HomeMy WebLinkAboutResolution-2003-0017
EXHIBIT c\
Councllperson Mancinelli
movcd the adoptIon of the follo\\ lI1g resolutIon
RESOLUTION NO. --.1]-2000
A RESOLUTION AUTHORIZING THE DELEGATION TO THE CITY AND
COUNTY OF DENVER, COLORADO OF THE AUTHORITY OF THE CIT'{ OF
WHEAT RIDGE, COLORADO, WITH RESPECT TO THE ISSlI L\NCE OF
SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (THE "BONDS")
TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND
MIDDLE-INCOME PERSONS AND FAMlLlES WlTHIN 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 AGREEME:'-JT AND OTHER DOCLTMENTS I~
CONNECTION THEREWITH
\VHEREAS, the City of\Vheat RIdge, Colorado (thc "CIty"), and the CIty and County of
Demer, Colorado (the "Issuer"), are each authorILed by the County and MUl1lelpalIty
Development Revenue Bond Act, constltutll1g artIcle 3 of tltle 29, Colorado Re\ Ised Statutes, as
amended (the "Act"), to finance projects as defined 111 the Act, lI1cludll1g reSIdentIal housll1g
faCIlItIes for low- and Il1lddle-1I1come persons and f'<ul1llIes, and
WHEREAS, SectIOn 29-3-l 04(2) of the Act proVIdes that a county or municipality may
delegate by resolullon or ord1l1ance, as the case may be, to any other county or ml1l11ClpalIty the
authOrIty to act on Its behalf 111 the linanc1l1g of proJects under the Act and that any such
delegatIOn may be general or lImIted 111 scope and tune, and may be Irrevocable for the term or
terms of any financ1I1g agreement or bond Issue, all as proVIded 111 such resolutIon or ordll1ance,
and
WHEREAS, contll1gent upon the receipt of pm/ate actIvIty bond volume cap allocatIon
("AllocatIOn") from the State of Colorado (the "State") for use 111 the S1I1glc Family Mortgage
Loan Program (as hereafter dcfined), the Issucr proposcs to Issue s1l1gle family home mortgage
revenue bonds pursuant to the Act and Its home rule charter (the "Bonds") to financc reSidentIal
hous1l1g facilItIes for low- and 111lddle-lI1eome persons and families wlth1l1 the CIty and other
cIlles and countIes In the State (the "Single Family Mortgage Loan Program"), and
WHEREAS, the CIty deSIres to delegate to thc Issuer the authOrIty of the CIty to finance
and otherWise take actIOn and exercIse pO\ver under the Act on behalf of the City WIth respect 10
the S1l1g1c Family Mortgage Loan Program wlthll1 thc CIty, and
WHEREAS, It IS necessary to eVIdence such delegallon by the e\ecutlLln and dell\ en h\
the CIty of a Delegation Agreement (the "DelegatIon Agreement"), by and bet\\ een the City and
the Issuer 111 substantIally the form presented at thiS meet1l1g,
02-(,().:'i ~().02
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CrTY
OF WHEAT RIDGE, COLORADO
Section 1 In order to faCllItate the ongmatlOn of SIngle famIly mortgage loans wIthin tht:
boundarIes of the City as part of the Smgle FamIly Mortgage Loan Program, the CIty hereby (a)
delegates to the Issuer the authorIty of the CIty to finance and othervllse take actIon and exercIse
power under the Act on behalf of the CIty wIth respect to the Smgle FaI11lly Mortgage Loan
Program wlthm the City and (b) approvcs, authonzes and dIrects the Mayor of thc City to sIgn
and delIver and the CIty Clerk to attest and delIver, thc DelegatIon Agreement m substantially
thc fonn prescnted at thIS meetll1g. 1\ COpy of the proposed DelegatIOn I\greemcnt IS on file III
the office ofthc City Clerk and IS a\ aIlable for IIlSpectlon by the puhlle
Section 2 The CouncIl hereby approves the Bonds and the SII1g1e FamIly Mortgage
Loan Program for purposes of Section 14 7( f) of the lnternal Rcvenue Code of 1986, as amended.
Section 3 The Mayor of the CIty IS hereby authOrIzed and directed to execute and
delIver and the CIty Clerk IS hereby authonzed and dIrected to attcst and delIver such othcr
agreements and certificates and to take such other actIOns as may be necessary or convel1lent to
carry out and gIve effect to the DelegatIOn Agreement and thIS ResolutIon, IIlcludmg any
agreement or certIficate approvmg thc Bonds or the SlIlgle FamIly Mortgagc Loan Program for
purposes of SectIon l4 7( f) of the Internal Re\ enue Code of 1986. as amended.
Section 4 Nothmg contamed m thIS ResolutIOn or the Delegation Agreement shall
constItute a debt, mdebtedness or multIple-fiscal year dIrect or mdlrect debt or other financIal
oblIgatIOn of the City wlthm the meanmg of the ConstItutIOn or statutes of the State or the home
rule charter of any polItIcal subdIVISIOn thereof, nor gl\ e nse to a pecul1lary lIabIlity of the CltV
or a charge agamst ItS general credIt or taxmg powers.
Section 5 The partICipatIOn of the City III thc SlIlgle FamIly Vlortgage Loan Program 1<;
contmgent upon the receipt of AllocatIon for the SlIlgle F'1I11Ily \lortgage Loan Program ti'om
the State In the evcnt the Stale does not ,mard AllocatIon for the Smgle FaJ11lly \lortgage Loan
Program, thiS ResolutIon. the DelcgatlOn Agrccmcnt. and all duties, oblIgations amI nghts of the
City under thiS ResolutIon and the DelegatIOn Agreement shall te1l11lnate Immediately
Section 6 If any sectIOn, paragraph, clause or proVISIOn of thIS RcsolutlOn shall for any
reason be held to be II1valId or unenforceable, the II1valIdlty or unenforceabIllty of any such
sectIon, paragraph, clause or provIsIon shall not affect any of thc remammg provIsions of thiS
ResolutIOn.
Section 7 ThIS ResolutIon shall be m full force and effect upon ItS passage and appro\ al
1!2-(){}' III I)::.'
1\- .,
ADOPTED BY THE CITY COUNCIL THIS 10tlDA Y OF AP
()2-()()5~6.()2
A-5
EXHIBIT B
DELEGATION AGREEMENT
ThIS DELEGATlON AGREEMENT (tl1lS "DelegatIon Agreement") IS by and bet\\ccn
the CITY OF WHEAT RIDGE, COLORADO, a mUl1lclpal corporatIOn, a polItical subdl\lslOn
and home rule CIty of the State of Colorado (the "City"), and the CITY AND COUNTY OF
DENVER, COLORADO, a home rule City, a polItIcal subdmsIOn and a mUl1lclpal corporation of
the State of Colorado (the "Issuer")
RECITALS
WHEREAS, the CIty and the Issuer are each authonzed by the County and MUl1lclpalIty
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, mcludmg reSIdentIal housmg
faCllItIes for low- and mlddle-mcome persons and famIlIes, and
WHEREAS, SectIOn 29-3-l04(2) of the Act proVIdes that a county or l11ul1lclpalIty may
delegate by resolutIOn or ordInance, as the case may be, to any other county or mUl1lclpalIty
authOrIty to act on ItS behalf in the finanCIng 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 finanCIng agreement or bond Issue, all as proVIded 111 such resolutIon or ord1l1ance,
and
WHEREAS, contmgent upon the receIpt of prIvate actIVity bond volume cap allocatIOn
("AllocatIOn") from the State of Colorado (the "State") for use 111 the Smgle 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 resIdential
hous1l1g faCllItles for low- and mlddle-mcome persons and familIes wlthm the City and other
Cities and counties m the State (the "S1I1gle FamIly Mortgage Loan Program"), and
WHEREAS, the CIty deSIres to delegate to the Issuer 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 Smgle FamIly Mortgage Loan Program withm 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
S1I1gle FamIly Mortgage Loan Program WIthIn the City
Section 2. The Issuer hereby accepts the delegatIOn of authOrIty from the City pursuant
to SectIOn 1 hereof and agrees to abide by each of the terms and conditions of thiS Delegation
Agreement m connectIOn with the use of such delegatIOn. The Issuer agrees to make avaIlable to
the CIty no later than June l, 2000, a portIOn of the proceeds of the Bonds for the orIg1l1atlon of
home mortgages wlthm the City's boundanes.
02-()USJ{l.02
Section 3 The partlCtpatlOn of the Ctty In the SIngle Famlly Mortgage Loan Program,
and all undertakIngs, obl1gatlOns, duties and rIghts of the City and the Issuer under tl11S
Delegation Agreement, are contingent upon the award from the State of AllocatIOn for the Smgle
Family Mortgage Loan Program
Section 4 In the event that the State does not <l\\ard Allocation for use 111 the SlI1gk
Family Mortgage Loan Program by May l, 2000, thiS DelegatIOn Agrccment, and all duties,
oblIgatIOns and rIghts of the lssuer and the CIty hereunder, shall ten11lnate If the State does not
award Allocation for use 111 the SIngle Family Mortgage Loan Program, the CIty agrees to hold
the Issuer ham11ess for an; costs or an; other l1abrl1tles mcurred by the CIty WIth respect to the
adoption and approval of thiS Delegation Agreement, the ResolutIOn of the City adopted With
respect to the Smgle Family Mortgage Loan Program, or any other City actions related thereto
B-.:'
(J2-()(!5J6112
IN WITNESS WHEREOF, the CIty and the Issuer have caused thIs DelegatIOn
Agreement to be executed to be effectIve as of AprIl-lQ.., 2000
[SEAL]
CITY OF WHEAT RIDGE, COLORADO
At"". d
By O~ -- .":'s
[SEAL]
CITY AND COUNTY
COLORADO, as Issuer
OF
DENVER,
By
Mayor
Attest:
By
Clerk and Recorder
Approved as to form.
By
ASSIstant CIty Attorney
CountersIgned.
By
AudItor
B-2
U2-(lU5J(J,02
CERTIFICATE OF THE CITY OF WHEAT RIDGE, COLORADO
RelatIng to
CIty and County of Denver, Colorado
S1I1gle Famlly Home M0I1gage Revenue Bonds
(Metro Mayors Caucus S1I1gle Famlly Mortgage Bond Program)
SerIes 2000
The underSIgned Mayor and City Clerk of the City of Wheat RIdge, Colorado (the
"City") hereby certIfy that.
1 Resolution. Attached hereto as Exhibit A is a true and correct copy of a ResolutIOn
of the City Council of the CIty (the "CounCil") that was adopted by the Councll In accordance
WIth applIcable la'W on the date IndIcated thereIn (the "ResolutIon") All meetIngs of the Councll
at whIch actIOn relatmg to the ResolutIOn was taken were properly notIced 111 the manner and at
the tImes reqUIred by law, were open at all tImes to the general publIc and were attended by a
quorum of the CounCll. The ResolutIOn has been signed, attested, sealed and made a pern1anent
part of the records of the CounCil In accordance WIth applicable law; IS 111 full force and effect,
and has not been amended, modIfied or repealed SInce ItS adoptIOn.
2 Delegation Agreement. Attached hereto as ExhibIt B IS a tme and correct copy of a
DelegatIOn Agreement, dated as of the date IndIcated thereIn (the "DelegatIOn Agreement"), by
and between the CIty and the CIty and County of Denver, Colorado (the "Issuer") The
DelegatIOn Agreement has been duly authOrIzed, executed and delIvered by the CIty and, upon
due authOrIzatIOn, executIOn and delivery by the lssuer, w1l1 constItute a valid and b1l1d1l1g
obhgatlOn of the partIes, enforceable agall1st the partIes In accordance With ItS terms
3 Approval of Bonds and Project. A publIc hearIng on behalf of the CounCil, the City
and the Issuer was held In the office of the CommunIty PlannIng and Development Agency for
the CIty and County of Denver, Colorado At such public hearIng, all Interested persons were
gIven an opportUnIty to express their Views, both orally and in writIng, on the proposed issuance
of the Bonds and the locatIOn and nature of the Smgle Family Mortgage Loan Program. The
Councll and the Mayor have receIved a report of the hearing. The underSigned Mayor of the
CIty, as the chIef elected executive offiCIal of the City acting as such after such public hearIng,
hereby approves the Bonds and the SIngle Famlly Mortgage Loan Program, which approval IS
Intended to comply WIth the prOVISIOns of SectIOn l47(f) of the Internal Revenue Code of 1986,
as amended.
()~-()()536.02
g~y Cl~ ------------
day of ApI'll,
IN WITNESS WHEREOF, we have hereunto set our hands t1m
2000
02-6lJ5J6.02
2