Chronicle PARKER 2.14.13
Parker
Douglas County, Colorado • Volume 11, Issue 16
February 15, 2013
A Colorado Community Media Publication
ourparkernews.com
Parker Water to save $22M on bond debt Refinancing locks in lowest interest rate in 45 years By Chris Michlewicz
cmichlewicz@ourcoloradonews.com The refinancing of bonds that paid for the construction of Rueter-Hess Reservoir will save the Parker Water and Sanitation District $22 million. The water provider’s longtime bond adviser, Joe Drew, said while officials closely monitored the market, it also took a bit of good fortune to lock in the lowest interest rate in the last 45 years.
The district began running the numbers in June and when Drew made his first presentation in August, the savings were estimated at $12 million. By the time the bonds were sold in mid-November, the savings was locked in at roughly $720,000 per year over the next 30 years. “I would like to say I’m the smartest guy in the world and knew when to pull trigger, but the bottom line is there is a certain amount of luck to it,” he said. “(The rates) just kept getting better.” Voters approved a $105 million general obligation bond in 2004 to pay for the first phase of construction on Rueter-Hess Reservoir. The district later used money from partnerships with Castle Rock, Castle Pines and a handful of smaller water entities to enlarge the reservoir to 72,000 acre-feet.
BOND DEBT REFINANCING, BY THE NUMBERS
Amount saved per year: $720,000
Approximate amount of reservoir debt left: $88M Interest rate reduction: from 5.20 percent to 3.51 percent Remaining bond debt life: 31 years Size of Rueter-Hess Reservoir: 72,000 acre-feet
Drew, who runs Drew Financial, LLC, in Lakewood, said the process is similar to refinancing a home mortgage. The interest rate went from 5.20 percent to 3.51 percent, resulting in a 12 percent reduction in annual bond payments on the Reuter Hess debt. Rates have since gone back up. Although there is a cost of issuance at the front end, the district, and therefore its
25,000 customers, will realize $22 million in savings on principal and interest payments on the remaining $88 million in debt. Because the bond market is a matter of supply and demand, the board’s decision in October positioned the offering ahead of Colorado bond offerings authorized in the November election, including millions of dollars in school bonds that had not yet reached the market. “The schools couldn’t get them ready fast enough,” Drew said. “The market was exclusive to us.” PWSD board member Merlin Klotz said when combined with a mid-2012 refinancing of a collection of other debts, the district will see savings of more than $1 million a year in debt service. Total debt service for 2013 is anticipated to be $14.2 million.
Child standing tall after surgery Parker prohibits marijuana clubs
Parker family’s ‘They had Dylan’s story will be best interest in featured during radiothon Feb. 21 mind. They treated By Chris Michlewicz
cmichlewicz@ourcoloradonews.com The excitement surrounding the arrival of Katie and Bryson Fish’s newborn quickly changed to confusion. They knew immediately that something wasn’t right. Dylan, their little bundle of joy, came out with a left leg that appeared to be severely broken. Doctors initially assured them that everything was fine, but a week after the delivery, the young Parker couple learned that their baby had a short femur and fibular hemimelia, a condition characterized by the absence of a fibula. Questions about Dylan’s future swirled through their mind. But as soon as the Fishes met Dr. Mark Erickson, an orthopedic surgeon at The Children’s Hospital in Aurora, many of their worries dissipated. He assured them that it was not something that would ruin Dylan’s life, regardless of the road the family decided to take. Erickson laid out the options, as well as the inherent pros and cons. The Fishes had two choices: years of painful leg-lengthening surgeries that may or may not work, or amputation.
Emergency ordinance adopted by town council By Chris Michlewicz
Dylan and us as
cmichlewicz@ourcoloradonews.com
people instead of just another patient.’ Katie Fish “Initially the thought of amputation was horrifying,” Katie Fish said. They conducted nine months of research and consulted with multiple doctors and surgeons in a bid to get the best possible outcome. It was made difficult by the fact that Dylan had a fully formed, functioning foot, which often is not the case with fibular hemimelia. Leg lengthening meant that Dylan would likely have to spend the first 10 years of his life in a wheelchair. “For us, it was: do we take away his childhood and have him in a wheelchair for years and years or do we do the amputation and let him enjoy his childhood?” Bryson Fish said. With all opinions recommending amputation, the couple made a tough decision.
Dylan Fish, right, plays cars with his older brother Kaden Fish, 4, Feb. 11 in their home in Parker. Dylan was born with fibular hemimelia and a congenital short femur. He had his left leg amputated below the knee and wears a prosthethic that allows him to run around and jump like any little boy.
Dylan Fish, 2, right, rolls up his pant leg to show the difference between his right leg and his prosthetic left leg. Photos by Courtney Kuhlen Now, just more than one year later, the Fishes have no regrets. Dylan underwent surgery in January 2012, received a miniature prosthetic leg in March and was running around at full toddler speed one month after that. “It does not slow him down whatsoever,” Katie Fish, 30, says with a laugh. Dylan is fond of showing visitors his jumping ability. He raises both legs off the ground and comes back down with a thud, to the delight of onlookers. Aside from a slight limp and his brother Kaden’s eloquent proclamation that Dylan wears a prosthetic, it’s virtually unnoticeable. As most children do, Dylan has grown like a weed. He is on his third prosthetic in 11 months and is due for another. His journey has been such a success that The Children’s
Hospital asked to use the family’s story for this year’s Children’s Miracle Network Hospitals Radiothon Feb. 20-22. The Fishes have already recorded a spot to run on Alice 105.9 and will appear in studio live Feb. 21 to share their tale. Bryson Fish says he wants to talk about the winning formula, which is dominated by a “combination of fantastic doctors and the best technology.” He says the collaboration between the surgeons and prosthetists had everyone on the same page, and instilled confidence in their decisions. Dylan’s mom said the positive outlook and welcoming environment helped the family get through what could have been a more trying ordeal. “They had Dylan’s best interest in mind,” she said. “They treated Dylan and us as people instead of just another patient.”
There was no public opposition to Parker Town Council’s decision to adopt an emergency ordinance that bans marijuana clubs. The unanimous vote Feb. 4 follows council’s November approval of seven amendments to the Parker Municipal Code that banned pot-selling businesses and laid out specific ground rules for personal indoor cultivation. The town was among the first to opt out of the commercial side of Amendment 64, which passed by a 55 percent to 45 percent margin after a statewide vote. Personal protections afforded by the constitutional amendment, which allow for possession of up to one ounce of marijuana for adults over 21, remain in place. The town defines a marijuana club as a “place of assembly that allows members and their guests, and any other persons to consume marijuana or marijuana products on the premises of a nonresidential property,” the ordinance says. Town Attorney Jim Maloney said the businesses typically sell food and nonalcoholic beverages and charge a cover for entry. He described pot clubs as one of the “nuanced” potential commercial uses of Amendment 64, and pointed out that similar operations had opened in Colorado. A private club in Del Norte, Colo., was shut down by the building’s landlord, hours after opening on Jan. 1. Club 64, a members-only Denver establishment that derived its name from the amendment, is still in operation. Councilmember Josh Martin said Douglas County residents have voted against both medical marijuana retail locations and Amendment 64. “Personally, I viewed the idea of the marijuana clubs as another potential backdoor attempt to bring this type of use to town,” he said. “This may be something we revisit when the governor’s task force brings back their recommendations later this year. In the meantime, to me, it made sense to close this gap until we see more of the legal fallout from Amendment 64.” Lone Tree’s city council is expected to consider its own emergency ordinance Feb. 19 to prohibit the clubs. No one from the public commented on the Parker ordinance, which passed on its first and final reading.
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