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HomeMy WebLinkAbout1009 - DECLARING the intent to delegate authority to issue bonds using 2003 private activity bond inRESOLUITON NO. 10 0 9 SERIES 2006 A RESOLUTION DECLARING THE INTENT OF THE CI'fY OF BOULDER, COLORADO TO DELEGATE AUTHORITY TO ISSUE BONDS USING 2003 PRIVATE ACTIVITY BOND VOLUME CAP IN CONNECTION WITH FINANCING RESIDENTIAL FACILITIES FOR LOW AND MODERATE INCOME FAMII.IES AND PERSONS; AND AUTHORIZING A DELEGATION AGREEMENT IN CONNECTION THEREWITH. WHEREAS, the County and Municipality Development Revenue Bond Act, Article 3 of Tide 29, Colorado Revised Stalutes (the "AcY') suthorizes the City of Boulder, Colorado, a home rule municipality (the "City"), to finance or refioance one or more projects (which includes any land, building or other improvement and real and personal properties) to the end that residential facilities for low- and moderate-income fanulies 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 fiuther suthorized by the Act to issue revenue bonds for the purpose of de&aying 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 governing 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 pmvided in the Act; and WHEREAS, the City received an allocation of a portion of the State Ceiling (as defined in Secfion 24-32-1706, C.R.S. of the Colorado Private Activity Bond Ceiling Allocation Act) for 2003, and the City elected to carry forwazd $3,550,500 of the 2003 allocation (the "2003 PAB Allocation"); WHEREAS, the City desires to enter into a Delegation Agreement dated as of October 1, 2006 (the "Delegation AgreemenY~ to delegate to the Colorado Housing and Finance Authority, ("CHFA") its powers under the Act to issue revenue bonds, (the "Bonds") using the 2003 PAB Allocadon, for the purpose of rehabilitation of the San Juan del Centro Apartments in Boulder, Colorado; and NOW, THEREFORE, BE IT RESOLVED BY TF~ CITY COUNCIL OF TI~ CITY OF BOULDER THAT: Section 1. In order to benefit the residents of the City, We City hereby declares its intent to delegate to CHFA its authority with respect to the issuance of the Bonds in an aggregate principal amount not to exceed $3,550,500, which shall be used in connection with financing the rehabilitation of a multifamily residential rental project for low and moderate income families, which shall be located within the boundaries of the City. The K:~EiOAD~x-activity bonds 2006(1).lzy.dce City Manager is authorized to enter into, execute and deliver documentation necessary to implement this Resolution, including a Delegation Agreement, a related Federal Tax Exemption Certificate and Certificate Concerning Private Activity Bond Volume Cap Allocation (collectively the "City Document"). In connection therewith, the City Document is hereby approved, including any such changes, modifications, additions and deletions therein as shall seem, to the City Manager executing such documents, necessary, desirable or appropriate. The City~Manager is fiuther authorized to take such action with respect to any documents or certificates related to the City Documents (including the making of any required conforming changes to such related documents) as may be necessary to implement the intent and purpose of the City Documents, and any and all such actions are hereby approved, authorized and confirmed. Section 2. The City Council of the City (the "City Council") hereby finds, determines, recites and declares that neither such delegation nor the execution and delivery of the City Documents shall 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. Section 3. The City Council hereby finds, determines, recites and declares that such delegation, in connection with financing the rehabilitation of 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 to the delegation 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 this delegation and the execution and delivery of the City Documents 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. K:~I-IOADbc-activity bonds 2006(1).L.y.doc Section 8. This Resolution shall take effect immediately upon its introduction and Passage. ADOPTED this ,~'" day of (~~ 2006. By - Mayor ATTEST: By V/ J OiwiGo- Ci-G~ half of the Director of Finance and Record K:~I-IOAD~x-activity bonds 2006(1).lzy.doc