HomeMy WebLinkAboutResolution-1986-0980
RESOLUTION INDICATING THE INTENTION OF THE CITY OF WHEAT RIOGE
TO ISSUE QUALIFIED MORTGAGE BONDS BY SEPTEMBER 30, 1986
RESOLUTION NO. 980 "-\0. 2
.~
WHEREAS, the City of Wheat Ridge, Colorado (the "City") is authorized by
the County and Municipality Development Revenue Bond Act, constituting
Article 3 of Title 29, Colorado Revised Statutes to finance properties to the
end that more adequate residential housing facilities for low- and middle-
income families and persons may be provided; and
WHEREAS, Federal law restricts the amount of tax exempt obligations which
may be issued by the Colorado Housing Finance Authority and local governmental
units in the State of Colorado (the "State") to finance single family
mortgages ("qualified mortgage bonds"); and
WHEREAS, Pursuant to federal law the State has provided for a formula for
allocation of such amount among the governmental units in the State in a
manner different from the federal allocation formula, in Part 8 of Article 4
of Title 29 of Colorado Revised Statutes (the "Allocation Act"); and
WHEREAS, the Allocation Act further provides that in order for a city to
be granted a qualified mortgage bond allocation for the period from May 1
through September 30 of any year' the city must take official action indicating
an intent to issue qualified mortgage bonds by Septe~ber 30 of such year and
file a copy of the ordinance, resolution or motion adopted by the governing
body of such city evidencing such official action with the State, all by April
15 of such year; and
WHEREAS, the City desires to be granted a qualified mortgage bond
allocation for the period from May 1, 1986 through September 30, 1986; and
WHEREAS, the Allocation Act further provides that such qualified mortgage
bond allocation may be transferred to any governmental unit in the State which
is authorized to issue qualified mortgage bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE,
COLORADO:
Section 1. The City Council of the City hereby indicates the intention
of the City to issue qualified mortgage bonds by September 30, 1986.
Section 2. This resolution shall be in full force and effect upon its
passage and approval.
, 1986.
PASSED AND APPROVED this 24th day of March
~7".,(,~.--'
Mayor
(SEAL)
Attest: J
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County Clerk