HomeMy WebLinkAbout1202 - AUTHORIZING the City of Boulder, Colorado to execute a delegation agreement by and between the Housing Authourity of the City of Boulder, Colorado, d/b/a Boulder Housing Partners and the City of Boulder and certain matters relating thereto.I
RESOLUTION 1202
2 A RESOLUTION AUTHORIZING THE CITY OF BOULDER, COLORADO
3 TO EXECUTE A DELEGATION AGREEMENT BY AND BETWEEN THE
HOUSING AUTHORITY OF THE CITY OF BOULDER, COLORADO, D/B/A
4 BOULDER HOUSING PARTNERS AND THE CITY OF BOULDER,
COLORADO AND CERTAIN MATTERS RELATING THERETO.
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WHEREAS, for purposes of Section 146 of the Internal Revenue Code of 1986, as
6 amended (the "Tax Code"), the City of Boulder, Colorado (the "City") has available for qualified
residential rental projects (as defined in Section 142(d) of the Tax Code) private activity bond
7 volume cap allocation in the amount of $10,401,500 comprised of $5,263,500 of 2016 private
activity bond volume cap allocation (the "2016 Cap") allocated to the City by the Department of
8 Local Affairs of the State ("DOLA") pursuant to Part 17 of Article 32 of Title 24, Colorado
Revised Statutes, as amended (the "Allocation Act") and $5,138,000 of 2015 private activity
9 bond volume cap allocation (the "2015 Cap") allocated to the City by DOLA pursuant to the
Allocation Act; and
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WHEREAS, the City has elected to carry forward the 2016 Cap and the 2015 Cap and
1 I has previously filed IRS Forms 8328 with respect to the 2016 Cap and the 2015 Cap and now
12 desires that the 2016 Cap and the 2015 Cap be subject to a Delegation Agreement, dated as of
January 1, 2017 (the "Delegation Agreement"), by and between the City and the Housing
13 Authority of the City of Boulder, Colorado, a Colorado city housing authority, d/b/a Boulder
Housing Partners (the "Authority"); and
14 WHEREAS, pursuant to the Delegation Agreement, the City desires to delegate to the
15 Authority its powers to issue revenue obligations (the "Bonds") using the 2016 Cap and the 2015
Cap to be used to finance the Authority's multifamily rehabilitation program (the "Project");
16 provided, however, that all or a portion of the 2016 Cap and the 2015 Cap may be used to
finance one or more other qualified residential rental projects (located anywhere in the City) if in
17 the Authority's judgment it is unlikely that the Bonds for the project will be issued prior to
December 31, 2018; and
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
19 OF BOULDER, COLORADO, THAT:
20 Section 1. The City hereby approves and authorizes and directs the Mayor of the City
to sign and deliver and the City Clerk to attest and deliver, the Delegation Agreement in
21 substantially the form presented to the City Council. A copy of the proposed Delegation
22 Agreement is on file in the office of the City Clerk and is available for inspection by the public.
Section 2. The Mayor of the City is hereby authorized and directed to execute and
23 deliver and the City Clerk is hereby authorized and directed to attest and deliver such other
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I agreements, documents and certificates and to take such other actions as may be necessary or
convenient to carry out and give effect to the Delegation Agreement and this Resolution.
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Section 3. Nothing contained in this Resolution or the Delegation Agreement shall
3 constitute a debt, indebtedness or multiple -fiscal year direct or indirect debt or other financial
obligation of the City within the meaning of the Constitution or statutes of the State of Colorado
4 or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability
5 of the City or a charge against its general credit or taxing powers.
Section 4. The City Council hereby finds, determines, recites and declares the City's
6 intent that this Resolution constitutes an official indication of the present intention of the City to
7 take the actions described herein.
8 Section S. 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 this
9 delegation and the execution and delivery of the Public Approval Certificate are hereby ratified,
approved and confirmed.
10
Section 6. All prior acts, orders or resolutions, or parts thereof, of the City in conflict
11 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.
12
Section 7. If any section, paragraph, clause or provision of this Resolution shall be
13 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
14 or provisions of this Resolution.
15 Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
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ADOPTED this January 17, 2017.
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By e
18 Mayor
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Attest:
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21 By
Cit Gle'rk
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W
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