HomeMy WebLinkAbout1253 - Resolution allowing low and moderate-income households in Boulder to participate in the revised Denver Metro Mortgage Assistance Plus Program that provides competitive mortgage loans coupled with down payment and closing cost assistance in connect RESOLUTION 1253
AUTHORIZING AND APPROVING THE CITY OF BOULDER'S
PARTICIPATION IN THE METRO MORTGAGE ASSISTANCE PLUS
PROGRAM AND AUTHORIZING THE EXECUTION OF THE DELEGATION
AND PARTICIPATION AGREEMENT AND OTHER DOCUMENTS IN
CONNECTION THEREWITH.
WHEREAS,the State of Colorado(the"State") Constitution Article XIV, Section 18(2)(a)
provides that nothing in the Constitution shall prohibit any of the State's political subdivisions
from cooperating with one another to provide any service lawfully authorized to each of the
cooperating units; and
WHEREAS, the City and County of Denver, Colorado ("Denver") is authorized pursuant
to its Home Rule Charter to promote the financing of mortgage loans for low- and moderate-
income persons or families intended for use as the sole place of residence by the owners or intended
occupants thereof; and
WHEREAS, Denver sponsors the Metro Mortgage Assistance Plus Program to provide
competitive mortgage loans which will be coupled with down payment and closing cost assistance
in connection with financing mortgage loans for low- and moderate-income persons or families
intended for use as the sole place of residence by the owners or intended occupants thereof(the
"Program"); and
WHEREAS, Denver has invited the City of Boulder (the "City") to participate in the
Program; and
WHEREAS, the City has the full legal authority to participate in the Program pursuant to
Section 11 of the Charter of the City of Boulder and the general powers granted to it in Title 29,
Article 1, Section 203 of the Colorado Revised Statutes, as amended; and Title 31, Article 15,
Section 101 et. seq., Colorado Revised Statutes, as amended (collectively, the"Act"); and
WHEREAS, the City desires to delegate to Denver the authority of the City to take action
and exercise power under the Act on behalf of the City with respect to the Program within the
City's boundaries;
NOW, THEREFORE, BE IT RESOLVED BY THECITY COUNCIL OF THE CITY OF
BOULDER, COLORADO, that:
Section 1. In order to benefit the residents of the City, the City Council authorizes and
approves its participation in the Program in connection with the financing of mortgage loans for
low—and moderate—income families or persons intended for use as the sole place of residence by
the owners or intended occupants thereof, and the City delegates to Denver the authority of the
City to take action and exercise power under the Act on behalf of the City with respect to the
Program.
Section 2. The city manager of the City is hereby authorized and directed to execute
and deliver and the city clerk is hereby authorized and directed to attest and deliver the Delegation
and Participation Agreement attached hereto as Appendix A and such other agreements and
certificates and to take such other actions as may be necessary or convenient to carry out and give
effect to the City's participation in the Program.
Section 3. Nothing contained in this Resolution or the Assignment shall constitute a
debt, indebtedness or multiple-fiscal year direct or indirect debt or other financial obligation of the
City within the meaning of the Constitution or statutes of the State of Colorado or the home rule
charter of any political subdivision thereof, nor give rise to a pecuniary liability of the City or a
charge against its general credit or taxing powers.
Section 4. If any section, paragraph, clause or provision of this Resolution shall for
any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Resolution.
Section S. This Resolution shall be in full force and effect upon its passage and
approval.
INTRODUCED, READ, PASSED AND ADOPTED this n day of February, 2019.
SuzanneJon-s,
Mayor
ATTEST:
Lynn e Beck,
City Clerk