Fort Lupton, Colo., Leaves Bondholders in the Rough

Albanese, Elizabeth
May 2003
Bond Buyer;5/12/2003, Vol. 344 Issue 31633, p33
Trade Publication
Investors who own nearly $5.3 million of defaulted revenue bonds issued in 1996 by the city of Fort Lupton, Colorado.The unrated bonds were issued by the city, located northwest of Denver, through its conduit called Golf Course Enterprise.Proceeds were used to finance a golf course around a development being promoted by Matrix Development, a division on Matrix Bank, which provided the city with a letter of credit for the bond deal.Steets said owners of the senior debt are angry because the city used utility funds to buy the subordinate debt from Matrix just prior to the default on the senior bonds.


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