HomeMy WebLinkAboutResolution 2016-0039CITY OF WHEAT RIDGE, COLORADO
RESOLUTION NO. 39
Series of 2016
TITLE: A RESOLUTION AUTHORIZING ASSIGNMENT TO THE
COLORADO HOUSING AND FINANCE AUTHORITY OF A
PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF
WHEAT RIDGE PURSUANT TO THE COLORADO PRIVATE
ACTIVITY BOND CEILING ALLOCATION ACT
WHEREAS, the City of Wheat Ridge is authorized and empowered under the
laws of the State of Colorado (the "State") to issue revenue bonds for the purpose of
financing qualified residential rental projects for low-and moderate-income persons and
families; and
WHEREAS, the City of Wheat Ridge is authorized and empowered under the
laws of the State of Colorado (the "State") to issue revenue bonds for the purpose of
providing single-family mortgage loans to low-and moderate-income persons and
families; and
WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"),
restricts the amount of tax-exempt bonds ("Private Activity Bonds") which may be
issued in the State to provide such mortgage loans and for certain other purposes; and
WHEREAS, pursuant to the Code, the Colorado legislature adopted the
Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24,
Colorado Revised Statutes (the "Allocation Act"), providing for the allocation of the
State Ceiling among the Colorado Housing and Finance Authority (the "Authority") and
other governmental units in the State, and further providing for the assignment of such
allocations from such other governmental units to the Authority; and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation
Act. the City of Wheat Ridge has an allocation of the 2016 State Ceiling for the
issuance of a specified principal amount of Private Activity Bonds prior to September
15, 2016 (the "2016 Allocation"); and
WHEREAS, the City of Wheat Ridge has determined that, in order to increase
the availability of adequate affordable housing for low-and moderate-income persons
and families within the City of Wheat Ridge and elsewhere in the State, it is necessary
or desirable to provide for the utilization of all or a portion of the 2016 Allocation; and
WHEREAS, the City of Wheat Ridge has determined that the 2016 Allocation, or
a portion thereof, can be utilized most efficiently by assigning it to the Authority to issue
Private Activity Bonds for the purpose of financing one or more multi-family rental
housing projects for low-and moderate-income persons and families or to issue Private
Activity Bonds for the purpose of providing single-family mortgage loans to low-and
moderate-income persons and families ("Revenue Bonds") or for the issuance of
mortgage credit certificates; and
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WHEREAS, the City Council of the City of Wheat Ridge has determined to
assign $1,555,400 of its 2016 Allocation to the Authority, which assignment is to be
evidenced by an Assignment of Allocation between the City of Wheat Ridge and the
Authority (the "Assignment of Allocation"),
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat
Ridge as follows:
1. The assignment to the Authority of $1 ,555,400 of the City of Wheat Ridge's 2016
Allocation be and hereby is approved.
2. The form and substance of the Assignment of Allocation be and hereby are
approved; provided , however, that the Mayor be and hereby is authorized to
make such technical variations, additions or deletions in or to such Assignment
of Allocation as she shall deem necessary or appropriate and not inconsistent
with the approval thereof by this resolution.
3. The City Council of the City of Wheat Ridge be and hereby is authorized to
execute and deliver the Assignment of Allocation on behalf of the City of Wheat
Ridge and to take such other steps or actions as may be necessary, useful or
convenient to effect the aforesaid assignment in accordance with the intent of
this resolution.
4. 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
such section, paragraph, clause, or provision shall not affect any of the
remaining provisions of this resolution.
5. This resolution shall be in full force and effect upon its passage and approval.
PASSED, ADOPTED AND APPROVED this 12th day of September, 2016.
ATTEST:
I
j
COLORADO HOUSING AND FINANCE
AUTHORITY
By: ____________ _
Executive Director
[SEAL]
2
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ATTEST:
By:~~~~~~~~~~~-
Assistant Secretary
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lcgal\bondcap\homeown\2006reassgn doc