HomeMy WebLinkAbout1002 - DECLARING the intent of the city of Boulder, Colorado to issue private activity bonds in connR~SOLUTION NO. 1 ^ C ~
SERIES 2006
A R]CSOLUTION DECLA]~ING THE INTENT OF THE CITY OF
130ULDER, COLORADO TO ISSUE PRIVATE ACTIVITY BONDS IN
CONN~CTION WITH I'INANCING R~SIDENTIAL FACILITIES
I'OR LOW-AND MOD]ERAT~ INCOM~ FAll~ILIES 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, Colorado, a
home rule municipality (the "City"), to finance or refinance one or more projects (which
includes any ]and, building or other impl-ovement and real and personal properties) to the end
that residentia] facilities for low- and moderate-income families or persons intended for use
as the sole place of residence by the ownei•s or intended occupants may be provided in order
to pi•omote the public health, welfare, safety, convenience and pi•osperity; and
WHEREAS, the City is fiirther 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
goveriling body of the City 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 declare its intention to issue its Private Activiry
Bonds, in one or more series, in connection with financing a multifamily residential renfal
project foi• low- and moderate-income families located within flle 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 $3,898,680 which consists of the City's 2006 private activity
bond allocation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER THAT:
~ Section 1. In .,order to benefit the ~~esidents of the City,, the City hereby declares its
intent to issue Private Activity Bonds in one or more series (the "Bonds") in an aggregate
principa] amount not to exceed $3,898,680 whicla shal] be used in connection with financing
a multifamily residential rental project for low- and moderate-inconne families, which shall
be ]ocated 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 multiple-fiscal year
direct or indirect debt or othei~ financial obligation whatsoever of the City, the State of
Colorado (the "State") or any political subdivision of the State within the xneaning 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 chai~ge 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 persona] 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 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 1-epealer 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 o1- provision shall not affect an_y of the remaining sections, paragraphs,
clauses oi• provisions of this Resolution.
Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
APPROVED this ~ day of 2006.
By ~c' S,
Mayor
ATTEST:
By ~ .. ~.
City Clerk on b~ialf of the
Director of Finance and Record