HomeMy WebLinkAbout1267 - RESOLUTION 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, D/B/A Boulder Housing Partners, for the purpose of providing multifamily re RESOLUTION 1267
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 30PEARL APARTMENTS 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 (30Pearl Apartments Project), in one or more series (the "Bonds"), in a
principal amount not to exceed $27,000,000 for the following plan of finance: (a) to acquire,
construct, improve, expand, equip and place in service an approximately 120-unit multifamily
housing project located at the northeast corner of 30th and Pearl Streets,Boulder, Colorado 80301
(the"Development");(b)to fund a reserve or capitalized interest fund,if any;and(c)to pay certain
costs of issuing the Bonds (collectively, the "Project"); and
WHEREAS, the Development will be owned, operated and principally used by 30Pearl
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 September 5, 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 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
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
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 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
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 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 Bonds in the principal
amount of not to exceed $27,000,000 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.
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Section 8. This Resolution shall take effect immediately upon its introduction and
passage.
f
ADOPTED this day of 0 C�O\ia-e, , 2019.
By P
Suzanne Jones,
Mayor of the City of Boulder, Colorado
Attest:
Lynnette Beck,
City Clerk