HomeMy WebLinkAbout953 - REGARDING carrying forward the City of Boulder's 2004 Private Activity Bond allocation. Int.RESOLUTION NO. 953
SERIES 2004
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO ISSUE PRIVATE ACTIVTTY BONDS IN
CONNECTION WITH FINANCING RESIDENTIAL FACILITIES
FOR LOW-AND MODERATE INCOME FAMILIES AND PERSONS
WHEREAS, the County and Mumcipality Development Revenue Band Act, achcle 3
of htle 29, Colorado Revised Statutes (the "AcY') authonzes the C~ty of Boulder, Colorado, a
home rule munictpahty (the "Cit}~'), to finance or reSnance one or more projects (which
mcludes any land, buildmg ar other impmvement and real and personal properdes) to the end
that residenhal facil~hes for low- and moderate-mcome fam~hes or peisons mtended for use
as the sole place of residence by the owners or intended occupants may be prov~ded m order
to promote the publ~c health, welfare, safety, convemence and prospenty, and
WHEREAS, the City ~s further authorized by the Act to issue revenue bonds for the
purpose of defraymg the cost of financmg and refinancmg any pro~ect, mcludwg the payment
of pnncipal and ~nterest on such revenue bonds, the fundmg of any reserve funds wh~ch the
governmg body of the City may deem advisable to establ~sh m connection wrth the rehrement
of such revenue bonds or the mamtenance of the pro~ect and all mcidental expenses mcurred
m issumg such revenue bonds, and to secure payment of sucb revenue bonds as provided m
the Act, and
WHEREAS, the City wishes to declare rts mtent~on to issue ~ts Pnvate Achvity
Bonds, m one or more senes, m connechon w~th financmg a mulhfamily res~denhal rental
pro~ect for low- and moderate-mcome famil~es located witlun the boundanes of the C~ry, and
WHEREAS, such Pnvate Achvity Bonds are expected to be ~ssued on behalf of the
City m an amount not to exceed $3,750,500, wluch consists of the Ctty's 2004 pnvate
achvity bond allocat~on
NOW, THEREFORE, BE Tf RESOLVED BY TI~ CTI'1' COUNCIL OF THE
CITY OF BOULDER THAT•
Sechon 1 In order to benefit the residents oF the C~ry, the City hereby declares its
mtent to issue Pnvate Achvity Bonds m one or more senes (the `Bonds") m an aggregate
princtpal amount not to exceed $3,750,500 which shal] be used m connechon vcnth financmg
a mulhfamily residenhal rental pro~ect for low- and moderate-mcome families, which shali
be located within the boundaries of the City
Sechon 2. The Ciry Council of the City (the "C~ry Council") hereby finds,
determmes, recites and declares that the Bonds shall not conshtute any mulhple-fiscal yeaz
direct or mduect debt or other financial obligation whatsoever of the C~ry, the State of
Colorado (the "State") or any pol~hcal subdivis~on of the State within the meamng of any
pmvts~on or lim~tarion of the State Conshtut~on or stamtes, and the Bonds shall not consnmte
or grve nse to a pecuniary liability of the City or a chazge against the City's geneial credrt or
taxmg powers, or ever be deemed to be an obligation or agreement of any council member,
officer, director, agent or employee of the City m 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 or the Certificates
Section 3 The City Council hereby finds, detennines, recites and declares that the
issuance of the Bonds, m connection with financing such multifiunily residential rental
project will promote the public purposes set forth m the Act, including, without hmttation,
asststing 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 fitrtherance of
the issuance of the Bonds are hereby ratified, approved and confirmed
Section 6. All pnor 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 unenforceabthty of such section,
paragraph, clause or provtsion shall not affect any of the remaining sections, paragraphs,
clauses or pronsions of this Resolution.
Section 8 This Resolution shall take effect immediately upon its introduction and
passage
APPROVED this ~ day of 2004
r
~By'
Mayor
ATTEST
By
ity Clerk on behalf of the
Director of Finance and Record