El Paso County Commissioners this week agreed to issue $60 million in non-profit bonds that will enable Colorado College to refinance existing bonds issued in 2003, 2004 and 2006 by the city of Colorado Springs.
DeAnne McCann, the county’s economic development manager, said the county’s not on the hook for the debt and will make up to $75,000 in the deal.
Colorado College, she said, turned to the county for help because the county could issue the bonds more quickly than the city.
Colorado College approached the county on Dec. 16, she said. “ Interest rates are at a historic low. If the issue got bogged down they were going to lose that advantage.”
McCann said the county’s issued bonds for the YMCA and the Colorado Springs World Arena. “It’s an opportunity to help a valued member of our community.”
It also shows how quickly people can shelve their political differences when there’s money on the table.