HomeMy WebLinkAbout1166 - Water Service bond- Affordable HousingRESOLUTION NO. 1166
SERIES 2015
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO CARRY FORWARD PRIVATE ACTIVITY
BONDS IN CONNECTION WITH FINANCING RESIDENTIAL
FACILITIES FORLOW- AND MODERATE -INCOME FAMILIES AND
PERSONS
WHEREAS, the County and Municipality Development Revenue Bond Act, article 3 of
title 29, Colorado Revised Statutes, as amended (the "Act') authorizes the City of Boulder,
Colorado, a home rule municipality (the "City "), to finance or refinance one or more projects
(which includes any land, building or other improvement and real and personal properties) to the
end that residential facilities for low- and moderate- income families or persons intended for use
as the sole place of residence by the owners or intended occupants may be provided in order to
promote the public health, welfare, safety, convenience and prosperity; and
WHEREAS, the City is further authorized by the Act to issue revenue bonds for the
purpose of defraying the cost of financing and refinancing any project, including the payment of
principal and interest on such revenue bonds, the funding of any reserve funds which the
governing body of the City may deem advisable to establish in connection with the retirement of
such revenue bonds or the maintenance of the project and all incidental expenses incurred in
issuing such revenue bonds, and to secure payment of such revenue bonds as provided in the Act;
and
WHEREAS, the City wishes to declare its intention to carry forward its Private Activity
Bonds, in one or more series, in connection with financing a multifamily residential rental
project for low -and moderate- income families located within the boundaries of the City; and
WHEREAS, such Private Activity Bonds are expected to be carried forward on behalf of
the City in an amount not to exceed $5,138,000 which consists of the City's 2015 private
activity bondallocation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOULDER THAT:
Section 1 . In order to benefit the residents of the City, the City hereby declares its intent
to carry forward Private Activity Bonds in one or more series (the "Bonds ") in an aggregate
principalamount not to exceed $5,138,000 which shall be used in connection with financing a
multifamily residential rental project for low- and moderate- income families, which shall be
located withinthe boundaries of the City.
Section 2 . The City Council of the City (the "City Council ") hereby finds, determines,
recites and declares that the Bonds shall not constitute any multiple- fiscal year direct or indirect
debt or other financial obligation whatsoever of the City, the State of Colorado (the "State ") or
any political subdivision of the State within the meaning of any provision or limitation of the
State Constitution or statutes, and the Bonds shall not constitute or give rise to a pecuniary
liability of the City or a charge against the City's general credit or taxing powers, or ever be
deemed to be an obligation or agreement of any council member, officer, director, agent or
employee of the City in such person's individual capacity, and none of such persons shall be
subject to any personal liability by reason of the issuance of the Bonds.
Section 3 . The City Council hereby finds, determines, recites and declares that the
issuance of the Bonds, in connection with financing such multifamily residential rental project
will promote the public purposes set forth in the Act, including, without limitation, assisting
persons or families of low- and moderate- income in obtaining decent, safe and sanitary housing.
Section 4 . The City Council hereby finds, determines, recites and declares the City's
intent that this Resolution constitute an official indication of the present intention of the City that
the Bonds be issued as herein provided.
Section 5 . All actions not inconsistent with the provisions of this Resolution heretofore
taken by the City Council or any officer or employee of the City in furtherance of the issuance of
the Bonds are hereby ratified, approved and confirmed.
Section 6 . All prior acts, orders or resolutions, or parts thereof, of the City in conflict
with this Resolution are hereby repealed, except that this repealer shall not be construed to revive
an act, order or resolution, or part thereof, heretofore repealed.
Section 7 . If any section, paragraph, clause or provision of this Resolution shall be
adjudged to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining sections, paragraphs, clauses
or provisions of this Resolution.
Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
APPROVED this�day of September 2015.
By
Mayor
ATTEST:
By i L6�
City Clerk
CERTIFICATE REQUIRED BY SECTION 24- 32- 1709(2)(C)
OF THE COLORADO REVISED STATUTES
$5,138,000
CITY OF BOULDER, COLORADO
HOUSING REVENUE BONDS
As an official of the City of Boulder, Colorado, responsible for the supervision of the
issuance of the above - captioned bonds (the "Bonds"), I DO HEREBY CERTIFY that the City of
Boulder will proceed with due diligence to insure the issuance of the bonds within the time period
commencing September 15, 2015, and ending December 31, 2018.
IN WITNESS WHEREOF, I have hereunto set my hand this -/day of September,
2015.
By Y
Mayor