HomeMy WebLinkAbout886 - CONSIDERATION of a resolution to carry forward the 2001 Private Activity Bond allocation. Intr~/i~:,~~
RESOLUTION NO. RRti
SERIES 2001
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO ISSUE PRIVATE ACTIVITY BONDS TN
CONNCECTION WITH TINANCING RESIDENTIAL FACILITIES FOR
LOW-AND MIDDL~-INCOME TAMILIES AND PERSONS
WHEREAS, the County and Municipality Development Revenue Bond Act, article 3,of
title 29, Colorado Revised Statutes (the "AcY') authorizes the City of Boulder, Colorado, a home rule
mLinicipality (the "City"), to finance or refinance one or more projects (which includes any land,
building or other improvement and real and personal propenies) to che end that residential facilities
for ]ow- and middle-income families or persons intended for use as the sole place of residence by
the owuers 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 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 sLich revenue bonds or the maintenance of the project and all incidenTal expenses
incurred in issuing such revenue bonds, and to secure paymeni of sucl~ revenue bonds as provided
in the Act; and
WHEREAS, the City wisl~es 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 tl~e City; and
WHEREAS, such Private Activity Bonds are expected to be issued by the City in an amount
not to exceed $2,874,094, which consists of tihe City's 2001 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 Yhe residents of the City, the City hereby declares its intent to
issue its Private Activity Bonds in one or more series (the "Bonds") in an aggregate principal amount
not to exceed $2,874,094, which shall be used in co~mection with financing a multifamily residential
rental project low- and moderate-income families, which shaA be located within the boundaries of
the City.
Section 2. The City Council of the City (the "City Council") hereby finds, determinas,
recites and declares that the Bonds shall not constitute any multiple-fiscal year direct or indirect debt
or other financial obligation whatsoever of the City, the State of Colorado (the "StaYe") or any
political subdivision of the State within the meaning of any provision or limitation of the StaCe
Constitution or statutes, and the Bonds shall not constitute or give rise to a pecuniary liability of the
City or a charge against the CiCy's general credit or taxing poweis, or ever be dee~ned 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 CoLmcil 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 ]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 issue the
Bonds 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 fonds 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 2lstday ofAuaust 2001.
By .-..,~`1 V
Mayor.
Res. 866