Metropolitan District - General Explanation
The Valagua Metropolitan District is a quasi-governmental entity formed in 2003 to provide essential public improvements and services for the Brightwater Club community, which is located roughly 5 miles south of the Town of Gypsum in Eagle County, Colorado. The gated community contains a total of 963 acres which are largely bordered by BLM land and will eventually contain a total of 535 residential lots as well as a private golf course and other Club amenities.
The District’s primary function is the servicing of debt which was issued to finance the costs of constructing public improvements, including water and sewer lines, enhancements to the road used to access the subdivision, and limited recreational amenities.
The majority of the infrastructure constructed has been conveyed to the Town of Gypsum for ongoing operation and maintenance. The District did not finance nor is responsible for any of the roads inside of the gates nor any of the Club facilities as these are not public improvements.
The District is funded through property taxes assessed upon property owners within the District.
- The total amount of debt the District can incur to provide and pay for public infrastructure is as follows:
The District had obtained voter authorization to issue $42,000,000 in debt. The District issued debt in the amount of $21,000,000 in 2008. There is remaining authorization of $21,000,000.
- The following revenue may be used to pay for the District’s debt:
The District may use property taxes generated by the debt service mill levy, along with the portion of Specific Ownership Taxes applicable to the debt service mill levy, and any other legally available revenues of the District as determined by the Board.
- In accordance with the District’s Service Plan, the maximum mill levy that the District may assess to pay for its debt is as follows:
In no event shall the District's debt service levy exceed fifty (50) mills unless, the method of calculating assessed valuation or tax obligations changes at any time after approval of the Service Plan by legislation, referendum, administrative adjustment or judicial intervention, including adjustments to assessment ratios made pursuant to Section 3 of Article X of the State Constitution. In that event, the mill levy limitation may be exceeded to the extent necessary to insure that revenues previously generated by the mill levy are not diminished.