HomeMy WebLinkAbout860 - REGARDING the City Council's intention to carry forward the 2000 Private Activity Bond allocat~I-l~(~U
RESOLUTION NO. s6o
SERIES 2000
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO ISSUE REVENUE BONDS OR MORTGAGE
CREDIT CERTIFICATES IN CONNECTION WITH FINANCING
RESIDENTIAL FACILITIES FOR LOW- AND MIDDLE-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, 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 middle-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 principal
and interest on such revenue bonds for not exceeding three years, 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 provided
in the Act; and
WHEREAS, the City wishes to declare its intention to issue its ravenue bonds, in one ar
more series, or, in lieu of issuing all or any series of such revenue bonds, to issue its mortgage credit
certificates, in connection with financing mortgage loans for residential facilities far low- and
middle-income families or persons intended for use as the sole place of residence by the owners or
intended occupants thereof, which facilities will be located within the boundaries of the City; and
WHEREAS, such revenue bonds or mortgage credit certificates are expected to be issued by
the City in an amount not to exceed $2,320,575, which consists of the County's 2000 private activity
bond allocation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COLTNCIL OF THE CITY OF
BOULDBR THAT:
Section 1. In order to benefit the residents of the City, the City hereby declares its intent to
issue its revenue bonds in one or more series (the "Bonds") in an aggregate principal amount not to
exceed $2,320,575, or, in lieu of issuing all or any series of Bonds, to issue its mortgage credit
certificates (the "Certificates"), which shall be used in connection with financing mortgage loans for
residential facilities for ]ow- and middle-income families or persons intended for use as the sole
place of residence of the owners or intended occupants thereof, which residential facilities 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 neither the Bonds nor the Certificates 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 neither the Bonds nor the Certificates shall
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 Bonds, or in lieu of such Bonds, the Certificates, in connection with financing such residential
facilities will promote the public purposes set forth in the Act, including, without limitation,
assisting persons or families of low- and middle-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 issue the
Bonds or, in lieu of any such Bonds, the Certificates, as herein provided.
Section 5. All actions not inconsistent with the provisions ofthis Resolution heretofore taken
by the City Council or any officer or employee of the City in furtherance of the issuance of the
Bonds or the Certificates 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. All bylaws, orders or resolutions, or parts thereof, inconsistent herewith are
hereby repealed to the extent only of such inconsistency, and, if so repealed, no other bylaw, order
or resolution, or part thereof, shall be revived.
Section 9. This Resolution shall take effect immediately upon its introduction and passage.
INTRODUCED, READ, PASSED AND ADOPTED this 5`h day of September 2000.
[SEAL]
By ~-.t~+
Mayor
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