HomeMy WebLinkAbout7952RESOLUTION NO. 7952 (1996)
A RESOLUTION RESERVING THE CITY OF PUEBLO'S 1996
DIRECT ALLOCATION OF PRIVATE ACTIVITY BOND
VOLUME ALLOCATION FROM THE STATE OF COLORADO
FOR CERTAIN IDENTIFIED PURPOSES; PRESCRIBING
CERTAIN DETAILS CONCERNING SAID RESERVATION;
PLACING DAY -TO -DAY MANAGEMENT AND DIRECTION
RESPONSIBILITIES RELATING TO SAID ALLOCATION IN
THE CITY'S DEPARTMENT OF HOUSING AND
COMMUNITY DEVELOPMENT; AND PROVIDING THE
EFFECTIVE DATE OF THIS RESOLUTION
WHEREAS, the City of Pueblo, Colorado (the "City "), on January 1, 1996 and
pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, §§ 24 -32 -1701 to 15,
C.R.S. (The "Act "), received a direct allocation of private activity bond volume allocation
from the State of Colorado (the "State ") for 1996 in the amount of $2,517,500 (the
"Allocation "); and
WHEREAS, the City desires that the Allocation be used for the issuance of single
family mortgage revenue bonds (either taxable or tax - exempt) for the purpose of financing
residential facilities for low- and middle- income families or persons (i) intended for use as
the sole place of residence by the owners or intended occupants or (ii) in a rent -to -own
program; and
WHEREAS, the City desires to formally express its intent to reserve the Allocation
for the purposes identified above as detailed in Section 1 below by the adoption of this
Resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO:
SECTION 1:
The use of the Allocation shall be limited to the following purposes: (i) for the
issuance by the City of single family mortgage revenue bonds (either taxable or tax -
exempt) for the purpose of financing residential facilities for low- and middle- income
families or persons intended for use as the sole place of residence by the owners or
intended occupants; (ii) for assignment to another issuing authority (as defined in the Act)
pursuant to the Act as part of a consolidated issue of single family mortgage revenue
bonds for the purpose of financing residential facilities for low- and middle- income families
or persons intended for use as the sole place of residence by the owners or intended
occupants, provided, however, that any such consolidated bond issue must reserve for a
period of time not less than six months an amount of money greater than or equal to that
of the Allocation for the purpose of making loans within the boundaries of the City; (iii) for
use in a rent -to -own program conducted by or operating within the boundaries of the City;
or (iv) for carry forward to 1997 and beyond pursuant to the Act to be used by itself or in
combination with future allocations by the State to the City pursuant to the Act, if any, for
any of the purposes listed in (i) through (iii) above.
SECTION 2:
From the effective date hereof, the Allocation shall be managed and directed by the
City's Department of Housing and Community Development, including, but not limited to,
any filings, reports or other communications with or to the Colorado Department of Local
Affairs necessary to maintain the Allocation.
SECTION 3:
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 4:
This Resolution shall take effect immediately upon its introduction and passage.
INTRODUCED September 9. 1996
BY: Cathy Garcia
Councilperson
APPROVE /
a
Pre 'dent of the touncil
ATTEST:
City Clerk