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RESOLUTION NO. 5031
RESOLUTION TRANSFERRING TO MESA COUNTY, COLORADO THE ALLO-
CATION OF THE CITY OF PUEBLO, COLORADO UNDER SECTION
29 -4 -803 AND SECTION 29 -4 -805 OF COLORADO REVISED STATUTES
1973, AS AMENDED, TO FINANCE MORTGAGE LOANS TO PROVIDE MORE
ADEQUATE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND
MIDDLE - INCOME FAMILIES AND PERSONS WITHIN MESA COUNTY AND
WITHIN THE CITY WHICH IS LOCATED WITHIN PUEBLO COUNTY, AND
ELSEWHERE IN THE STATE OF COLORADO; DELBGATING THE AUTHOR-
ITY TO ISSUE REVENUE BONDS TO FINANCE SAID MORTGAGE LOANS
WITHIN THE CITY; AND AUTHORIZING THE EXECUTION AND DELIVERY
BY THE CITY OF AN ALLOCATION TRANSFER AGREEMENT AND A
DELEGATION AGREEMENT.
WHEREAS, the City of Pueblo, Colorado (the , "City. ") and Mesa
County, Colorado ( "Mesa County") are each authorized by the County
and Municipality Development Revenue Bond Act, constituting Article 3
of Title 29, Colorado Revised Statutes 1973, as amended (the , "Project
Act, " ), to finance, refinance, acquire, own, lease, improve and dis-
pose of properties to the end that more adequate residential housing
facilities for low- and middle- income families and'persons may be
provided, which promote the public health, welfare, safety, conve-
nience and prosperity; and
WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980, codi-
fied as Section 103A of the Internal Revenue Code of 1954, as amended
(the "Federal Act "), restricts the amount of tax exempt obligations
which may be issued by the Colorado Housing Finance Authority and
local governmental units in the State of Colorado (the . "State. ") to
finance single - family mortgages to an amount not exceeding the State
ceiling; and
WHEREAS, the Federal Act authorizes the states to provide a
formula for allocating the respective state ceilings among the gov-
ernmental units in such states in a manner different from the federal
allocation formula, and the State of Colorado has provided for such
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an alternate formula for allocation by the enactment into law of
Senate Bill No. 112, codified as Part 8 of Article 4 of Title 29 of
Colorado Revised Statutes 1973, as amended (the "Allocation Act ");
and
WHEREAS, the Allocation Act authorizes governmental units
in the State to transfer all or a part of their allocations provided
for in the Allocation Act to any other entity otherwise authorized to
issue bonds to finance single - family mortgages and to accept trans-
fers of such allocations; and
WHEREAS, the Project Act and Part 2 of Article 1 of
Title 29, Colorado Revised Statutes 1973, as amended, provide, in
effect, that any county and municipality may by resolution or ordi-
nance delegate to any other county or municipality its authority
under the Project Act to finance projects under the Project Act; and
WHEREAS, the City and Mesa County deem it necessary and
advisable that a program be made available for the origination and
servicing of mortgage loans for residential housing facilities for
low- and middle- income families and persons (the "Mortgage Loans ") in
order to increase the supply of money available for mortgages so that
families and persons of low- and middle- income may finance the pur-
chase of residential housing facilities at less than the prevailing
market interest rate, thereby providing more adequate residential
housing facilities for low- and middle- income families and persons
within both the City and Mesa County and elsewhere in the State; and
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Foa TkECAh °0 � WHEREAS, the City desires to transfer to Mesa County its
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allocation A under Section 29 -4 -803 of the Allocation Act to finance
Mortgage Loans to provide more adequate residential housing facili-
ties for low- and middle- income families and persons within Mesa
County and the City and elsewhere within the State; and
WHEREAS, the City desires to delegate to Mesa County the
authority to act on its behalf in the issuance of qualified mortgage
bonds pursuant to the allocation granted under Section 29 -4 -805 of
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the Allocation Act and to transfer the City's allocation under
Section 29 -4 -805 of the Allocation Act to finance Mortgage Loans to
provide more adequate residential housing facilities for low- and
middle- income families and persons within Mesa County and the City
and elsewhere within the State; and
WHEREAS, the City desires to delegate to Mesa County its
power under the Project Act to issue revenue bonds to finance
Mortgage Loans to provide more adequate residential housing facili-
ties for low- and middle- income families and persons within the City;
and
WHEREAS, Mesa County desires to accept such transfers and
delegation and to finance Mortgage Loans to provide more adequate
residential housing facilities for low- and middle- income families
and persons within Mesa County and the City and elsewhere within the
State; and
WHEREAS, economies of time and expense will result from one
governmental unit financing Mortgage Loans to provide more adequate
residential housing facilities for low- and middle - income families
and persons within both the City and Mesa County and elsewhere within
the State; and
WHEREAS, it is necessary to evidence such transfers and the
acceptance of such transfers by the Allocation Transfer Agreement
attached hereto as Exhibit A (the . "Allocation Transfer Agreement ")
which will be executed and delivered by the City and Mesa County; and
WHEREAS, it is necessary to evidence such delegation and
the acceptance of such delegation by the Delegation Agreement
attached hereto as Exhibit B (the "Delegation Agreement, ") which will
be executed and delivered by the City and Mesa County.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PUEBLO, COLORADO:
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Section 1. In order to insure the financing of Mortgage
Loans to provide more adequate residential housing facilities for
low- and middle- income families and persons within the City at the
earliest possible date, which will promote the public health, wel-
fare, safety, convenience and prosperity of the inhabitants of the
City, it is deemed necessary and advisable that the Allocation
Transfer Agreement and the Delegation Agreement be approved, executed
and delivered by and on behalf of the City.
Section 2. The form, terms and provisions of the
Allocation Transfer Agreement and the Delegation Agreement hereby are
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approved and the iprri,, of the City,�and� the City Clerk hereby are
authorized and directed to execute and deliver the Allocation
Transfer Agreement and the Delegation Agreement.
PAMYOsr0P 7w�_ any eotAe4..
Section 3. The #ww and the City Clerk hereby are autho-
rized and directed to take such other steps or actions as may be
required to carry out the terms and intent of this resolution, the
Allocation Transfer Agreement and the Delegation Agreement.
Section 4. Nothing contained in this resolution, in the
Allocation Transfer Agreement or in the Delegation Agreement shall
obligate the City, except to the extent described in the Allocation
Transfer Agreement and in the Delegation Agreement, nor constitute
the debt or indebtedness of the City within the meaning of the
Constitution or statutes of the State 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 such section,
paragraph, clause or provision shall not affect any of the remaining
provisions of this resolution.
Section 6. All action (not inconsistent with the
provisions of this resolution) heretofore taken by the City Council
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and the officers of the City directed toward the authorization of the
Allocation Transfer Agreement and the Delegation Agreement hereby is
ratified, approved and confirmed.
Section 7. This resolution shall be in full force and
effect upon its passage and approval.
PASSED, ADOPTED AND APPROVED this 13t day of September
1982. INTRODUCED September 13 , 1982
BY DAVID SCRIBNER, Councilman
Approved: esam._ JWL"etk -ef��
vVr PQ� OF
(SEAL) Ar &0� Onwet, ,
Attest:
� U � /J Clerk
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