HomeMy WebLinkAboutResolution-2001-0005
EXHIBIT A
CouncIlperson
Worth
moved the adoptIOn of the foIlowll1g resolutIOn.
RESOLUTION NO. 05-2001
A RESOLUTION AUTHORIZING THE DELEGATION TO THE CITY AND
COUNTY OF DENVER, COLORADO OF THE AUTHORITY OF THE CITY OF
WHEAT RIDGE, COLORADO, WITH RESPECT TO THE ISSUANCE OF
SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (THE "BONDS")
TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND
MIDDLE-INCOME PERSONS AND FAMILIES WITHIN THE CITY AND
CERTAIN OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO;
APPROVING SUCH BONDS AND SUCH SINGLE FAMILY MORTGAGE
LOAN PROGRAM, AND AUTHORIZING THE EXECUTION AND DELIVERY
OF A DELEGATION AND PARTICIPATION AGREEMENT AND OTHER
DOCUMENTS IN CONNECTION THEREWITH.
WHEREAS, the City of Wheat RIdge, Colorado (the "CIty"), and the CIty and County of
Denver, Colorado (the "Issuer"), are each authonzed by the County and MUl1lclpahty
Devclopment Revenue Bond Act, constltutll1g article 3 of title 29, Colorado ReVIsed Statutes, as
amended (the "Act"), to finance projects as defined m the Act, mcludll1g residentlal housmg
faclhtles for low- and mlddle-mcome persons and famlhes, and
WHEREAS, SectIOn 29-3-104(2) of the Act proVIdes that a county or municlpahty may
delegate by resolutlon or ordmance, as the case may be, to any other county or mUl1lclpahty the
authOrity to act on Its behalf m the financmg of projects under the Act and that any such
delegatIOn may bc general or hmlted m scope and tlme, and may be Irrevocable for the term or
terms of any financmg agreement or bond Issue, all as proVided m such resolutIOn or ordmance;
and
WHEREAS, contmgent upon the receipt of private actlvlty bond volume cap allocatIOn
("AllocatIOn") from the State of Colorado (the "State") for use 111 the Smgle FamIly Mortgage
Loan Program (as hercafter defined), the Issuer proposes to Issue sll1gle famIly home mortgage
revenue bonds pursuant to the Act and Its home rule charter (the "Bonds") to finance resldentlal
housll1g facIlltles for low- and mlddle-mcome persons and families wlthm the CIty and other
cities and counties m the State (the "Smgle Family Mortgage Loan Program"); and
WHEREAS, the City deSires to delegate to the Issuer the authOrity of the CIty to finance
and otherwise take actlon and exercise power under the Act on behalf of thc CIty With respect to
thc Smgle FamIly Mortgage Loan Program wlthm the City; and
WHEREAS, It IS necessary to eVIdence such delegatlon by the executIOn and dehvery by
the City of a DelegatIOn and PartICIpatIOn Agreement (the "Dc1egatlOn and PartiCIpatIOn
Agreement"), by and between the City and the Issuer m substantially the form presented at thiS
meetmg;
n2-~4()14()1
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WHEAT RIDGE, COLORADO'
Section 1 In order to faCilitate the ongmatlOn of smgle family mortgage loans wlthm the
boundanes of the City as part ofthc Smgle Family Mortgage Loan Program, the City hereby (a)
delegates to the Issuer the authonty of the CIty to finance and otherwIse take actIon and exercise
powcr under the Act on behalf of the City WIth respect to the Smgle Family Mortgage Loan
Program wlthll1 the CIty and (b) approves, authonzcs and dlrccts the Mayor of the CIty to sign
and deliver and the City Clerk to attest and deliver, the DelegatIOn and ParticIpatIOn Agreement
m substantially the form presented at thiS meetmg. A copy of the proposed Delegation and
Participation Agreement IS on file 111 the office of the City Clerk and IS availablc for mspectlon
by the public
Section 2 The CounCil hereby approvcs the Bonds and the Smgle Family Mortgage
Loan Program for purposes ofScctIon l47(f) of the Intemal Revenue Code of 1986, as amended.
Section 3 The Mayor of the City IS hereby authonzed and directed to execute and
deliver and the CIty Clerk IS hereby authonzed and directed to attest and deliver such other
agreements and certIficates and to take such other actlOns as may be necessary or convement to
carry out and give effect to the DelegatIOn and PartIcipatIOn Agreement and thIS Resolutlon,
lI1c1udmg any agreement or certIficate approv1l1g the Bonds or the Smgle Family Mortgage Loan
Program for purposes of SectIOn 1 47(f) of the Intemal Revenue Code of 1986, as amended.
Section 4 Nothmg contamed m thIS ResolutIOn or the DelegatIOn and PartIcipation
Agreement shall constltute a debt, mdebtedness or multIple-fiscal year direct or mdlrect debt or
other finanCial obligation of the City WIthin the meanmg of the Constltutlon or statutes of the
State or the home rule charter of any politIcal subdiVISIon thereof, nor give nse to a pecumary
liability of the City or a charge agamst ItS general credit or taxmg powers.
Section 5 The participation of the CIty m the Smgle Family Mortgage Loan Program IS
contmgent upon the receipt of AllocatIon for the Smgle Family Mortgage Loan Program from
the State. In the event the State does not award AllocatIOn for the Smgle Family Mortgage Loan
Program, thIS ResolutlOn, the DelegatlOn and PartlclpatlOn Agreement, and all duties, oblIgatlOns
and nghts of the CIty under thIS Resolutlon and the DelegatlOn and PartlclpatlOn Agreement shall
termmatc ImmedIately.
Section 6 If any sectIOn, paragraph, clause or provlSlon of thiS Resolutlon shall for any
reason be held to bc mvalid or unenforceable, the mvalidlty or unenforceablhty of any such
sectIon, paragraph, clause or provIsion shall not affect any of the remamll1g provlslOns of thiS
ResolutIOn.
Section 7 ThiS ResolutIOn shall be m fuIl force and effect upon ItS passage and approval.
1l2-X4014.01
A-2
ADOPTED BY THE CITY COUNCIL THI
[SEAL]
Attest:
V
:Jt(Uui~-~t-~-!S
CIty Clerk
1l2-K4014 tJl
A-3
EXHIBIT B
DELEGATION AND PARTICIPATION AGREEMENT
This DELEGATION AND PARTICIPATION AGREEMENT (this "Delegation and
ParticipatIOn Agreement") IS by and between the CITY OF WHEAT RIDGE, COLORADO, a
mUniCipal corporatIOn, a politIcal subdiVIsIOn and home mle Clty of the State of Colorado (the
"CIty"), and the CITY AND COUNTY OF DENVER, COLORADO, a home mle CIty, a
political subdIVISIOn and a mUnlClpal corporatIOn of the State of Colorado (the "Issuer").
R E C IT A L S:
vVHEREAS, the CIty and the Issuer are each authonzed by the County and MUniCIpality
Development Revenue Bond Act, constltutmg article 3 of tItle 29, Colorado ReVIsed Statutes, as
amended (the "Act"), to finance projects as defined m the Act, includmg reSIdential housmg
faClhtIes for low- and mlddle-mcome persons and famIlies, and
WHEREAS, SectIon 29-3-104(2) of the Act proVIdes that a county or mUniCIpality may
delegate by resolutIon or ordmance, as the case may be, to any other county or mUnIclpahty
authonty to act on ItS behalf m the financmg of projects under the Act and that any such
delegatIOn may be general or limited m scope and time and may be Irrevocable for the term or
terms of any financmg agreement or bond Issue, all as prOVIded in such resolution or ordmance;
and
WHEREAS, contmgent upon the receipt of pnvate actIvity bond volume cap allocatIOn
("AllocatIOn") from the State of Colorado (the "State") for use m the Single Family Mortgage
Loan Program (as heremafter defined), the Issuer proposes to issue smgle family home mortgage
revenue bonds pursuant to the Act and ItS home mle charter (the "Bonds") to finance resldentlal
housmg faCIlItIes for low- and mlddle-mcome persons and famlhes Within the City and other
CItIes and counties in the State (the "Smgle Family Mortgage Loan Program"); and
WHEREAS, the City WIshes to participate m the Smgle Family Mortgage Loan Program;
and
WHEREAS, the CIty deSIres to delegate to the Issuer the authonty of the CIty to finance
and otherwIse take actIOn and exercIse power under the Act on behalf of the CIty WIth respect to
the Smgle FamIly Mortgage Loan Program Wlthm the CIty;
NOW THEREFORE, m consIderatIOn of the mutual covenants and undertakmgs set forth
herem, the City and the Issuer hereby agree as follows:
Section 1. The City hereby delegates to the Issuer the authonty of the City to finance and
otherwise take action and exerCIse power under the Act on behalf of the City with respect to the
Smgle Family Mortgage Loan Program wlthm the City.
Section 2. The Issuer hereby accepts the delegation of authonty from the City pursuant
to SectIOn 1 hereof and agrees to abide by each of the terms and condltlons of thIS DelegatIon
02-R4014.01
and ParticipatiOn Agreement In connectIOn with the use of such delegatIOn. The Issuer agrees to
make avaIlable to the City a portlon of the proceeds of the Bonds for the ongmatlOn of home
mortgages wlthm the CIty'S boundanes.
Section 3 The participatiOn of the City m the Smgle Family Mortgage Loan Program,
and all undertakmgs, obligatlOns, dutIes and nghts of the City and the Issuer under thiS
Delegation and ParticipatIOn Agreement, are contmgent upon the award from the State of
AlJocatlOn for the Smgle Family Mortgage Loan Program.
Section 4 In the event that the State does not award AlJocatlOn for use m the Sll1gle
Family Mortgage Loan Program, thIS DelegatIOn and PartiCIpatIon Agreement, and alI dutIes,
obhgatlOns and nghts of the Issuer and the City hereunder, shall tenmnate. If the State does not
award AlIocatlOn for use m the Single. Family Mortgage Loan Program, the City agrees to hold
the Issuer harmless for any costs or any other liabilities mcurred by the CIty With respect to the
adoptlOn and approval 0 f thIS DelegatIOn and PartiCipatIOn Agreement, the ResolutIOn of the City
adopted With respect to the Single Family Mortgage Loan Program, or any other City actIOns
related thereto
IN WITNESS WHEREOF, the City and the Issuer have caused thiS DelegatIOn and
PartiCipatIOn Agreement to be executed to be effective as of _, 200 I
[SEAL]
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Attest: "v ~-- \0 -/ 1
By~4~
City Clerk
CITY OF WHEAT RIDGE, COLORADO
By
02-84014.01
B-2
[SEAL]
Attest
By
Clerk and Recorder
Approved as to fonn
By
AssIstant CIty Attomey
CountersIgned.
By
AudItor
02.8~01~ 0\
CITY AND COVl"TY OF DENVER,
COLORADO, as Issuer
By
Mayor
B-3
CERTIFICATE OF THE CITY OF WHEAT RIDGE, COLORADO
Relatmg to
City and County of Dcnver, Colorado
SlI1gle FamIly Home Mortgage Revenue Bonds
(Metro Mayors Caucus Smglc Family Mortgage Bond Program)
Senes 2001
The underSigned Mayor and City Clerk of the CIty of Wheat Rldgc, Colorado (the
"City") hcreby certify that:
1 Resolution. Attached hcreto as ExhibIt A IS a true and correct copy of a ResolutIOn
of the City Council of the CIty (the "Councll") that was adopted by the CouncIl m accordance
WIth applIcable law on the datc mdlcated therem (the "ResolutIOn") AIl meetmgs of the CouncIl
at which action relatmg to the ResolutIOn was taken were properly notlced m the manner and at
the times reqmred by law, were opcn at all tlmes to the general publIc and were attended by a
quorum of thc CounCIl. The ResolutIOn has bcen Signed, attested, sealed and made a permanent
part of the records of the Councllll1 accordance WIth applIcable law; IS m fuIl force and effect;
and has not been amended, modified or rcpcaled smcc ItS adoptlon.
2. Delegation and Participation Agreement. Attached hereto as ExhibIt B IS a true
and correct copy of a DelegatIon and PartiCIpatIon Agreement, dated as of the date lI1dlcatcd
therem (the "DclegatIOn and Partlclpatlon Agreement"), by and between the CIty and thc CIty
and County of Denver, Colorado (the "Issuer") The DelegatIOn and Partlclpatlon Agreemcnt
has been duly authonzed, executed and dehvered by the City and, upon due authonzatIOn,
executlon and dehvery by the Issuer, wlll constitute a vahd and bmdmg oblIgatIOn of the partIes,
enforceable agall1st the parties m accordance With ItS terms.
3 Approval of Bonds and Project. A publIc heanng on behalf of the Council, the City
and the Issuer was held m the office of the Community Planning and Development Agency for
the CIty and County of Denver, Colorado At such publIc heanng, all mterested persons were
gIven an opportUnity to express theIr Views, both oraIly and m wntmg, on the proposed Issuance
of the Bonds and the locatIOn and nature of the Smgle Famlly Mortgage Loan Program. The
Councll and the Mayor have receIved a report of the heanng. The underSIgned Mayor of the
CIty, as the chIef elected executIve offiCial of the City actmg as such after such publIc heanng,
hcreby approves the Bonds and the Smgle FamIly Mortgage Loan Program, whIch approval IS
mtended to comply With the proVISIons of SectIOn l47(f) of the Intemal Revenue Code of 1986,
as amended.
02-R401401
TN WITNESS WHEREOF, we have hereunto
4f'~.f ,2001.
'ft,
. hands tZ ~ day of
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112-X4014.0I
B
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By 9ftltlL -J~
City Clerk ~
2