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HomeMy WebLinkAboutResolution-2002-0008 EXHIBIT A Councilperson DiTullio moved the adoption of the following resolution: RESOLUTION NO. 08-2002 A RESOLUTION ASSIGNING AND TRANSFERRING TO THE CITY AND COUNTY OF DENVER COLORADO, A PORTION OF THE CITY OF WHEAT RIDGE'S 2002 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 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 F AMIL Y 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 in the Act, including residential housing facilities for low- and middle-income persons and families; and WHEREAS, the City has been awarded on January 1, 2002 approximately $1.234.238 (the "2002 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 issuing authoritIes of the State; and WHEREAS, the City desires to assign and transfer to the Issuer an amount equal to $1.234.238 of the 2002 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 02-11 0540.0 1 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 ill 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 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 reso1utlon 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-income persons and families within the City and other cities and counties ill 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 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 $1.234,238 of the 2002 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 (ill) 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 Delegatlon 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 authorlZed 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. 02-11 0540.0 I A-2 Section 4. Nothing contained in this Resolution, the Assignment, or the Delegation and Participation Agreement shall constitute a debt, indebtedness or multiple-fiscal year direct or indirect debt or other financial obligation 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 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 ADOPTED BY THE CITY COUNCIL THI [SEAL] Attest: By 9J:-Jd."" City Clerk 02-110540.01 A-3 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 2002 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 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 m 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 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, will 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 hearing on behalf of the Council, the City and the Issuer was held ill 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 Single Family Mortgage Loan Program. The Council has 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 Family Mortgage Loan Program, which approval is intended to comply with the proviSlOns of Section 147(f) ofthe Internal Revenue Code of 1986, as amended. 02-110540.01 2002. IN WITNESS WHEREOF, we have hereunto set our hands this 8th day of April, By &2 02-110540.01 2 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 political subdivision of the State of Colorado (the "Issuer"). R E C I TAL S: WHEREAS, the City and 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 in the Act, including residential housing facilities 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 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 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 $1.234,238 of the City's 2002 bond ceiling for the State of Colorado and its issuing authorities computed under Section 146( d) of the Internal Revenue Code of 1986, as amended, under the Colorado Private Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended, for use in the issuance of private activity bonds; 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 10w- and middle-income 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 wishes to participate in 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 Single Family Mortgage Loan Program within the City. NOW THEREFORE, in consideration of the 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 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 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 02-110540.01 make available to the City no less than $1,234238 of the proceeds of the Bonds for the origination of home mortgages withIn the City's boundaries. IN WITNESS WHEREOF, the City and the Issuer have caused this Delegation and PartiCipation Agreement to be executed to be effective as of April 9, 2002. [SEAL ] CITY OF WHEAT RIDGE, COLORADO Attest: By ~"05 City Clerk 02.110540.01 B-2 [SEAL] Attest: By Clerk and Recorder Approved as to form: By City Attorney Countersigned: By Auditor 02-110540.01 CITY AND COUNTY OF DENVER, COLORADO, as Issuer By Wellington Webb, Mayor B-3 EXHIBIT C ASSIGNMENT AGREEMENT This Assignment Agreement (the "Assignment") dated the ~ day of April, 2002, 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 approxnnately $1.234.238 (the "2002 AllocatiOn") of the bond ceiling for the State of Colorado and its issuing authorities (the "State Ceiling") computed under Section I 46(d) of the Internal Revenue Code of1986, 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 in 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 2002 Allocation m an amount equal to $1,234.238, 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, constituting 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 m 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: I In accordance with action taken by the governing body of the Assignor on April 8th, 2002, the Assignor hereby assigns and transfers to the Assignee, a portion of the Assignor's 2002 Allocation from the State Ceiling for private activity bonds in an amount equal to $1,234,238 (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 avoidmg 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. 02-1\0540.01 3. The Assignee hereby: (a) Accepts the assignment of a portion of the Assignor's 2002 Allocation from the State Ceiling described above; (b) Agrees to make available to the Assignor no less than $1.234.238 of the proceeds of certain single family home mortgage revenue bonds to be issued by the Assignor for the origination of home mortgages within the Assignor's boundaries; and (c) Agrees to abide by each of the terms and conditions of this Assignment in connection WIth the use ofa portion of the Assignor's 2002 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. Attest: [SEAL ] By 9k..-<~~ City Clerk CIMyFilesIMayors FilesIMetroMayors\certificate of participation 2002DOC02.110540.01 C-2 [SEAL] CITY AND COUNTY OF DENVER, COLORADO, as Issuer By Wellington Webb, Mayor Attest: By Clerk and Recorder Approved as to form: By City Attorney Countersigned: By Auditor C:lMyFileslMayors FIIesIMetroMayors\certificate of participation 2002.DOC02-l10540.0 1 C-3