Court of Appeals Issues Second Ruling in Public Finance Case

Court hands down narrow opinion on five issues in Landmark Towers Association v. UMB Bank

The Colorado Court of Appeals on June 11 handed down a second decision in Landmark Towers Association v. UMB Bank. The ruling is much narrower than a separate decision on another of the case's issues released in 2016. / Law Week File

The Colorado Court of Appeals has issued a second decision in Landmark Towers Association v. UMB Bank, a high-profile public finance case that has already seen a ruling on one issue overturned by the Colorado Supreme Court.

The latest decision ruled on several issues, but ultimately has a much narrower scope than the Court of Appeals decision from 2016 that sent a tremor of uncertainty through Colorado’s public finance community.

When the Supreme Court ruled last December the property owners’ challenge to TABOR elections for creating a special district and for bond issuances were time barred, the court remanded the remainder of the case’s issues to the Court of Appeals. The Court of Appeals determined the Supreme Court’s decision did not impact five lingering issues and upheld the district court’s findings in all but one concerning the property owners’ entitlement to a refund of bond proceeds.

To read this story and other complete articles featured in the June 18, 2018 print edition of Law Week Colorado, copies are available for purchase online.