (iii) the only obligations Davidson will have to the Client with respect to the transaction contemplated hereby are expressly set forth in this letter agreement; and (iv) the Issuer has consulted and will continue to consult with its own legal, accounting, tax, financial and other advisors, as

24

http://www.davidsoncompanies.com/ficm/

25

Consolidated Bell Mountain Ranch MD Letter of Engagement Page 3 of 3

EXHIBIT A

D.A. Davidson & Co. (hereinafter referred to as “Davidson” or “underwriter”) intends/ proposes to serve as an underwriter, and not as a financial advisor or municipal advisor, in connection with the issuance of the Bonds. As part of our services as underwriter/senior managing underwriter, Davidson may provide advice concerning the structure, timing, terms, and other similar matters concerning the issuance of the Bonds. Disclosures Concerning the Underwriters Role:

(i) MSRB Rule G·17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.

(ii) The underwriters' primary role is to purchase the Bonds with a view to distribution in an arm's-length transaction with the Issuer. The underwriters financial and other interests that may differ from those of the Issuer.

(iii) Unlike a municipal advisor, the underwriters do not have a fiduciary duty to the Issuer under the federal securities laws and are, therefore, not required by federal law to act in the best interests of the Issuer without regard to their own financial or other interests.

(iv) The underwriters have a duty to purchase the Bonds from the Issuer at a fair and reasonable price, but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and reasonable.

(v) The underwriter will review the official statement for the Bonds in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of this transaction.

Disclosures Concerning the Underwriters Compensation:

As underwriter, Davidson will be compensated by a fee and/or an underwriting discount that will be set forth in the bond purchase agreement to be negotiated and entered into in connection with the issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Bonds. While this form of compensation Is customary in the municipal securities market, it presents a conflict of interest since the underwriter may have an incentive to recommend to the Issuer a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary. Additional Conflicts Disclosure:

Davidson has not identified any additional potential or actual material conflicts that require disclosure.

26

Documents

CONSOLIDATED BELL MOUNTAIN RANCH METROPOLITAN …bmrmetro.org/cbmrmd/meetings/packets/Consolidated_Bell_Mountai… · 05/11/2019 · participate in voting or take any other action