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]