HomeMy WebLinkAbout8050RESOLUTION NO. 8050(1997)
A RESOLUTION RESERVING THE CITY OF PUEBLO'S 1997
DIRECT ALLOCATION OF PRIVATE ACTIVITY BOND VOLUME
ALLOCATION FROM THE STATE OF COLORADO FOR CERTAIN
IDENTIFIED PURPOSES; PRESCRIBING CERTAIN DETAILS
CONCERNING SAID RESERVATION; PLACING 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, 1997, 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 1997 in the amount of $2,531,300 (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 for public
infrastructure improvements related thereto; 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 and for
public infrastructure improvements related thereto; (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 and for public infrastructure improvements related thereto; (iii) for use
in a rent -to -own program conducted by or operating within the boundaries of the City; or (iv)
for carryforward to 1998 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.
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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. The City Council hereby approves the assignment and delegation of the
Allocation to the Colorado Housing Finance Authority, upon such terms as the President of the
City Council shall approve, the form of such assignment and delegation to be also approved by
the City Attorney.
Section 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 any such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Resolution.
Section 5. This Resolution shall take effect immediately upon its introduction and
passage
[SEAL]
ATTEST:
By
City 'lerk
APPROVED AS TO FORM BY
CITY ATTORNEY
By . ..1
City ktorney
INTRODUCED: February 10, 1997
By: Charles Jones
Councilperson
Approved
Pres• nt o he City Council
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