MONUMENT • The Monument Board of Trustees has authorized a major move to fund water improvement projects over the next three years.
At the board’s Sept. 21 meeting, they heard recommendations from town staff and special legal counsel regarding the potential for using the sale of revenue bonds to fund major improvements to its water system over the coming years.
However, instead of revenue bonds, it was recommended Monument create an ordinance to enter a site lease agreement and lease purchase agreement to market Certificates of Participation (COPs) — an alternate form of financing.
Town attorney Andrew Richey presented the finer details of the agreement, with bond counsel provided by Nate Eckloff of Piper Sandler and Kimberly Crawford of Butler Snow Law Firm. Both counsels recommended the certificates to help maximize the town’s budgetary flexibility in financing the water projects.
Presently, the town has a 2A water fund and an