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Berthoud Today
By the People, for the People
Berthoud Weighs Bond vs. COP Financing for Richardson Park Project
Town must choose between voter-approved bonds or certificates of participation to fund $28 million park upgrade.
Apr. 10, 2026 at 3:34pm
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The intricate financial machinery behind Berthoud's Richardson Park project highlights the tradeoffs between public input and speed of implementation.Berthoud TodayThe Berthoud Board of Trustees is considering two financing options to fund the $28 million Richardson Park project - municipal bonds and certificates of participation (COPs). Bonds would require voter approval under Colorado's TABOR law, while COPs can be approved directly by the town board. Both options offer tax-free interest to investors, but COPs have a slightly higher overall debt service cost.
Why it matters
The choice between bonds and COPs will impact when the Richardson Park project can begin construction, as well as how the financing is structured and repaid. Voter approval for bonds could delay the project timeline, while COPs allow the town more flexibility but without public input.
The details
Municipal bonds would require Berthoud to put the financing issue on the November 2026 ballot, with the earliest funding available in Q1 2027 if approved. COPs do not need voter approval and could allow construction to start as soon as this summer, but have a slightly higher total debt service cost of $54.4 million compared to $53.8 million for bonds.
- The Berthoud Board of Trustees is expected to consider the financing options within the next month.
- If bonds are approved by voters in November 2026, the earliest funding could be obtained is Q1 2027.
The players
Andrew Ma
An investment banker from Piper Sandler, the town's investment bank, who presented the financing options to the Berthoud Board of Trustees.
Berthoud Board of Trustees
The governing body of the town of Berthoud, Colorado that is responsible for approving the financing plan for the Richardson Park project.
What they’re saying
“If COPs are chosen, the total debt service would be approximately $54.4 million. About $600,000 more than a bond, or $20,000 more per year.”
— Andrew Ma, Investment Banker, Piper Sandler
What’s next
The Berthoud Board of Trustees is expected to make a decision on the financing option for the Richardson Park project within the next month.
The takeaway
Berthoud's choice between voter-approved bonds or board-approved certificates of participation will determine the timeline and structure of financing for the $28 million Richardson Park upgrade, with COPs offering a faster path to funding but at a slightly higher long-term cost.
