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HomeMy WebLinkAboutResolution-2005-0009 - - RESOLUTION NO. 09-2005 Series 2005 A RESOLUTION ASSIGNING AND TRANSFERRING TO THE CITY AND COUNTY OF DENVER, COLORADO, A PORTION OF THE CITY OF WHEAT RIDGE'S 2005 ALLOCATION FROM THE STATE CEILING FOR PRIVATE ACTIVITY 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; AUTHORIZING THE DELEGATION TO THE CITY AND COUNTY OF DENVER, COLORADO OF THE AUTHORITY OF THE CITY OF WHEAT RIDGE 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 THE SINGLE FAMILY MORTGAGE LOAN PROGRAM; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A DELEGATION AND PARTICIPATION AGREEMENT, AN ASSIGNMENT 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 authorized by the County and Mumcipality Development Revenue Bond Act, constItutmg artIcle 3 of title 29, Colorado Revised Statutes, as amended (the "Act"), to finance projects as defined in the Act, mcluding reSIdential housmg facilities for low- and middle-income persons and families; and WHEREAS, the City has been awarded on January 1, 2005 approxImately $1,276,080 (the "2005 AllocatIOn") of the bond ceiling for the State of Colorado (the "State") and its issuing authorities pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, constItuting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended (the "AllocatIOn Act"), for use in the issuance of private activity bonds to finance projects under the Act among the issuing authoritIes ofthe State of Colorado, and WHEREAS, the Allocation Act provides for the assignment of bond allocations between issumg authorities of the State; and WHEREAS, the City desires to assign and transfer to the Issuer an amount equal to $1,276,080 of the 2005 Allocation, which the City will commit and reserve for the issuance of such pnvate activity bonds, to finance reSidential housing facilitIes for low- and middle-income persons and families within the City and other cities and counties in the State of Colorado, and WHEREAS, It is necessary to eVIdence such assignment and transfer and the acceptance thereof by the executIOn and delivery by the City of an Assignment (the "Assignment") between the City and the Issuer in substantially the form presented at this meetmg. - 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 mumcipa1ity authority to act on its behalf in the financing of projects under the Act and that any such delegation may be general or limIted in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act (the "Bonds") to finance residential housing facilities for low- and middle-mcome persons and families within the City and other cities and counties in the State of Colorado (the "Single 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 Single Family Mortgage Loan Program within the City; and WHEREAS, it is necessary to evidence such delegation by the execution and delivery by the City of a Delegation and PartiCIpation Agreement (the "Delegation and Participation Agreement") between the City and the Issuer III substantially the form presented at this meeting, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE: Section 1 In order to facilitate the origination of single family mortgage loans within the boundaries of the City as part of the Single Family Mortgage Loan Program, the City hereby (i) asSIgnS and transfers to the Issuer an amount equal to $1,276,080 of the 2005 Allocation, (ii) delegates 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 Single Family Mortgage Loan Program within the City and (iii) approves, and authorizes and directs the Mayor of the CIty to sign and deliver and the City Clerk to attest and deliver, the Assignment and the Delegation and ParticipatIon Agreement in substantially the forms presented at this meeting. Copies of the proposed ASSIgnment and Delegation and Participation Agreement are on file in the office of the City Clerk and are available for inspection by the public. Section 2. The Council hereby approves the Bonds and the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue 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 authorized and directed to attest and deliver such other agreements and certificates and to take such other actions as may be necessary or convenient to carry out and give effect to the Delegation and ParticipatIOn Agreement, the ASSIgnment, and thIS Resolution, including any agreement or certificate approving the Bonds or the Single Family Mortgage Loan Program for purposes of SectIOn 147(f) of the Internal Revenue Code of 1986, as amended. Section 4. Nothing contamed in this Resolution, the Assignment, or the Delegation and Participation Agreement shall constitute a debt, indebtedness or multiple-fiscal year dIrect or mdIrect debt or other financial ob1igatlOn of the City within the meaning of the Constitution or - statutes of the State of Colorado or the home rule charter of any political subdivisIon thereof, nor give rise to a pecunIary hability 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 invahdity 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. [SEAL] I I / ~ / ',' Attest: -- CERTIFICATE OF THE CITY OF WHEAT RIDGE, COLORADO Relating to CITY AND COUNTY OF DENVER, COLORADO SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (METRO MAYORS CAUCUS SINGLE FAMILY MORTGAGE BOND PROGRAM) SERIES 2005 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 of Wheat Ridge (the "Council") that was adopted by the Council in accordance with applicable law on the date Indicated therein (the "Resolution"). All meetings of the Council at which action relating to the Resolution was taken were properly noticed in 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 Council. The Resolution has been sIgned, attested, sealed and made a permanent part of the records of the Council in accordance with applIcable law; is in full force and effect; and has not been amended, modified or repealed SInce its adoptIOn. 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 indicated therein (the "Delegation and Participation Agreement") between the City of Wheat Ridge and the City and County of Denver, Colorado (the "Issuer"). The Delegation and Participation Agreement has been duly authorized, executed and delivered by the City and, upon due authorizatIon, executIOn and delivery by the Issuer, wiIl constItute a valid and binding oblIgation of the City, enforceable against the City in accordance with its terms. 3. Assignment Agreement. Attached hereto as ExhibIt C is a true and correct copy of an Assignment Agreement dated as of the date indIcated therein (the "Assignment") between the City and the Issuer. The Assignment has been duly authorized, executed and delivered by the City and, upon due authorizatIOn, execution and delivery by the Issuer, will constitute a valid and binding oblIgation of the City, enforceable against the City In accordance with Its terms. 4. Approval of Bonds and Project. A public heanng on behalf of the Council, the City and the Issuer was held in the office of the Department of Revenue for the CIty and County of Denver, Colorado. At such public heanng, all interested persons were given an opportunity to express their views, both oralIy and in writing, on the proposed issuance of the Bonds and the location and nature of the Single Family Mortgage Loan Program. The Council has received a report of the heanng. 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 Family Mortgage Loan Program, which approval is intended to comply wIth the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended. IN WITNESS WHEREOF, we have hereunto se our hands tills 14th day of February, 2005 EXHIBIT A RESOLUTION NO. 09-2005 Series 2005 A RESOLUTION ASSIGNING AND TRANSFERRING TO THE CITY AND COUNTY OF DENVER, COLORADO, A PORTION OF THE CITY OF WHEAT RIDGE'S 2005 ALLOCATION FROM THE STATE CEILING FOR PRIVATE ACTIVITY 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; AUTHORIZING THE DELEGATION TO THE CITY AND COUNTY OF DENVER, COLORADO OF THE AUTHORITY OF THE CITY OF WHEAT RIDGE WITH RESPECT TO THE ISSUANCE OF SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (fHE "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 THE SINGLE FAMILY MORTGAGE LOAN PROGRAM; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A DELEGATION AND PARTICIPATION AGREEMENT, AN ASSIGNMENT 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 authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado ReVIsed Statutes, as amended (the "Act"), to finance projects as defined m the Act, mcluding residential housing facilities for low- and mlddle-mcome persons and families; and WHEREAS, the City has been awarded on January 1, 2005 approximately $1,276,080 (the "2005 AllocatIOn") of the bond ceilIng for the State of Colorado (the "State") and Its Issuing authorities pursuant to the Colorado Pnvate Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended (the "Allocation Act"), for use in the issuance of private activity bonds to finance projects under the Act among the Issumg authorities of the State of Colorado; and WHEREAS, the AllocatIon Act provides for the aSSIgnment of bond allocatIOns between issuing authorities ofthe State; and WHEREAS, the City desires to assign and transfer to the Issuer an amount equal to $1,276,080 of the 2005 Allocation, which the City will commit and reserve for the issuance of such private actIvity bonds, to finance residentIal housing facilitIes for low- and middle-income persons and familIes within the City and other cities and counties in the State of Colorado; and WHEREAS, it is necessary to eVIdence such assignment and transfer and the acceptance thereof by the execution and delivery by the CIty of an ASSIgnment (the "ASSIgnment") between the City and the Issuer in substantially the form presented at thIS meeting. WHEREAS, Section 29-3-104(2) of the Act provIdes that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municIpality authonty to act on its behalf in the financing of projects under the Act and that any such delegation may be general or limited in scope and time and may be lITevocable for the term or terms of any financing agreement or bond Issue, all as provided in such resolution or ordinance; and WHEREAS, the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act (the "Bonds") to finance resldentlal housing facilities for low- and middle-income persons and families within the CIty and other cities and counties m the State of Colorado (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 action and exercise power under the Act on behalf of the City with respect to the Smgle Family Mortgage Loan Program within the City; and WHEREAS, it IS necessary to eVIdence such delegation by the execution and delivery by the City of a Delegation and Partlcipation Agreement (the "Delegation and Participation Agreement") between the City and the Issuer in substantially the form presented at this meeting, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE: Section 1. In order to facilitate the origination of single family mortgage loans within the boundaries of the CIty as part of the Single Family Mortgage Loan Program, the City hereby (i) assIgns and transfers to the Issuer an amount equal to $1,276,080 of the 2005 Allocation, (ii) delegates 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 and (iii) approves, and authorizes and directs the Mayor of the CIty to sign and deliver and the City Clerk to attest and deliver, the Assignment and the Delegatlon and PartICIpation Agreement III substantially the forms presented at this meeting. CopIes of the proposed Assignment and Delegation and PartIcipation Agreement are on file in the office of the City Clerk and are available for inspectIOn by the public. Section 2. The Council hereby approves the Bonds and the Smgle Family Mortgage Loan Program for purposes of Section 147(1) ofthe Internal 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 authorized and dIrected to attest and deliver such other agreements and certIficates and to take such other actions as may be necessary or convenient to carry out and give effect to the Delegation and PartiCIpation Agreement, the Assignment, and this Resolution, mcluding any agreement or certificate approvmg the Bonds or the Single Family Mortgage Loan Program for purposes of Section 147(1) of the lnternal Revenue Code of 1986, as amended. Section 4. Nothing contained in this Resolution, the Assignment, or the Delegation and ParticipatlOn Agreement shall constitute a debt, mdebtedness or multIple-fiscal year direct or indirect debt or other financial obhgation of the City within the meanmg of the Constitution or statutes of the State of Colorado or the home rule charter of any political subdivision thereof, nor gIVe nse to a pecuniary habihty 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 remaming provisions of this Resolution. Section 6. Tlus ResolutIOn shall be in full force and effect upon Its passage and approval. ADOPTED BY THE CITY COUNCIL THIS [SEAL] Attest: EXHIBIT B DELEGATION AND PARTICIPATION AGREEMENT THIS DELEGATION AND PARTICIPATION AGREEMENT (this "Delegation and Participation Agreement") is between the CITY OF WHEAT RIDGE, COLORADO, a home rule cIty and municipal corporation of the State of Colorado (the "City"), and the CITY AND COUNTY OF DENVER, COLORADO, a home rule city, a municipal corporation and a polittcal subdivIsion ofthe State of Colorado (the "Issuer"). R Eel TAL s: WHEREAS, the City and the Issuer are each authorized by the County and MumcipalIty Development Revenue Bond Act, constitutmg article 3 of title 29, Colorado Revised Statutes, as amended (the "Act"), to finance projects as defined in the Act, including residential housmg facilittes for low- and middle-income 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 municipality authonty 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 m such resolution or ordinance; and WHEREAS, pursuant to an Assignment Agreement dated the date hereof (the "Assignment"), the City is assigning and transferring to the Issuer $1,276,080 of the CIty's 2005 bond ceiling for the State of Colorado and Its issuing authorittes computed under Sectlon 146(d) of the Internal Revenue Code of 1986, as amended, under the Colorado Pnvate Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended, for use m the issuance of pnvate activity bonds; and WHEREAS, the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act (the "Bonds") to finance residential housmg facilities for low- and mIddle-income persons and famihes within the City and other cittes and counties in the State of Colorado (the "Single Family Mortgage Loan Program"); and WHEREAS, the City wishes to participate in the Single 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 Single FamIly Mortgage Loan Program withm the City. NOW THEREFORE, in consideration ofthe mutual covenants and undertakings set forth herein, the City and the Issuer hereby agree as follows: Section 1. The City hereby delegates to the Issuer the authority ofthe 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 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 and PartIcipatIOn Agreement in connection WIth the use of such delegation. The Issuer agrees to make available to the City no less than $1,276,080 of the proceeds of the Bonds for the ongination of home mortgages within the City's boundanes. IN WITNESS WHEREOF, the City and the Issuer have caused this Delegation and Participation Agreement to be executed to be effectIve as of February 14, 2005. [SEAL] CITY OF WHEAT RIDGE, COLORADO 62 Attest: [SEAL] Attest: By Clerk and Recorder Approved as to form; By City Attorney CountersIgned: By Auditor ,-- CITY AND COUNTY OF DENVER, COLORADO as Issuer - EXHIBIT C ASSIGNMENT AGREEMENT This Assignment Agreement (the "Assignment") dated the 14th day of February, 2005, IS between the CITY OF WHEAT RIDGE, COLORADO, a home rule cIty and municIpal corporatIon of the State of Colorado (the "Assignor") and the CITY AND COUNTY OF DENVER, COLORADO, a home rule city, a municipal corporation and a political subdivision of the State of Colorado (the "Assignee"). RECITALS WHEREAS, the AssIgnor has been awarded approximately $1,276,080 (the "2005 Allocation") of the bond ceiling for the State of Colorado and its issuing authoritIes (the "State Ceiling") computed under Section 146( d) ofthe Internal Revenue Code of 1986, as amended (the "Code"), under the Colorado Private ActIvity Bond Ceiling Allocation Act, constituting Part 17 of ArtIcle 32 of Title 24, Colorado Revised Statutes, as amended (the "Allocation Act"), for use m the issuance of private actIvity bonds; and WHEREAS, subject to the terms and conditions set forth herein, the Assignor desires to asSIgn and transfer to the Assignee, and the Assignee desires to accept, a portIOn of the Assignor's 2005 Allocation in an amount equal to $1,276,080, whIch the Assignor agrees to commit and reserve for the Issuance of such private activity bonds; and WHEREAS, the private actIvity bonds will be issued by the Assignee pursuant to the County and Municipality Development Revenue Bond Act, constitutmg ArtIcle 3 of Title 29, Colorado ReVised Statutes, as amended (the "Act"), and such bonds will be used for a purpose which qualifies as a "project" as described in the Act. ASSIGNMENT In exchange for the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. In accordance with action taken by the governmg body of the Assignor on February 14, 2005, the Assignor hereby assigns and transfers to the ASSignee, a portIOn of the Assignor's 2005 Allocation from the State CeIling for private actIvity bonds m an amount equal to $1,276,080 (the "Assigned Amount"). In addition, the Assignor hereby consents to the election by the Assignee, if the Assignee in its discretion so deCIdes, to treat the Assigned Amount as an allocation for a project with a carryforward purpose and/or to make a mortgage credIt certification election, thus avoiding reversIOn of the Assigned Amount to the statewIde balance under the Allocation Act. 2. The Assignor represents that is has received no monetary consideration for the aSSIgnment set forth above. 3. The ASSIgnee hereby: (a) Accepts the assIgnment ofa portion of the Assignor's 2005 AllocatlOn from the State Ceiling described above; (b) Agrees to make available to the AssIgnor no less than $1,276,080 of the proceeds of certain smgle family home mortgage revenue bonds to be Issued by the Assignor for the origmauon of home mortgages within the Assignor's boundaries; and (c) Agrees to abIde by each of the terms and conditlOns of this Assignment m connection with the use of a portion of the Assignor's 2005 Allocation. IN WITNESS WHEREOF, the Assignor and the Assignee have caused this instrument to be executed to be effective as of the date and year first written above. CITY OF WHEAT RIDGE, COLORADO 62 B Attest: (SEAL) Attest: By Clerk and Recorder Approved as to form: By City Attorney Countersigned: By Auditor CITY AND COUNTY OF DENVER, COLORADO, as Issuer B