HomeMy WebLinkAbout1292 - APPROVING the assignment to the Housing Authority of the City of Boulder, D/B/A Boulder Housing Partners, of $4,500,000 of the City of Boulder, Colorado’s 2021 Private Activity Bond volume cap allocation from the state ceiling for Private ActivityRESOLUTION 1292
APPROVING THE ASSIGNMENT TO THE HOUSING AUTHORITY OF THE
CITY OF BOULDER, COLORADO, D/B/A BOULDER HOUSING PARTNERS,
A BODY CORPORATE AND POLITIC OF THE STATE OF COLORADO OF
$4,500,000 OF THE CITY OF BOULDER, COLORADO’S 2021 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, 2021 $5,900,457 (the “2021
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, a body corporate and politic of the State of
Colorado (the “Assignee”) $4,500,000 of the City’s 2021 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 projects to be located at 1000 W. Moorhead Circle, in Boulder, CO 80305
known or to be known as Tantra Lake Apartments (or such other name as designated by the
Assignee); 3485 Stanford Court, Boulder, Colorado 80305 known or to be known as Mount
Calvary (or such other name as designated by the Assignee); and 2727 29th Street, Boulder,
Colorado 80301; 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 (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 “Projects”);
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOULDER, COLORADO THAT:
Section 1. In order to finance the Projects, 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 5. 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.
[Signatures on the following page]
INTRODUCED, READ, PASSED AND ADOPTED this 17th day of August, 2021.
CITY OF BOULDER, COLORADO
Mayor
[SEAL]
ATTEST:
City Clerk