City Reaches Settlement for Former Memorial Bond Holders
Wednesday, April 10, 2013
The City of Colorado Springs has reached a settlement agreement with the former bond holders of the Memorial Hospital bonds, which were defeased in October 2012. The parties agreed to resolve this matter without any admission of liability or wrongdoing by either party.
“We are pleased with this result and gratified that defeasance of these bonds in 2012 resulted in savings of over $19,000,000 - for the City and Memorial Hospital,” said City Attorney Chris Melcher.
The City agreed to provide final partial bond payments of $995,000 as a final resolution into this matter.