HomeMy WebLinkAbout979 - AUTHORIZING the City of Boulder to issue Private Activity Bonds in Connection with financing rRESOLUTION NO. 9 7 9
SERIES 2005
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO ISSUE PRNATE ACTIVITY BONDS IN
CONNECTION WITH FINANCING RESIDENTIAL FACILITIES
FOR LOW-AND MODERATE INCOME FAMILIES AND PERSONS
WHEREAS, the County and Municipality Development Revenue Bond Act, article 3
of title 29, Colorado Revised Statutes (the "Act") authorizes the City of Boulder, Colotado, a
home rule municipality (the "City"), to finance or refinance one or more projects (which
includes any land, building or other improvement and rea] and personal properties) to the end
that residential 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 principa] and interest on such revenue bonds, the funding of any reserve funds which the
governing body of the City may deem advisable to establish in commecrion 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 declare 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 issued on behalf of the
City in an amount not to exceed $4,246,440 which consists of the City's 2004 private acUvity
bond allocation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER THAT:
Section 1. In order to benefit the residents of the Ciry, the City hereby declares its
intent to issue Private Activity Bonds in one or more series (the "Bonds") in an aggregate
principal amount not to exceed $4,246,440 which shall be used in connection with financing
a multifamily residential rental project 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 shal] not constitute any multiple-fiscal year direct or
indirect debt or other financial obligation whatsoever of the City, the State of Colorado (the
"State") or any political subdivision of the State within the meaning of any provision or
limitation of the State Constitution or statutes, and the Bonds shall not constitute or give rise
to a pecuniary 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 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 Bands, in connection with financing such multifamily residential rental
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 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 unenforceability 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 ~ay of~~2005.
By d~6 -t .
Mayor
ATTEST:
By
City Clerk on behalf of the
Director of Finance and Record