KCRMD Completes Sale of $7.9 Million in Tax-Exempt Bonds
The Ken-Caryl Ranch Metropolitan District today completed the sale of $7.9 million in tax-exempt municipal bonds. By selling the bonds at this time, the KCRMD was able to take advantage of historically low interest rates to finance upgrades to the Ranch House, Community Center, Dakota Lodge, new entrance signage, and landscape and irrigation system improvements. Residents of Ken-Caryl Ranch, who were offered the opportunity to purchase bonds in $5,000 increments in advance of the public offering, purchased $765,000 (nearly 10 percent) of the total $7.9 million in bonds. The sale of the bonds was authorized by voters in May 2014 to fund improvements to the infrastructure of the community that is approaching 40 years of age. The bonds have a maturity of 10 years with an interest rate of 2.37 percent and are exempt from both Federal and Colorado state tax to residents of Colorado. George K. Baum & Company served as underwriter for the transaction. The closing on the bonds is scheduled for Sept. 30.