HomeMy WebLinkAbout1201 - AUTHORIZING the City of Boulder to execute a public approval certificate relating to the issuance of bonds by the Housing Authority of the City of Boulder d/b/a Boulder Housing Partners for the purpose of financing its Palo Park Community projectRESOLUTION 1201
2 A RESOLUTION AUTHORIZING THE CITY OF BOULDER, COLORADO
TO EXECUTE A PUBLIC APPROVAL CERTIFICATE RELATING TO THE
3 ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF
4 BOULDER, COLORADO, D/B/A BOULDER HOUSING PARTNERS FOR
THE PURPOSE OF FINANCING ITS PROJECT PALO PARK COMMUNITY
5 PROJECT.
6 WHEREAS, the Housing Authority of the City of Boulder, Colorado, a Colorado city
housing authority, d/b/a Boulder Housing Partners ("BHP") intends to issue its Multifamily
7 Housing Revenue Bonds (Palo Park Community Project), Series 2017 (the "Series 2017 Bonds")
in a principal amount not to exceed $9,000,000 for the following plan of finance: (a) to finance
g the construction, improvement, equipping and placing in service of a 35 unit multifamily housing
project to be located at 4525 Palo Parkway, Boulder, Colorado (the "Facility"); (b) to fund
9 certain reserve funds, if any; and (c) to pay certain costs of issuing the Series 2017 Bonds
(collectively, the "Project"); and
10
WHEREAS, the Facility will be owned, operated and principally used by Palo Park
11 Community, LLLP, a Colorado limited liability limited partnership (or any other affiliate or
subsidiary created by BHP and referred to herein as the `Borrower") and will consist of the real
12 property, improvements and equipment described above, which are all located within the City of
13 Boulder, Colorado (the "City") and will benefit the citizens of the City; and
WHEREAS, in connection with the adoption of this Resolution, BHP provided to the
14 City Council a Report on Public Hearing, dated December 19, 2016 (attached hereto as
15 Exhibit A) (the "Report on Public Hearing"), setting forth the details of BHP's compliance with
the public notice and approval requirements of Section 147(f) of the Internal Revenue Code, as
16 amended (the "Code") required in connection with the issuance of the Series 2017 Bonds; and
17 WHEREAS, based on its review of the Report on Public Hearing, the City Council
desires to authorize the execution and delivery of a Public Approval Certificate as required under
18 the Code in accordance with the terms set forth herein;
19 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BOULDER, COLORADO, THAT
20
Section 1. To satisfy certain conditions required by the Code for the issuance of the
21 Series 2017 Bonds by BHP to finance the Project, the City Council of the City of Boulder,
Colorado (the "City Council"), hereby ratifies, acknowledges and approves the holding of the
22 public hearing for the Series 2017 Bonds and the Project as described in the Report on Public
Hearing and declares its intent to execute and deliver that certain Public Approval Certificate
23 attached hereto as Exhibit B (the "Public Approval Certificate"). The Mayor of the City is
24 authorized to enter into, execute and deliver documentation necessary to implement this
25
I Resolution, including but not limited to the Public Approval Certificate. In connection
therewith, the Public Approval Certificate is hereby approved, including any such changes,
2 modifications, additions and deletions therein as shall seem, to the Mayor of the City executing
such document, necessary, desirable or appropriate.
3
Section 2. The City Council hereby finds, determines, recites and declares that
4 neither the issuance of the Series 2017 Bonds by BHP nor the execution and delivery of the
Public Approval Certificate shall constitute any multiple -fiscal year direct or indirect debt or
5 other financial obligation whatsoever of the City, the State of Colorado (the "State") or any
6 political subdivision of the State within the meaning of any provision or limitation of the State
Constitution or statutes, and the Series 2017 Bonds shall not constitute or give rise to a pecuniary
7 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 City Council member, officer, director, agent or
8 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 Series 2017 Bonds.
9
Section 3. As the highest elected legislative body of the City, the City Council
10 hereby ratifies, acknowledges and approves the issuance of the Series 2017 Bonds in the
principal amount of not to exceed $9,000,000 and the financing of the Project on behalf of the
11 Borrower.
12 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 to
13 take the actions described herein.
14 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 this
15 delegation and the execution and delivery of the Public Approval Certificate are hereby ratified,
16 approved and confirmed.
Section 6. All prior acts, orders or resolutions, or parts thereof, of the City in conflict
17 with this Resolution are hereby repealed, except that this repealer shall not be construed to revive
18 an act, order or resolution, or part thereof, heretofore repealed.
19 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,
20 paragraph, clause or provision shall not affect any of the remaining sections, paragraphs, clauses
or provisions of this Resolution.
21
22
23
24
25
I Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
2
ADOPTED this January 17, 2017.
3
4
5
6 Attest:
7 By
8 City Wer
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
By Q-,/, AJ, --e,
Mayor of the City of Boulder, Colorado
PUBLIC APPROVAL CERTIFICATE
NOT TO EXCEED $9,000,000
HOUSING AUTHORITY OF
THE CITY OF BOULDER, COLORADO,
D/B/A BOULDER HOUSING PARTNERS
MULTIFAMILY HOUSING REVENUE BONDS
(PALO PARK COMMUNITY PROJECT)
SERIES 2017
WHEREAS, the purpose of this approval certificate is to satisfy the public approval
requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") in
order to qualify the interest of the above -captioned bond issue (the "Series 2017 Bonds") for
exclusion from provisions of the Code; and
WHEREAS, officials of the Housing Authority of the City of Boulder, Colorado, d/b/a
Boulder Housing Partners (the "Authority"), have represented to the City Council of the City of
Boulder, Colorado (the "City Council") that the proceeds of the Series 2017 Bonds will be
loaned to Palo Park Community, LLLP, a Colorado limited liability limited partnership (or any
other affiliate or subsidiary created by the Authority and referred to herein as the `Borrower"),
for the following plan of finance: (a) to finance the construction, improvement, equipping and
placing in service of a 35 unit multifamily housing project to be located at 4525 Palo Parkway,
Boulder, Colorado (the "Facility"); (b) to fund certain reserve funds, if any; and (c) to pay certain
costs of issuing the Series 2017 Bonds (collectively, the "Project"); and
WHEREAS, the Facility will be owned, operated and principally used by the Borrower
and are all located within the boundaries of the City of Boulder, Colorado (the "City"); and
WHEREAS, officials of the Authority have represented to the City Council that a public
hearing on behalf of the Authority was held by such officials at 4:00 p.m. Mountain Time on
December 19, 2016 (the "Public Hearing") after a Notice of Public Hearing was published for
the Public Hearing on December 4, 2016 in the Boulder Daily Camera, as evidenced by the
affidavit of publication attached hereto as Exhibit A; and
WHEREAS, officials of the Authority have represented to the City Council that after a
reasonable public notice was given, the Public Hearing was held and that no objections were
raised with respect to the proposed issuance of the Series 2017 Bonds or the financing of the
Project; and
WHEREAS, pursuant to a Resolution adopted by the City Council on January 17, 2017,
the undersigned was authorized to sign this Public Approval Certificate on behalf of the City
Council.
NOW, THEREFORE, based upon all of the foregoing, ON BEHALF OF THE CITY
COUNCIL, I HEREBY CERTIFY THAT:
1. The City Council is the highest elected legislative body of the City; and
2. The officials of the Authority have informed the City Council of the purpose for
which the Series 2017 Bonds are proposed to be issued and the proceedings of the Public
Hearing, and have informed the City Council that no objections were raised with respect to the
proposed issuance of the Series 2017 Bonds or the financing of the Project at the Public Hearing;
and
3. On behalf of the City Council, I hereby ratify, acknowledge and approve the
holding of a public hearing on the Series 2017 Bonds and the Project; and
4. For the sole purpose of qualifying the interest on the Series 2017 Bonds for
exclusion from gross income of the owners thereof for federal income tax purposes pursuant to
the applicable provisions of the Code, on behalf of the City Council, I hereby approve the
issuance of the Series 2017 Bonds in the principal amount of not to exceed $9,000,000 and the
financing of the Project on behalf of the Borrower.
IN WITNESS WHEREOF, the undersigned has set his hand as of January 17, 2017.
CITY OF BOULDER, COLORADO
By Q--- X
Mayor of the City of Boulder, Colorado
Attest:
By �_�!��
CQy'klert
Approved as to form:
By
City Attorney