Loading...
HomeMy WebLinkAboutResolution 2013-0014TITL E : CITY OF WHEAT RIDGE , COLORADO RESOLUTION N0.14 Series of 201 3 A RESOLUTION AUTHORIZING WHEAT RIDG E'S PARTICIPATION IN THE 2013 METRO MORTGAGE ASSISTANCE PL US PROGRAM AND DELEGATING TO THE CITY AND COUNTY OF DENV ER THE AU THOR ITY OF WHEAT RIDGE TO TAKE ACTION A ND EXERCISE POWER UNDER A DELEGATION AND PARTICIPATION AGREEMENT ON BEHALF OF WH EAT RIDGE WITH RE SPECT T O THE PROGRAM WHEREAS, the State of Colorado (the "State") Constitution Art icle X IV , Section 18(2)(a) provides that nothing in the Constitution shall prohib it any of the State 's political subdivis ions from cooperating w ith one another to provide any service lawfully authorized to each of the cooperating units; and WHERE AS , Denver is authorized pursuant to its Charter to promote the financing of residential faci lities for low and middle income persons or families or facili t ies intended for use as the sole place of residence by the owners or intended occupants and to promote the health , safety and general welfare of the people of Denver; and WHEREAS , Denver has sponsored its 2013 Metro Mortgage Assistance Plus Program to provide competitive fixed rate 30-year mortgage loans which will be coupled with down payment and closing cost assistance grants in connection with financing mortgage loans for residential facilities , intended for use as the sole place of residence by the owners thereof, for low-and middle-income families (the "Program "); and WHEREAS, Denver has inv ited Wheat Ridge to participate in the Program ; and WHEREAS , Wheat Ridge has the full legal authority to participate in the Program pursuant to this Resolution adopted by the Wheat Ridge Council authorizi ng Wheat Ridge 's participation in the Program pursuant to this Delegation and Participation Agreement (collectively the "Act") EXHIBIT A ; and WHEREAS, Wheat Ridge desires to delegate to Denver the authority of Wheat Ridge to take action and exercise power under the Act on behalf of Wheat Ridge with respect to the Program within Wheat Ridge 's boundaries ; NOW, THEREFORE , BE IT R ESOLVED by the Wheat Ridge City Council , that: Section 1. Wheat Ridge hereby delegates to Denver the authority of Wheat Ridge to take action and exercise power under the Act on behalf of Wheat Ridge with respect to the Program within Wheat Ridge 's boundaries. Sec t ion 2. The participation of Wheat Ridge in the Program , and all undertakings , obl igations , duties and rights of Wheat Ridge and Denver under the Delegation and Participation Agreement, are conti ngent upon the implementation of the Program . Secti on 3 . In the event that the Program is not implemented by Den ver or the Program is discontinued by Denver, the Delegation and Participation Agreement, and all duties, obligations and rights of Denver and Wheat Ridge hereunder, shall term inate. If the Program is not implemented or is terminated, Wheat Ridge agrees to hold Denver harmless for any costs or any other liabilities incurred by Wheat Ridge with respect to the adoption and approval of the Delegation and Participation Agreement or any other Wheat Ridge actions related thereto. Section 4. Wheat Ridge's participation in the Program pursuant to the Delegation and Participation Agreement shall not be construed as creating or constituting a general obligation or multiple fiscal year direct or indirect indebtedness or other financial obligation whatsoever of Wheat Ridge nor a mandatory payment obligation of Wheat Ridge in any fiscal year during which the Delegation and Participation Agreement shall be in effect. ayor ATTEST: 2 EXHIBIT A DELEGATION AND PARTICIPATION AGREEMENT This DELEGATION AND PARTICIPATION AGREEMENT, dated as of April 8, 2013 (this ''Delegation and Participation Agreement"), is by and between the City of Wheat Ridge, a legally and regularly created, established, o rganized and existing political subd ivi sion under the Constitution and statutes of the State of Colorado (''Wheat Ridge") and the CITY AND COUNTY OF DENVER, COLORADO, a legally and regularly created, established, organized and existing political subdivision under the Constitution and statutes of the State of Colorado ("Denver''); RECITALS: WHEREAS, the State of Colorado (the "State") Constitution Article XIV, Section 18(2)(a) provides that nothing in the Constitution shall prohibit any of the State's political subdivisions from cooperating with one another to provide any service lawfully authorized to each of the cooperating units; and WHEREAS, Denver is authorized pursuant to its Charter to promote the financing of residential facilities for low and middle income persons or families or facilities intended fo r usc as the sole place of residence by the owners or intended occupants and to promote the health, safety and general welfare of the people of Denver; and WHEREAS , Denver has spo nsored its 2013 Metro Mortgage Assistance Plus Program to provide competitive fixed rate 30-year mortgage loans which will be coupled with down payment and closing cost assistance grants in connection with financing mortgage loans for residential facilities , intended for use as the sole place of residence by the owners thereof, for low-and middle-income families (the ''Program"): and WHEREAS, Denver has invited Wheat Ridge to participate in the Program; and WHEREAS, Wheat Ridge has the full legal authority to participate in the Program pursuant to the Resolution adopted by the Wheat Ridge Council authorizing Wheat Ridge's participation in the Program pursuant to this Delegation and Participation Agreement (collective ly the ·'Acf'); and WHEREAS, Wheat Ridge desires to delegate to Denver the authority of Wheat Ridge to take action and exercise power under the Act on behalf of Wheat Ridge with respect to the Program within Wheat Ridge's boundaries; NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein , Wheat Ridge and Denver hereby agree as follows: 4850·58 14·5298 I Section 1. Wheat Ridge hereby de legates to Denver the authori t y of Wheat Ridge to take action and exercise power under the Act on behalf of Wheat Ridge with respect to the Program within Wheat Ridge 's boundaries. S ecti on 2 . Denver hereby accepts the delegation of authority from Wheat Ridge pursuant to Section 1 he reof and agrees to abide by each of the terms and conditions of this Delegation and Participation Ag reeme nt in connection with the use of such de legation. Denver agrees to make the Program available to Wheat Ridge for the origination of home mortgages within Wheat Ridge 's boundaries. Section 3. The participation of Wheat Ridge in the Program, and a ll undertakings, ob ligations, duties and rights of Wheat Ridge and Denver under this Delegation and Partic ipation Agreement, are contingent upon the implementation of the Program. S ection 4. In the event that the P rogram is not implemented by Denver or the Program is discontinued by Denver. this Delegation and Participation Agreement, and all duties, obligat ion s and rights of Denver and Wheat Ridge here under, shaH terminate. l f the Program is not implemented or is terminated, Wheat Ridge agrees to hold Denver harmless for any costs or any other liabi lities incurred by Wheat Ridge with respect to the adoption and approval of this Delegation and Participation Agreement or any other Wheat Ridge actions related thereto . Section 5. Wheat Ridge 's participat ion in the Program pursuant to this Delegation and Partic ipation Agreement s hall not be con strued as creating or constituting a general ob ligation or multiple fiscal year direct or indirect indebtedness or other financ ia l ob ligation wh atsoeve r of Wheat Ridge nor a mandatory payment obligation of Wheat Ridge in any fiscal year during which this Delegation and Participation Agreement shall be in effect. [Signatures on the fo ll owing pages] IN WITNESS WHEREOF, Wheat Ridge and Denver have caused this Delegation and Participation Agreement to be executed and be effective as of , 2013. [SEAL] Attest: 485 0-5814 -5 298 .1 CITY OF WHEAT RIDGE CITY AND COUNTY OF DENVER, COLORADO By ____________________________ _ Manager of Finance [Signature Page to Delegation and Participation Agreement]