HomeMy WebLinkAboutResolution-1981-0746
P.ESOLVTIOl-l NO. 746
Series of 1981
TITLE: RESOLUTION OF INTENT TO }I.UTHORI ZE THE ISSUANCE OF CITY OF
WHEP,T RIDGE, COLORADO, SINGLE FAMILY LORTGAGE REVENUE BONDS
lJHEREAS, the City of Hheat Rid~e,Colorado, Dursuant to the
County and Municipality Development Revenue Bond Act, $29-3-101,
et seq., Colorado Revised Statutes, 1973, as a~ended, is authorized
to issue revenue bonds to finance residential facilities for low and
~iddle income families or persons intended for use as the sole place
of residence by the owners or intended occupants; and
~lliEREAS, the City Council of the City of Nheat Ridge deems it
necessary and advisable to provide more adequate residential facili-
ties for low and middle income families or persons intended for use
as the sole place of residence by the intended occupants; and
vlliEREAS, the City is desirous of implementing a project either
alone or in cooperation with one or more eliaible (as determined by
said state law) governmental entities to finance single family
residences for low and middle income families and persons, thereby
promoting the public health, welfare, safety, convenience and
prosperity, and has determined to implement such project through
the issuance of single family mortgage revenue bonds; and
WHEREAS, the City wishes to provide for the implerrentation of
the project and wishes to declare its intention to authorize the
issuance of one or more series of bonds either as a single governmental
entity or in cooperation with one or more eligible governmental enti-
ties for the purpose of paying the cost of the project upon such terms
and conditions as may be agreed upon by the City and such other entities.
NO\'l, THEREFORE, BE I'I' RESOLVED BY TEE CITY COUNCIL OF THE
CITY OF l',;}1EAT RIDGE, COLORADO:
Section 1. Boettcher and Company is hereby authorized and
selected to assist in the implementation of the project to finance
single family residential mortgages within the City or within the
areas of one or more eligible governmental entities cooperating
with the City of vllieat Ridge in this project.
Section 2. The City may enter into cooperative agree~ents
with one or more eligible governmental entities to implement the
project.
Section 3. In order to induce Boettcher to make the project
available for sale to the qualified purchasers and in order to induce
the qualified purchasers to purchase the residential units of the
project, the City shall take all steps necessary or advisable to effect
the issuance of industrial development revenue bonds, in one or ~ore
series, in the maximum aggregate principal amount of $5,000,000 or
such lesser amount as shall be agreed upon by the City, Boettcher, and
other said governmental entities to finance all or a portion of the
cost of the project, as authorized and approved by the City as
required by law. No costs are to be borne by the City in connection
with such transaction. The City shall be under no obligation to use,
and shall not use, any of its funds in relation to this ~atter, and
shall not be liable to Boettcher for any expenses related hereto.
Section 4. Prior to the execution of the necessary financing
documents as shall be agreed upon in connection with the project and
such bonds, such documents shall be subject to authorization by the
City Council pursuant to law.
Resolution No. 746
Series of 1981
Page 2
Section 5. The bonds and the interest thereon shall never
constitute the debt or indebtedness of the City within the meaning of
any provision or limitation of the State Constitution or statutes of
the State of Colorado, v,Jheat Ridge Home Rule Charter, or v;heat nidge
~unicipal Code, and shall not give rise to a pecuniary liability of
the City or a charge against its general credit or taxing powers,
but shall be secured and payable solely from the revenues and other
amounts derived from or related to the mortgage loans (including
insurance with respect thereto) purchased or originated under the
project, certain reserve funds and certain funds derived pursuant to
origination or purchase or service agreement which the City may enter
into with financial institutions pursuant to the project.
Section 6. Nothing contained in this Resolution, nor any
action taken pursuant thereto, shall create a financial obligation
or cost to be borne by the City or shall constitute the debt or
indebtedness of the City within the meaning of any provision or
liIT.itation of the State Constitution, statutes of the State of
Colorado, Home Rule Charter, or Municipal Code, or give rise to a
pecuniary liability of the City or a charge against its general
credit or taxing powers.
Section 7. All commitments by the City herein are subject to
the condition that on or before months from the date of this
Resolution, the City and Boettcher, (and)or other governmental
entities shall have agreed to acceptable terms for such bonds and
for the sale and delivery thereof, and the City shall have made a
clear determination of the economic feasibility of the project and
the financing thereof, with the cooperation and assistance of Boettcher.
Section 8. Upon passage of this Resolution, Boettcher shall
pay the City the sum of $ as reimburseIT.ent for the City's
administrative expenses and costs related to the project. In
addition, Boettcher shall reimburse the City for all of its
attorney's fees related to this project.
Section 9. If any article, section, paragraph, sentence,
clause, or phrase of this Resolution is held to be unconstitutional or
invalid for any reason, such decision shall not affect the validity or
constitutionality of the remaining portions of this Resolution. The
City Council hereby declares that it would have passed this Resolution
and each part or parts hereof irrespective of the fact that anyone
part or parts be declared unconstitutional or invalid.
DONE AND RESOLVED this
26th day of October, 1981.
'\-
FRAHK
"d'L. t.. J~/ t._
STITES, MAYOR
ATTEST:
- /
.,. ",.r_ / ,/'
CAROL F~ HAMPF, CITY CLERK