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HomeMy WebLinkAbout969 - REGARDING the 2005 Metro Mayor's Caucus Single Family Mortgage Program Int. 3/1/05 Adopted 3RESOLUTION NO. 9 6 9 A RESOLUTION AUTHORIZING THE DELEGATION TO THE CTTY AND COUNTY OF DENVER, COLORADO OF Tf~ AUTHORITY OF TI~ CTI'X OF [CTTY], COLORADO, WTTH RESPECT TO THE ISSUANCE OF SINGLE FAMII.Y HOME MORTGAGE REVENUE BONDS (THE "BONDS") TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND N~DLE-INCOME PERSONS AND FAMII.IES WITHIN THE CiTY OF BOULDER AND CERTAIN OTHER CTI'IES AND COUNTIES IN TI~ STATE OF COLORADO; APPROVING SUCH BONDS AND SUCH SINGLE FAMILY MORTGAGE LOAN PROGRAM; AND ALTTHORiZING Tf~ EXECUTION AND DELIVERY OF A DELEGATION AND PARTICIPATION AGREEMENT AND OT'HER DOCUMENTS IN CONNECTION THEREWITH. WHEREAS, the City of Boulder, Colorado (the "City"), and the City and County of Denver, Colorado (the "Issuer"), are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes, as amended (the "AcY'), to finance projects as defined in the Act, including residential housing facilities for low- and middle-income persons and families; and WHEREAS, Section 29-3-104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality the authority to act on its behalf in the financing of projects under the Act and that any such delegation may be general or limited in scope and time, and may be itrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, contingent upon the receipt of private activity bond volume cap allocation ("Allocation") from the State of Colorado (the "State") for use in the Single Family Mortgage Loan Program (as hereafter defined), the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act and its home rule charter (the "Bonds") to finance residential housing facilities for low- and middle-income persons and families within the City and other cities and counties in the State (the "Single Family Mortgage Loan Program"); and WHEREAS, the City of Boulder desires to delegate to the Issuer the authority of the City of Boulder to finance and otherwise take action and exercise power under the Act on behalf of the City of Bouider with respect to the Single Family Mortgage Loan Program within the City of Boulder; and WHEREAS, it is necessary to evidence such delegation by the execution and delivery by the City of Boulder of a Delegation and Participation Agreement (the "Delegation and Participation AgreemenY'), by and between the City of Bouider and the Issuer in substantially the form presented at this meeting; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOULDER, COLORADO: Section i. In order to facilitate the origination of single family mortgage loans within the boundaries of the City of Boulder as part of the Single Family Mortgage Loan Program, the City of Boulder hereby (a) delegates to the Issuer the authority of the City of Boulder to finance and otherwise take action and exercise power under the Act on behalf of the City of Boulder with respect to the Single Family Mortgage Loan Program within the City of Boulder and (b) approves, authorizes and directs the Mayor of the City of Boulder to sign and deliver and the City Clerk to attest and deliver, the Delegation and Participation Agreement in substantially the form presented at this meeting. A copy of the proposed Delegation and Participation Agreement is on file in the office of the City Clerk and is available for inspection by the public. Section 2. The Council hereby approves the Bonds and the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 3. The Mayor of the City of Boulder is hereby authorized and directed to execute and deliver and the City Clerk is hereby authorized and directed to attest and deliver such other agreements and certificates and to take such other actions as may be necessary or convenient to carry out and give effect to the Delegation and Participation Agreement and this Resolution, including any agreement or certificate approving the Bonds or the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 4. Nothing contained in this Resolution or the Delegation and Participation Agreement shall constitute a debt, indebtedness or multiple-fiscal yeaz direct or indirect debt or other financial obligation of the City of Boulder within the meaning of the Constitution or statutes of the State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability of the City of Boulder or a chazge against its general credit or taxing powers. Section 5. The participation of the City of Boulder in the Single Family Mortgage Loan Program is contingent upon the receipt of Allocation for the Single Family Mortgage Loan Program from the State. In the event the State does not award Allocation for the Single Family Mortgage Loan Program, this Resolution, the Delegation and Participation Agreement, and all duties, obligations and rights of the City under this Resolution and the Delegation and Participation Agreement shall terminate immediately. Section 6. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, pazagraph, clause or provision shall not affect any of the remaining provisions of this Resolution. Section 7. This Resolution shall be in full force and effect upon its passage and approval. ADOPTED BY THE CITY COUNCIL THIS L~DAY OF ~1' ~i~'~c„2005. [SEAL] A test:, G/~~ m City Cle Mayor a-j~ H CERTIFICATE OF THE City OF Boulder, COLORADO Relating to City and County of Denver, Colorado Single Family Home Mortgage Revenue Bonds (Metro Mayors Caucus Single Family Mortgage Bond Program) Series 2005 The undersigned Mayor and City Clerk of the City of Boulder, Colorado (the "City") hereby certify that: Resolution. Attached hereto as Exhibit A is a true and correct copy of a Resolution of the Boulder City Council (the "Council") that was adopted by the Council in accordance with applicable law on the date indicated therein (the "Resolution"). All meetings of the Council at which action relating to the Resolution was taken were properly noticed in the manner and at the times required by law, were open at all times to the general public and were attended by a quorum of the Council. The Resolution has been signed, attested, sealed and made a permanent part of the records of the Council in accordance with applicable law; is in full force and effect; and has not been amended, modified or repealed since its adoption. Delegation and Participation Agreement. Attached hereto as Exhibit B is a true and correct copy of a Delegation and Participation Agreement, dated as of the date indicated therein (the "Delegation and Participation Agreement"), by and between Boulder, Colorado and the City and County of Denver, Colorado (the "Issuer"). The Delegation and Participation Agreement has been duly authorized, executed and delivered by the City of Boulder and, upon due authorization, execution and delivery by the Issuer, will constitute a valid and binding obligation of the parties, enforceable against the parties in accordance with its terms. Approval of Bonds and Project. A public hearing on behalf of the Council, the City of Boulder and the Issuer was held in the office of the Department of Revenue for the City of Denver and County of Denver, Colorado. At such public hearing, all interested persons were given an opportunity to express their views, both orally and in writing, on the proposed issuance of the Bonds and the location and nature of the Single Family Mortgage Loan Program. The Council and the Mayor have received a report of the hearing. The undersigned Mayor of the City of Boulder, as the chief elected executive official of the City acting as such after such public hearing, hereby approves the Bonds and the Single Family Mortgage Loan Program, which approval is intended to comply with the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended. IN WITNESS WHEREOF, we have hereunto set our hands this ~ day of C, 2005. Ma or ~' " / Y BY //j~_ -~Gi~ ~ City Clerk EXHIBIT A RESOLUTION NO. A RESOLUTION AUTHORIZING THE DELEGATION TO THE CITY AND COUNTY OF DENVER, COLORADO OF THE AUTHORITY OF THE CITY OF [CITY], COLORADO, WITH RESPECT TO THE ISSUANCE OF SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (THE "BONDS") TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND MIDDLE-INCOME PERSONS AND FAMII,IES WITHIN THE CITY OF BOULDER AND CERTAIN OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO; APPROVING SUCH BONDS AND SUCH SINGLE FAMILY MORTGAGE LOAN PROGRAM; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A DELEGATION AND PARTICIPATION AGREEMENT AND OTHER DOCUMENTS IN CONNECTION THEREWITH. WHEREAS, the City of Boulder, Colorado (the "City"), and the City and County of Denver, Colorado (the "Issuer"), are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes, as amended (the "Act"), to finance projects as defined in the Ac[, including residential housing facilities for low- and middle-income persons and families; and WHEREAS, Section 29-3-104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality the authority to act on its behalf in the financing of projects under the Act and that any such delegation may be general or limited in scope and time, and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, contingent upon the receipt of private activity bond volume cap allocation ("Allocation") from the State of Colorado (the "State") for use in the Single Family Mortgage Loan Program (as hereafter defined), the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act and its home rule charter (the "Bonds") to finance residential housing facilities for low- and middle-income persons and families within the City and other cities and counties in the State (the "Single Family Mortgage Loan Program"); and WHEREAS, the City of Boulder desires to delegate to the Issuer the authority of the City of Boulder to finance and otherwise take action and exercise power under the Act on behalf of the City of Boulder with respect to the Single Family Mortgage Loan Program within the City of Boulder; and WHEREAS, it is necessary to evidence such delegation by the execution and delivery by the City of Boulder of a Delegation and Participation Agreement (the "Delegation and Participation Agreement"), by and between the City of Boulder and the Issuer in substantially the form presented at this meeting; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOULDER, COLORADO: Section 1. In order to facilitate the origination of single family mortgage loans within the boundaries of the City of Boulder as part of the Single Family Mortgage Loan Program, the City of Boulder hereby (a) delegates to the Issuer the authority of the City of Boulder to finance and otherwise take action and exercise power under the Act on behalf of the City of Boulder with respect to the Single Family Mortgage Loan Program within the City of Boulder and (b) approves, authorizes and directs the Mayor of the City of Boulder to sign and deliver and the City Clerk to attest and deliver, the Delegation and Participation Agreement in substantially the form presented at this meeting. A copy of the proposed Delegation and Participation Agreement is on file in the office of the City Clerk and is available for inspection by the public. Section 2. The Council hereby approves the Bonds and the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 3. The Mayor of the City of Boulder is hereby authorized and directed to execute and deliver and the City Clerk is hereby authorized and directed to attest and deliver such other agreements and certificates and to take such other actions as may be necessary or convenient to carry out and give effect to the Delegation and Participation Agreement and this Resolution, including any agreement or certificate approving the Bonds or the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 4. Nothing contained in this Resolution or the Delegation and Participation Agreement shall constitute a debt, indebtedness or multiple-fiscal yeaz direct or indirect debt or other financial obligation of the City of Boulder within the meaning of the Constitution or statutes of the State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability of the City of Boulder or a charge against its general credit or taxing powers. Section 5. The participation of the City of Boulder in the Single Family Mortgage Loan Program is contingent upon the receipt of Allocation for the Single Family Mortgage Loan Program from the State. In the event the State does not award Allocation for the Single Family Mortgage Loan Program, this Resolution, the Delegation and Participation Agreement, and all duties, obligations and rights of the City under this Resolution and the Delegation and Participation Agreement shall terminate immediately. Section 6. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, pazagraph, clause or provision shall not affect any of the remaining provisions of this Resolution. Section 7. This Resolution shall be in full force and effect upon its passage and approval. ADOPTED BY THE CITY COUNCIL THIS _ DAY OF , 2005. Mayor [SEAL] Attest: City Clerk EXHIBIT B DELEGATION AND PARTICIPATION AGREEMENT This DELEGATION AND PARTICIPATION AGREEMENT (this "Delegation and Participation Agreement") is by and between the CITY OF BOULDER, COLORADO, a municipal corporation and a political subdivision of the State of Colorado (the "City"), and the CITY AND COUNTY OF DENVER, COLORADO, a home rule city, a political subdivision and a municipal corporation of the State of Colorado (the "Issuer"). RECITALS: WHEREAS, the City of Boulder and the Issuer are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes, as amended (the "Act"), to finance projects as defined in the Act, including residential housing facilities for low- and middle-income persons and families; and WHEREAS, Section 29-3-104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality authority to act on its behalf in the financing of projects under the Act and that any such delegation may be general or limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, contingent upon the receipt of private activity bond volume cap allocation ("Allocation") from the State of Colorado (the "State") for use in the Single Family Mortgage Loan Frogram (as hereinafter defined), the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act and its home rule charter (the "Bonds") to finance residential housing facilities for ]ow- and middle-income persons and families within the City of Boulder and other cities and counties in the State (the "Single Family Mortgage Loan Program"); and WHEREAS, the City of Boulder wishes to participate in the Single Family Mortgage Loan Program; and WHEREAS, the City of Boulder desires to delegate to the Issuer the authority of the City to finance and otherwise take action and exercise power under the Act on behalf of the City with respect to the Single Family Mortgage Loan Program within the City of Boulder; NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, the City of Boulder and the Issuer hereby agree as follows: Section 1. The City of Boulder hereby delegates to the Issuer the authority of the City of Boulder to finance and otherwise take action and exercise power under the Act on behalf of the City of Boulder with respect to the Single Family Mortgage Loan Program within the City of Boulder. Section 2. The Issuer hereby accepts the delegation of authority from the City of Boulder pursuant to Section 1 hereof and agrees to abide by each of the terms and conditions of this Delegation and Participation Agreement in connection with the use of such delegation. The Issuer agrees to make available to the City of Boulder a portion of the proceeds of the Bonds for the origination of home mortgages within the City's boundaries. Section 3. The participation of the City of Boulder in the Single Family Mortgage Loan Program, and all undertakings, obligations, duties and rights of the City of Boulder and the Issuer under this Delegation and Participation Agreement, are contingent upon the award from the State of Allocation for the Single Family Mortgage Loan Program. Section 4. In the event that the State does not awazd Allocation for use in the Single Family Mortgage Loan Program, this Delegation and Participation Agreement, and all duties, obligations and rights of the Issuer and the City of Boulder hereunder, shall terminate. If the State does not award Allocation for use in the Single Family Mortgage Loan Program, the City of Boulder agrees to hold the Issuer harmless for any costs or any other liabilities incurred by the City of Boulder with respect to the adoption and approval of this Delegation and Participation Agreement, the Resolution of the City of Boulder adopted with respect to the Single Family Mortgage Loan Program, or any other City of Boulder actions related thereto. IN WTI'NESS WHEREOF, the City of Boulder and the Issuer have caused this Delegation and Participation Agreement to be executed [o be effective as of _, 2005. [SEAL] CITY OF BOULDER, COLORADO By Attest: By City Clerk [SEAL] Attest: By Clerk and Recorder Approved as to form Mayor CITY AND COUNTY OF DENVER, COLORADO, as Issuer By Mayor