Kutak Rock is Bond Counsel for Colorado's Largest Tax-Exempt Bond Financing So Far in 2016News | August 25, 2016
Attorneys in Kutak Rock's Denver office served as bond counsel in Colorado's largest tax-exempt bond financing so far this year.
The issue, which closed on August 16, 2016, was the $437,025,000 City of Aurora, Colorado First-Lien Water Refunding Revenue Bonds, Series 2016 (Green Bonds). It refinanced obligations originally incurred for improvements to the water system operated by the City of Aurora, including the Prairie Waters Project, one of the most innovative sustainable water projects undertaken in the United States in recent years. The original financing for the Prairie Waters Project, which the firm also worked on, was named a Bond Buyer Deal of the Year in 2007. This year’s financing consolidates two previous bond issues and a state loan at a time when bond yields are at historic lows. It is also believed to be the largest "Green Bond" transaction ever done for water purposes.
Kutak Rock attorneys Dan Lynch, Larry Carlile and Ashley Dennis acted as bond counsel to the City and also did the disclosure document. Piper Jaffray & Co. acted as financial advisor to the City and Morgan Stanley was the senior manager for the offering, which resulted in a present value debt service saving to the City of approximately $68,800,000.