The Board, commonly known as Denver Water is an independent, autonomous and non-political agency with duties and responsibilities specifically set forth in the Charter of the City and County of Denver, Colorado (the “City”).
Denver Water is, and is operated as, an “enterprise” of the City as defined in Section 20, Article X of the constitution of the State of Colorado, and a “water activity enterprise” as provided in the Water Activity Law of the State.
As amended by the City’s voters at the November 5, 2002 election, the home rule charter of the City of Denver authorizes the Board to issue only revenue bonds without prior voter approval. Prior to this amendment, the Board was authorized to issue both general obligation bonds and revenue bonds, in either case subject to prior approval of the City’s electorate except for certain refunding bonds. There are no longer any general obligation bonds outstanding. Denver Water has no legal debt limits. However, the Board has adopted a debt policy to direct the timing and use of debt.
For more news and information about Denver Water see About Us.
Upcoming Debt Transactions
There are no upcoming transactions.
Official Statement & Ratings
To access the official source for the Board’s municipal disclosure and market data, the Electronic Municipal Market Access System (EMMA) website, please click on the following link to be redirected to our issuer page:
To view the rating for any particular issue, simply click on the issue description.
Municipal Advisor Role
Municipal Advisor Rule
IRMA: George K. Baum & Co Statement
The Denver Board of Water Commissioners recognizes that the U.S. Securities and Exchange Commission (“SEC”) has issued rules pertaining to the registration of municipal advisors (the “Municipal Advisor Rule”) that became effective July 1, 2014. The Municipal Advisor Rule, in general, provides that any person or entity that provides “advice” (a recommendation) to us related to the issuance of municipal securities and municipal financial products that are particularized to our specific needs will be our Municipal Advisor and owe us a fiduciary duty.
Among several exemptions to the Municipal Advisor Rule, however, financial services firms, including underwriters and placement agents are permitted to provide us advice (recommendations) and NOT be considered our Municipal Advisor if we are represented and rely upon the advice (recommendations) of an independent registered municipal advisor (“IRMA”) with respect to the same transactions (the “IRMA Exemption”).
We are hereby disclosing and notifying all financial services firms, including but not limited to potential underwriters and placement agents, of our desire and intent to continue to seek their advice (recommendations) on the issuance of municipal securities and municipal financial products that are particularized to our specific needs. We further acknowledge and disclose to you that George K. Baum & Company (“GKB”) is our IRMA, and that we are represented by and will rely upon the advice (recommendations) of GKB as our general Municipal Advisor. As our Municipal Advisor, GKB will assist us in evaluating any advice (recommendations) made by financial services firms, including any advice regarding any matters you bring to our attention. We further are informing you that GKB has agreed to be our IRMA on any transaction that we participate in as an issuer and GKB is aware that we will rely on their advice.
Any financial services firm that wishes to learn the identity of individuals at GKB who will participate in advising us on the issuance of municipal securities and municipal financial products that are particularized to our specific needs (so that any such underwriter or placement agent may determine whether they are independent of GKB) should contact Robyn Moore at 303.391.5495; [email protected]; 1400 Wewatta Street, Suite 800; Denver, CO 80202. A copy of written representations regarding the IRMA exemption may also be sent to GKB at the same address.
We hereby further acknowledge and agree that any financial services firm providing advice (recommendations) to us pursuant to the IRMA Exemption will NOT be our Municipal Advisor and will NOT be subject to a fiduciary duty to us.
This certificate may be relied upon until December 31, 2018, or otherwise withdrawn by us.
Auditors & Consultants
Independent Auditor: CliftonLarsonAllen LLP
Address: 8390 E. Crescent Parkway, Suite 500, Greenwood Village, CO 80111
Financial Advisor: George K. Baum & Co.
Address: 1400 Wewatta Street; Suite 800, Denver, CO 80202
Bond Counsel: Becker Stowe Partners LLC
Address: 1600 Broadway, Suite 1600, Denver, Colorado 80202
Disclosure Counsel: Sherman & Howard LLC
Address: 633 Seventeenth Street, Suite 3000, Denver, Colorado 80202