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HomeMy WebLinkAbout1258 - AUTHORIZING the City of Boulder to execute a public approval certificate relating to the issuance of Private Activity Bonds by the Housing Authority of Boulder, DBA Boulder Housing Partners, for the purpose of pr RESOLUTION 1258 A RESOLUTION AUTHORIZING THE CITY OF BOULDER,COLORADO TO EXECUTE A PUBLIC APPROVAL CERTIFICATE RELATING TO THE ISSUANCE OF BONDS BY THE HOUSING AUTHORITY OF THE CITY OF BOULDER,COLORADO,D/B/A BOULDER HOUSING PARTNERS FOR THE PURPOSE OF FINANCING THE CANOPY AT RED OAK PARK PROJECT. 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 Housing Revenue Bonds(Canopy at Red Oak Park Project),Series 2019(the"Series 2019 Bonds") in a principal amount not to exceed $12,000,000 for the following plan of finance: (a)to acquire, construct, improve, expand, equip and place in service an approximately 41-unit multifamily housing project located at 2637 and 2625 Valmont Road, Boulder, Colorado 80304 (the "Development"); (b) to fund a reserve or capitalized interest fund, if any; and (c) to pay certain costs of issuing the Series 2019 Bonds(collectively, the"Project"); and WHEREAS, the Development will be owned, operated and principally used by Canopy at ROP, LLLP, a Colorado limited liability limited partnership (or any other affiliate or subsidiary 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, Colorado(the"City") and will benefit the citizens of the City; and WHEREAS, in connection with the adoption of this Resolution, BHP provided to the City Council a Report on Public Hearing, dated April 17, 2019 (attached hereto as Exhibit A) (the "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 "Code") required in connection with the issuance of the Series 2019 Bonds; and 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 in accordance with the terms set forth herein; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOULDER, COLORADO, THAT Section 1. To satisfy certain conditions required by the Code for the issuance of the Series 2019 Bonds by BHP to finance the Project, the City Council of the City of Boulder, Colorado (the "City Council"), hereby ratifies, acknowledges and approves the holding of the public hearing for the Series 2019 Bonds and the Project as described in the Report on Public 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 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, 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, necessary, desirable or appropriate. Section 2. The City Council hereby finds,determines, recites and declares that neither the issuance of the Series 2019 Bonds by BHP nor the execution and delivery of the Public 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 subdivision of the State within the meaning of any provision or limitation of the State Constitution or statutes, and the Series 2019 Bonds shall not 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 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 liability by reason of the issuance of the Series 2019 Bonds. 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 2019 Bonds in the principal amount of not to exceed $12,000,000 and the financing of the Project on behalf of the Borrower. 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 take the actions described herein. 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 Public Approval Certificate 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. [Remainder of page intentionally left blank] i Section 8. This Resolution shall take effect immediately upon its introduction and passage. ADOPTED this 91 day of 1 92019. Suzanne Jones, Mayor ATTEST: L ._, s Lynn ck, City Clerk i