HomeMy WebLinkAbout1234 - AUTHORIZING the City of Boulder to execute a public approval certificate relating to the issuance of bonds by the Housing Authority for the purpose of financing the Ciclo Apartments Project I RESOLUTION 1234
2 A RESOLUTION AUTHORIZING THE CITY OF BOULDER, COLORADO TO
EXECUTE A PUBLIC APPROVAL CERTIFICATE RELATING TO THE
3 ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF
BOULDER,COLORADO,D/B/A BOULDER HOUSING PARTNERS FOR THE
4 PURPOSE OF FINANCING THE CICLO APARTMENTS PROJECT.
5 WHEREAS, the Housing Authority of the City of Boulder, Colorado, a Colorado city
housing authority, d/b/a Boulder Housing Partners ("BHP") intends to issue its Multifamily
6 Housing Revenue Bonds (Ciclo Apartments Project), Series 2018 (the "Series 2018 Bonds") in a
7 principal amount not to exceed $10,000,000 for the following plan of finance: (a) to finance the
construction, improvement, equipping and placing in service of a 38-unit multifamily housing
8 project to be located at 3390 Valmont Road,Boulder,Colorado(the"Facility"); (b) to fund certain
reserve funds, if any; and (c)to pay certain costs of issuing the Series 2018 Bonds (collectively,
9 the"Project"); and
10 WHEREAS, the Facility will be owned, operated and principally used by Ciclo LLLP, a
to-be-formed Colorado limited liability limited partnership (or any other affiliate or subsidiary
11 created by BHP and referred to herein as the `Borrower") and will consist of the real property,
improvements and equipment described above, which are all located within the City of Boulder,
12 Colorado (the"City") and will benefit the citizens of the City; and
13 WHEREAS, in connection with the adoption of this Resolution, BHP provided to the City
Council a Report on Public Hearing, dated June 19, 2018 (attached hereto as Exhibit A) (the
14 "Report on Public Hearing"), setting forth the details of BHP's compliance with the public notice
and approval requirements of Section 147(f) of the Internal Revenue Code, as amended (the
15 "Code") required in connection with the issuance of the Series 2018 Bonds; and
16 WHEREAS,based on its review of the Report on Public Hearing, the City Council desires
to authorize the execution and delivery of a Public Approval Certificate as required under the Code
17 in accordance with the terms set forth herein;
18 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
19 BOULDER, COLORADO, THAT
20 Section 1. To satisfy certain conditions required by the Code for the issuance of the
Series 2018 Bonds by BHP to finance the Project, the City Council of the City of Boulder,
21 Colorado (the "City Council"), hereby ratifies, acknowledges and approves the holding of the
public hearing for the Series 2018 Bonds and the Project as described in the Report on Public
22 Hearing and declares its intent to execute and deliver that certain Public Approval Certificate
attached hereto as Exhibit B (the "Public Approval Certificate"). The Mayor of the City is
23 authorized to enter into, execute and deliver documentation necessary to implement this
Resolution, including but not limited to the Public Approval Certificate. In connection therewith,
24 the Public Approval Certificate is hereby approved, including any such changes, modifications,
additions and deletions therein as shall seem, to the Mayor of the City executing such document,
25 necessary, desirable or appropriate.
I Section 2. The City Council hereby finds, determines, recites and declares that neither
the issuance of the Series 2018 Bonds by BHP nor the execution and delivery of the Public
2 Approval Certificate 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
3 subdivision of the State within the meaning of any provision or limitation of the State Constitution
or statutes, and the Series 2018 Bonds shall not constitute or give rise to a pecuniary liability of
4 the City or a charge against the City's general credit or taxing powers, or ever be deemed to be an
5 obligation or agreement of any City 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
6 liability by reason of the issuance of the Series 2018 Bonds.
7 Section 3. As the highest elected legislative body of the City,the City Council hereby
ratifies, acknowledges and approves the plan of finance, the issuance of the Series 2018 Bonds in
8 the principal amount of not to exceed $10,000,000 and the financing of the Project on behalf of
the Borrower.
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Section 4. The City Council hereby finds, determines, recites and declares the City's
10 intent that this Resolution constitute an official indication of the present intention of the City to
take the actions described herein.
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Section 5. All actions not inconsistent with the provisions of this Resolution heretofore
12 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 Public Approval Certificate are hereby ratified, approved
13 and confirmed.
14 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
15 an act, order or resolution, or part thereof, heretofore repealed.
16 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,
17 paragraph, clause or provision shall not affect any of the remaining sections, paragraphs, clauses
18 or provisions of this Resolution.
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1 Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
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3 ADOPTED this 17"' day of July 2018.
4 By
5 � ----
Suzanne J ties, May r
6 Attest:
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8 By --
Lynnk eck, City Clerk
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