HomeMy WebLinkAboutResolution-1987-1047
RESOLUTIO~ NO. 1047
Series of 1937
RESOLUTION AUTHORIZING ASSIGNMENT TO THE CITY
AND COUNTY OF DENVER, COLORADO OF A PORTION OF
THE ALLOCATION OF THE CITY OF Wheat Ridge,
COLORADO AS A "DESIGNATED LOCAL ISSUING
AUTHORITY" UNDER 1987 COLORADO SENATE BILL NO.
72 FOR USE IN CONNECTION WITH A PROGRAM TO
FINANCE RESIDENTIAL FACILITIES FOR LOW- AND
MIDDLE-INCOME FAMILIES AND PERSONS WITHIN
DENVER AND CERTAIN OTHER CITIES AND COUNTIES
IN THE STATE OF COLORADO; AUTHORIZING THE
DELEGATION TO THE CITY AND COUNTY OF DENVER,
COLORADO OF THE AUTHORITY OF THE CITY
OF \Vheat Ridge, COLORADO TO ISSUE REVENUE BONDS
TO FINANCE THE PROGRAM WITHIN THE CITY
OF Wheat Ridge ; AND AUTHORIZING THE EXECUTION
AND DELIVERY BY THE CITY OF \Vheat Ridge OF AN
ASSIGNMENT AND A DELEGATION AGREEMENT.
WHEREAS, the City of IVheat Ridge , Colorado (the "City") and
city and county of Denver, Colorado ("Denver") are each autho-
rized by the County and Municipality Development Revenue Bond
Act, constituting part 1 of article 3 of title 29, Colorado
Revised Statutes, as amended (the "Act"), 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, the Act and part 2 of article 1 of title 29,
Colorado Revised Statutes, as amended, provide, in effect, that
any county or municipality may by resolution or ordinance dele-
gate to any other county or municipality its authority under the
Act to finance projects under the Act; and
WHEREAS, Denver proposes to authorize and provide for the
issuance of revenue bonds pursuant to the provisions of the Act
to finance residential facilities for low- and middle-income
families and persons (the "Program") within Denver and other
cities and counties in the State of Colorado (the "State") which
assign to Denver for use in connection with the financing of the
Program all or a portion of their respective allocations under
the bond ceiling for the State and its issuing authorities (the
"State Ceiling") computed under Section 146 (d) of the Internal
Revenue Code of 1986 as provided for issuing authorities as
"designated local issuing authorities" pursuant to 1987 Colorado
Senate Bill No. 72 ("S.B. 72") enacted by the Colorado Fifty-
sixth General Assembly and signed by the Colorado Governor on
May 20, 1987; and
WHEREAS, the City desires to commit and reserve a portion of
its allocation from the State Ceiling as a "designated local
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issuing authority" pursuant to S.B. 72 for use solely in connec-
tion with the financing of the Program; and
WHEREAS, the City desires to assign to Denver the portion of
the City's allocation from the state ceiling which the city will
commit and reserve for use in connection with the financing of
the Program; and
WHEREAS, the City desires to delegate to Denver the
authority of the City to finance and otherwise take action and
exercise power under the Act on behalf of the City with respect
to the financing of the Program within the City; and
WHEREAS, it is necessary to evidence such assignment and
delegation and the acceptance of such assignment and delegation
by the Assignment (the "Assignment") and the Delegation Agreement
(the "Delegation Agreement") presented at this meeting which will
be executed and delivered by the City and Denver.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF "heat Ridge, COLORADO:
Section 1. The City hereby conni ts and reserves a portion
of its allocation from the State Ceiling as a "designated local
issuing authority" pursuant to S.B. 72 1.n the amount of
$1,163,294 for use solely in connection with the financing of
the Program. Pursuant to the Assignment and subject to the terms
and conditions set forth therein, the City assigns and transfers
to Denver a portion of the City's allocation from the State
Ceiling for private activity bonds in an amount equal to
$ 1,163,294 Pursuant to the Delegation Agreement and subject to
the terms and conditions set forth therein, the City delegates to
Denver the authority of the City to finance and otherwise take
action and exercise power under the Act on behalf of the City
with respect to the financing of the Program within the city.
Section 2. The forms, terms and provisions of the
Assignment and the Delegation Agreement hereby are approved and
the Mayor and the City Clerk hereby are authorized and directed
to execute and deliver the Assignment and the Delegation
Agreement.
Section 3. The Mayor
authorized and directed to
may be required to carry
resolution.
and
take
out
the Ci ty
such other
the terms
Clerk hereby are
steps or actions as
and intent of this
Section 4. Nothing contained in this resolution shall con-
stitute the debt or indebtedness of the City within the meaning
of the Constitution or statutes of the State or the home rule
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charter of any political subdivision thereof, nor give rise to a
pecuniary liability of the City or a charge against its general
credit or taxing powers.
section 5. If any section, paragraph, clause or provision
of this resolution shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of any such
section, paragraph, clause or provision shall not affect any of
the remaining provisions of this resolution.
section 6. This resolution shall be in full force and
effect upon its passage and approval.
PASSED, ADOPTED AND APPROVED this 74th day of August
1987.
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Mayor
(SEAL)
Attest:
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