A new Colorado legislative proposal aims to increase accountability and transparency of metro districts, part of a yearslong effort to reform the more than 1,800 separate taxing authorities in the state.
, though they have been used much more in recent years, allowing developers to fund large housing projects and infrastructure by forming an independent governmental entity to get bonds that are repaid in future years by homeowners in the newly constructed subdivisions. All special districts, including metro districts, are required to get approval for their service plans from their local governments.
showed that some of these bonds were designed to remain unpaid for decades, leading to debts that were significantly higher than the value of the homes leveraged to pay off those debts., but reform advocates say there’s still so much more to be done. The bill would give local governments more authority in reviewing proposed service plan changes, set restrictions on where metro district board meetings can be held and allow local governments more say related to the scope of metro district services plans, “including limitations on excessively long or potentially conflicted debt issuance,” Weissman said. It’s set to be heard on April 26 in the House Transportation and Local Government Committee.
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