HomeMy WebLinkAbout930 - REGARDING carrying forward the City of Boulder's 2003 Private Activity Bond allocation.R~SOLUTION NO. 930
S~RIES 2003
A RrSOLU770N D1sCLARING 7'H~ 1NTENT OF THE CITY OF
130ULDER, COLORADO TO 1SSUE I'RIVATE ACTIVITY BONDS IN
CONNEC770N Wl'171 FINANCING RESIDENTIAL TACILITIES
FOR LOW-ANl) MOllTRATE INCOM~ P'AMILIES AND PERSONS
WHLREAS, the County and Munic~pal~ty Development Revenue Bond Act, article 3
of htle 29, Colorado Rev~tied Stamtes (the "Act") authonzes the C~ty of Boulder, Colorado, a
home rule municipalrty (the "Crty"), to finance or refinance one or more pro~ects (wh~ch
includes any land, building or other improvement and real and personal properhes) to the end
that residenual facilities for low- and moderate-income families or persons mtended for use
as the tiole place of retiidence by the owners or intended occupants may be provided in order
to promotc the pubhc he~idi, welfare, safety, convenience and prospenty, and
WHEREAS, the C~ty is further author~zed by thG Act to ~s5ue revenue bonds for the
purpose of defraymg the cost of financing and refinancing any pro~ect, mclud~ng the payment
of prmcipal and interest on such revenue bonds, the fundmg of any reserve funds which the
govermng body of the C~ty may deem advisable to establish ~n connection with Yhe rehrement
of such revenue bonds or the mamtenance of the pro~ect and al] incidental expenses mcurred
~n issumg such revenue bonds, and to secure payment of such revenue bonds as provided m
the Act, and
WHEREAS, the C~ty w~shes to declare its mtention to ~ssue its Prrvate AcUvrty
Bonds, m one or more scries, ~n connection with financmg a mulnfamily residential rental
pro~ect for low- and moderate-income famihes located wrthin the boundar~es of the C~ty; and
WHEREAS, such Private Activrty Bonds are expected to be ~ssued on behalf of the
City m an amount not to exceed $3,SSQ500, wh~ch cons~sts of the C~Cy's 2003 private
activity bond allocat~on
NOW, TH~REFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER THAT
Sechon 1 In order to benefit the residents of the Crty, the Crty hereby declares rts
intent to issue Pnvate Actiwty Bonds m one or more series (the "Bonds") m an aggregate
pnnc~pal ~mount not to exceed $3,550,500 which shall be used m connection w~th finanemg
a multifamily res~dential rental project for low- and moderate-mcome families, which shall
be located w~thm the boundar~es of the C~ty.
Section 2 The City Council of the C~ty (the "C~ry Council") hereby finds,
determines, recites and declares that Che Bonds shall not conshtute any mult~ple-fiscal year
direct or indirect debt o~ other ~nancial obl~gaUon whatsoever of the C~ty, the State of
Colorado (the "State") or any pol~t~cal subd~vis~on of the State w~thin the meaning of any
provision or limitation of the State Const~tuUon or statutes, and the Bonds shal] not const~tute
or give nse to a pecumary l~abil~ty of the Ciry or a charge agamst the C~ty's general cred~t or
taxmg powers, or ever be deemed to be an obl~gation or agreement of any council member,
officer, director, agent or employee of the Crty ~n such person's mdividual capacity, and none
of Such persons Shall be subject to any personal liability by reason of the issuance of the
Bonds or the Certificates
Sccuon 3. The Crty Council hereby finds, determines, recites and declares that the
issuance of the Bonds, m connection with financing such multifamily residential rental
prolcct will promote the public purposes set forth m the Act, including, without limitation,
assrumg 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 Crty's
intent that this Rcsohrtron conurtute an official indication of the present intention of the Ctty
that the Bonds he issued as herein provided.
Section 5 All actions not inconsistent with the provisions of this Resolutton
heretofore taken by the Cuy Council or any officer or employee of the Crty m furtherance of
the issuance of the Bonds are hereby ratified, approved and confirmed
Section 6 All poor acts, orders or resolutions, or parts thereof, of the Ctty 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 ]f any section, paragraph, clause or provision of this Resolution shall be
ud~udged to be urvahd or unenforceable, the rnvalydrty or unenforceabilrty of such section,
paragraph, clause or provision shall not affect any of the remaining sections, paragraphs,
clauses or provisions ofthrs Resolution
Sccuon 8 Thrs Resolutton shall take effect unmedrately upon its introduction and
passage
APPROVED this _ day of 2003
By ~`--
Mayor
ATTES~~T• nn
By /,/O,~ v ~J )gar-rr`~
City Clerk on behalf of the
Director of Finance and Record