Loading...
HomeMy WebLinkAbout1024 - DECLARING the intent to issue private activity bonds in connection with financing residentialRESOLUTION NO. 1024 SERIES 2007 .~ RESflLUTdON ~ECLAdtING THE L`dT~E:Vi ~F TIi~ CYT~" tDF BOULDER, COLORADO TO ISSUE PRIVATE ACTIVITY BONDS TN CONNECTION WITH FINANCING RESIDENTIAL FACILTTIES FOR LOW-AND MODERATE INCOME FAMILIES AND PERSONS WHEREAS, the County and Municipality Development Revenue Bond Act, article 3 of title 29, Colotado Revised Statutes (the "AcY') 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 residen6al 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 goveming body of the Ciry 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 declarc its intention to issue 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 issaed on behalf of the City in an amount not to exceed $4> 140,435 which consists of the City's 2007 private activity bond allocation. NOW, THEREFORE, BE TI' RESOLVED BY Tf~ CTI'1' COUNCIL OF TI3E CTI'Y OF BOULDER THAT: Section 1. In order to benefit the residents of the City, the City hereby declares its intent to issue Private Acrivity Bonds in one or more series (the "Bonds") in an aggregate principal amount not to exceed $4,140,435 which shall be used in connection with financing a multifamily residential rental projec[ for low- and moderate-income families, which shall be located within the 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 mul6ple-fiscal year direct or indirect debt or other financial obligation whatscever of the City, the State of Colorado (the "State") or any political subdivision of the State within the meaning of any pmvision or limitstion of the State Constitution or statutes, and the Bonds shall not constitute or give rise to a pecuniary liability of the City or a chazge 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 or the Certificates. Section 3. The City Council hereby finds, determines, recites and declares that the issuance of the Bonds, in ccaa~ection wiG~--fma-cing such mu?tifamity residentiz3 rer_tal -- 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 [his 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 unenforeeability 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 ~i~007. eo By Mayor ATTEST: ~ By City Clerk on ehalf of the Director of Finance and Record