Bill aims to bar metro district developers from buying bonds they approved as district directors

A state lawmaker is yet again pressing for legislation that would prevent metro district developers from owning their own public financing, largely relying on his nearly successful effort last year to thwart the practice.

Rep. Mike Weissman, D-Aurora, said House Bill 23-1090 aims specifically at a practice that has been a lucrative — yet seemingly unethical — honey pot for developers in Colorado.

“I am bringing back this proposal to prohibit the purchase of conflicted metro district debt because I believe it’s too fundamental an issue not to,” Weissman told The Denver Gazette. “I am optimistic that my colleagues, including many new members, some of whom I know are concerned about metro district abuses, will see the sense in prohibiting the practice of piling debt on homeowners by people who profit from the purchase of some of that same debt.””