HomeMy WebLinkAbout1061 - DECLARING intent to issue private activity bonds in connection with financing residential facilities for low and moderate income families, certificate of issuance
RESOLUTION NO. 1061
Series 2009
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
BOULDER, COLORADO TO ISSUE PRIVATE ACTIVITY BONDS IN
CONNECTION WITH FINANCING RESIDENTIAL FACILITIES
FOR LOW-AND MODERATE INCOME FAMILIES AND PERSONS
WHEREAS, the County and Municipality Development Revenue Bond Act, article 3
of title 29, Colorado Revised Statutes (the "Act") authorizes the City of Boulder, Colorado, a
home rule municipality (the "City"), to finance or refinance one or more projects (which
includes any land, building or other improvement and real and personal properties) to the end
that residential facilities for low- and moderate-income families or persons intended for use
as the sole place of residence by the owners or intended occupants may be provided in order
to promote the public health, welfare, safety, convenience and prosperity; and
WHEREAS, the City is further authorized by the Act to issue revenue bonds for the
purpose of defraying the cost of financing and refinancing any project, including the payment
of principal and interest on such revenue bonds, the funding of any reserve funds which the
governing body of the City may deem advisable to establish in connection with the retirement
of such revenue bonds or the maintenance of the project and all incidental expenses incurred
in issuing such revenue bonds, and to secure payment of such revenue bonds as provided in
the Act; and
WHEREAS, the City wishes to declare its intention to issue its Private Activity
Bonds, in one or more series, in connection with financing a multifamily residential rental
project for low- and moderate-income families located within the boundaries of the City; and
WHEREAS, such Private Activity Bonds are expected to be issued on behalf of the
City in an amount not to exceed $4,461,300 which consists of the City's 2009 private activity
bond allocation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BOULDER THAT:
Section 1. In order to benefit the residents of the City, the City hereby declares its
intent to issue Private Activity Bonds in one or more series (the "Bonds") in an aggregate
principal amount not to exceed $4,461,300 which shall be used in connection with financing
a multifamily residential rental project for low- and moderate-income families, which shall
be located within the boundaries of the City.
Section 2. The City Council of the City (the "City Council") hereby finds,
determines, recites and declares that:
A. the Bonds shall not 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
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deemed to be an obligation or agreement of any 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 or the Certificates.
B. the issuance of the Bonds, in connection with financing such multifamily
residential rental project will promote the public purposes set forth in the Act, including,
without limitation, assisting persons or families of low- and moderate-income in obtaining
decent, safe and sanitary housing.
C. this Resolution constitutes an official indication of the present intention of the
City that the Bonds be issued as herein provided.
APPROVED this 10___A~_ay of 2009.
By
Mayor
ATTE
By
--City Clerk on behalf of the
Director of Finance and Record
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CERTIFICATE REQUIRED BY SECTION 24-32-1709(2)(C)
OF THE COLORADO REVISED STATUTES
$4,461,300
CITY OF BOULDER, COLORADO
HOUSING REVENUE BONDS
As an official of the City of Boulder, Colorado, responsible for the supervision of
the issuance of the above-captioned bonds (the "Bonds"), I DO HEREBY CERTIFY that
the City of Boulder will proceed with due diligence to insure the issuance of the bonds
within the time period commencing September 15, 2009, and ending December 31,
2012.
IN WITNESS WHEREOF, I have hereunto set my hand this4L--~'day of
September, 2009.
By:
Mayor