HomeMy WebLinkAbout1259 - Authorizing the COB to delegate to the Housing Authority of Boulder DBA Boulder Housing Partners, its powers to issue revenue obligations using the 2019 private activity bond volume cap allocation for the purpose RESOLUTION 1259
A RESOLUTION APPROVING THE ASSIGNMENT TO THE
HOUSING AUTHORITY OF THE CITY OF BOULDER, COLORADO,
D/B/A BOULDER HOUSING PARTNERS OF$5,694,780 OF THE CITY
OF BOULDER, COLORADO'S 2019 PRIVATE ACTIVITY BOND
VOLUME CAP ALLOCATION FROM THE STATE CEILING FOR
PRIVATE ACTIVITY BONDS; AND AUTHORIZING THE
EXECUTION AND DELIVERY OF AN ASSIGNMENT AND OTHER
DOCUMENTS IN CONNECTION THEREWITH.
WHEREAS,the City of Boulder,Colorado(the"City")is authorized by the County
and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29,
Colorado Revised Statutes,as amended(the"Act"),and the Supplemental Public Securities
Act, constituting Part 2 of Article 57 of Title 11, Colorado Revised Statutes, as amended
(the "Supplemental Act") and its home rule charter(the "Charter"), to finance projects as
defined in the Act, including residential facilities for low- and middle-income persons and
families; and
WHEREAS, the City has been awarded on January 1, 2019 $5,694,780 (the"2019
Allocation") of the bond ceiling for the State of Colorado (the "State") and its issuing
authorities pursuant to the Colorado Private Activity Bond Ceiling Allocation Act,
constituting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended (the
"Allocation Act"),for use in the issuance of private activity bonds to finance projects under
the Act; and
WHEREAS, the Allocation Act provides for the assignment of bond allocations
between"issuing authorities" (as defined in the Act) of the State; and
WHEREAS,the City desires to assign and transfer to The Housing Authority of the
City of Boulder, Colorado, d/b/a Boulder Housing Partners (the "Assignee") $5,694,780
of the City's 2019 Allocation(the"Assigned Allocation"),which the City and the Assignee
will commit and reserve for the issuance of such private activity bonds, to finance
"projects"under the Act; and
WHEREAS, the City and the Assignee intend that the Assigned Allocation be
utilized for a proposed multifamily project to be located at the intersection of 30th Street
and Pearl Street,Boulder,Colorado 80304 known as 30Pearl Apartments,or for such other
project that is acceptable to the City and the Assignee (the "Project"); and
WHEREAS, it is necessary to evidence such assignment and transfer and the
acceptance thereof by the execution and delivery by the City of an Assignment,dated as of
July 1, 2019 (the "Assignment"),by and between the City and the Assignee; and
WHEREAS, the Assignee proposes to issue its housing revenue bonds pursuant to
the Housing Authorities Law,Part 2 of Article 4 of Title 29, Colorado Revised Statutes, as
amended (the "Housing Authority Act") and the Supplemental Act (the "Bonds") to
finance "projects"under the Act (the"Project");
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER, COLORADO THAT:
Section 1. In order to finance the Project, the City hereby (i) assigns and
transfers to the Assignee an amount equal to the Assigned Allocation and (ii) approves,
and authorizes and directs the City Manager of the City to sign and deliver and the City
Clerk to attest and deliver, the Assignment in substantially the form presented to the City
Council. A copy of the proposed Assignment is on file in the office of the City Clerk and
is available for inspection by the public.
Section 2. The City Manager is hereby authorized and directed to execute and
deliver and the City Clerk is hereby authorized and directed to attest and deliver 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 Assignment and this Resolution.
Section 3. All actions not inconsistent with the provisions of this Resolution
heretofore taken by the City Council and the officers of the City directed toward the
assignment of the Assigned Allocation and the authorization of the Assignment hereby are
ratified, approved, and confirmed.
Section 4. 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 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 S. 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 6. This Resolution shall be in full force and effect upon its passage and
approval.
INTRODUCED, READ, PASSED AND ADOPTED this 16th day of July, 2019.
CITY OF BOULDER, COLORADO
Mayor
ATTEST:
Cit rk