Palisade Metropolitan District No. 2
2024 ANNUAL REPORT
PALISADE METROPOLITAN DISTRICT NO. 2
As required by Section 32-1-207(3)(c), C.R.S. and Section XI of the First Amended and Restated Service Plan for Palisade Metropolitan District No. 2 (the “District”), approved by the City and County of Broomfield, Colorado (the “City”) on December 2, 2014, and as subsequently amended, the following report of activities from January 1, 2024 to December 31, 2024 is hereby submitted.
A. Boundary changes made: The District did not make any boundary changes during the reporting year.
B. Intergovernmental Agreements entered into or terminated: The District entered into the following Intergovernmental Agreement described below during the reporting year.
· Third Amended and Restated Capital Pledge Agreement. On November 1, 2024, the District and Palisade Metropolitan District No. 1 (“District No. 1”) entered into a Third Amended and Restated Capital Pledge Agreement (“Third Restated Pledge Agreement”), which amended and restated the Second Amended and Restated Capital Pledge Agreement in its entirety, in connection with the District’s issuance of its: (i) Subordinate Convertible Capital Appreciation General Obligation Limited Tax and Revenue Refunding Bonds, Series 2024B (“2024B Bonds”) in the original principal amount of $32,691,197.35, for the purpose of refunding the District’s 2019 Bonds; and (ii) Second Subordinate General Obligation Limited Tax and Revenue Bonds, Series 2024C (“2024C Bonds”, and with the 2024B Bonds, the “2024 Bonds”) in the original principal amount of $10,310,000, for the purpose of paying additional costs of public improvements. The Third Restated Pledge Agreement obligates District No. 1 to pledge the District No. 1 Capital Revenue (as defined therein) to the District for the payment of the District’s 2021 Loan and 2024 Bonds.
C. Access information to obtain a copy of rules and regulations adopted: The District did not adopt any rules and regulations and none were proposed during the reporting year. In the event the District adopts rules and regulations in the future, such documents may be accessed at the offices of McGeady Becher Cortese Williams P.C., 450 E. 17th Avenue, Suite 400, Denver, Colorado 80203, or on the District’s website: https://palisademetropolitandistricts.specialdistrict.org/.
D. Summary of litigation involving the District’s public improvements: To our knowledge, the District is not involved in any litigation.
E. Status of the District’s construction of public improvements: The District constructed, or financed the construction of, the following public improvements during the reporting year:
· Improvements for Filing 1 Replat C (168th Place & Galapago), County Road 7, and State Highway 7 (Palisade Pkwy to State Highway 7) were completed.
F. Conveyances or dedications of facilities or improvements, constructed by the District, to the City: The following facilities or improvements, constructed or financed by the District, were conveyed or dedicated to the City during the reporting year:
· Filing 1 Replat C (168th Pl. & Galapago):
o Roadways, water, sanitary sewer, and storm sewer improvements
· County Road 7:
o Roadways and storm sewer improvements
· State Highway 7 (Palisade Pkwy. to State Highway 7):
o Roadways and storm sewer improvements
G. Final assessed valuation of the District for the reporting year: The final gross total taxable assessed valuation of the District for the reporting year is $15,379,880 and the final net total taxable assessed valuation of the District for the reporting year is $157,588.
H. Current year’s budget:
2025 Budget MD2.pdfI. Audited financial statements for the reporting year (or application for exemption from audit):
2024 AuditJ. Notice of any uncured events of default by the District, which continue beyond a ninety (90) day period, under any debt instrument: To our knowledge, there are no uncured events of default by the District which continue beyond a ninety (90) day period.
K. Any inability of the District to pay its obligations as they come due, in accordance with the terms of such obligations, which continues beyond a ninety (90) day period: To our knowledge, the District has been able to pay its obligations as they come due.
*For accessibility purposes, this is an alternate conforming version of the Annual Report
2026 Mill Levy - 51.702 Mills
2025 Budget Amendment2025 Budget2025 Mill Levy - 50.518 Mills
2024 Budget Amendment2024 Budget2024 Mill Levy - 50.552 Mills
The Transparency Notices for the Districts can be accessed on the Special District Association website:
