HomeMy WebLinkAbout1010 - DECLARING the intent to delegate authority to issue bonds using 2004 private activity bond inRESOLUTION NO. 1 C i C
SERIES 2006
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO DELEGATE AUTHORITY TO
ISSUE BONDS USING 2004 PRIVATE ACTIVITY BOND
VOLUME CAP IN CONNECTION WITH FINANCING
RESIDENTIAL FACILITIES FOR LOW AND MODERATE
INCOME FAMILIES AND PERSONS; AND AUTHORIZING A
DELEGATION AGREEMENT IN CONNECTION THEREWITH.
WHEREAS, the County and Municipality Development Revenue Bond Act,
Article 3 of Title 29, Colorado Revised Statutes (the "AcY') authorizes the Ci~y of
Boulder, Colorado, a home rule municipality (the "City"), to finance or refinance 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
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, welfaze,
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 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 retuement 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 received an allocation of a portion of the State Ceiling (as
defined in Section 24-32-1706, C.R.S, of the Colorado Private Activity Bond Ceiling
Allocation Act) for 2004, and the City elected to carry forward $3,750,080 of the 2004
allocation (the "2004 PAB Allocation");
WHEREAS, the City desires to enter into a Delegation Agreement dated as of
November 1, 2006 (the "Delegation AgreemenY') to delegate to the Housing Authority of
the City of Boulder, Colorado d/b!a Boulder Housing Partners, ("BHP") its powers under the
Act to issue tax-exempt revenue bonds (the "Bonds") using the 2004 PAB A]]ocation, for
the purpose of rehabilitation of 3120 Broadway in Boulder, Colorado; and
NOW, THEREFORE, BE IT RESOLVED BY THE CTI'Y COUNCIL OF THE
CITY OF BOULDER THAT:
Section 1. In order to benefit the residents of the City, the City hereby declares its
intent to delegate to BHP its authority with respect to the issuance of the Bonds in an
aggregate principal amount not to exceed $3,750,080, 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 ]ocated within the boundazies of the City. The
City Manager is authorized to enter into, execute and deliver documentation necessazy 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,
necessazy, desirable or appropriate. The City Manager is further authorized to take such
action with respect to any documents or certificates related to the City Document
(including the making of any required conforming changes to such related documents) as
maybe necessary to implement the intent and purpose of the City Document, and any and
all such actions aze 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 executioq and
delivery of the City Document shall constitute any multiple-fiscal yeaz 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 pecuniazy 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, duector, 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 declazes that
such delegation, in connection with fmancing 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 ]ow 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 Document 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,
pazagraphs, clauses or provisions of this Resolution.
Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
ADOPTED this ~ ~~~ day of Uc,~.e~ z 2006.
By I`
Mayor
ATTEST:
By ~,/~ ~,vr-,
City Clerk on beh if of the
Director of Finance and Record