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HomeMy WebLinkAbout5220RESOLUTION NO. 5220 RESOLUTION TRANSFERRING TO ARAPAHOE COUNTY, COLORADO THE ALLOCATION 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 ARAPAHOE COUNTY AND WITHIN THE CITY WHICH IS LOCATED WITHIN PUEBLO COUNTY, AND ELSEWHERE IN THE STATE OF COLORADO; DELEGATING THE AUTHORITY 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 Arapahoe County, Colorado ( "Arapahoe County ") are each authorized by the County and Municipality Development Revenue Bond Act, constitut- ing Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Project Act "), to finance, refinance, acquire, own, lease, improve and dispose of properties to the end that more adequate resi- dential housing facilities for low- and middle- income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980, codi- f ied 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 -2- an alternate formula for allocation in 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 Arapahoe 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 Arapahoe County and elsewhere in the State; and WHEREAS, the City desires to transfer to Arapahoe County its allocation under Section 29 -4 -803 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Arapahoe County and the City and elsewhere within the State; and WHEREAS, the City desires to delegate to Arapahoe County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Section -3- 29 -4 -805 of 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 Arapahoe County and the City and elsewhere within the State; and WHEREAS, the City desires to delegate to Arapahoe 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, Arapahoe 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 Arapahoe 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 Arapahoe 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 Arapahoe 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 Arapahoe County. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PUEBLO, COLORADO: -4- 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 approved and the Mayor of the City and the City Clerk hereby are authorized and directed to execute and deliver the Allocation Transfer Agreement and the Delegation Agreement. Section 3. The Mayor 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 unenf orceability 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 Council and -5- 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. Section 8. The term "Mayor" as used herein means and includes the President of the City Council of Pueblo, a Municipal corporation. ATTEST �4'4 L J 7 t 4 y , Clerk INTRODUCED August 8th , 1983 BY Michael Occhiato Councilman APPROVED: 2�' / �� President of the Council Sherman & Howard A LAW PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS IN RENO, NEVADA, Hill Cassas deLipkau and Erwin, rc. 2900 FIRST OF DENVER PLAZA TELEPHONE: 303893-2900 POST OFFICE BOX 2790 633 SEVENTEENTH STREET TELECOPIER: 303 893 -2940 RENO, NEVADA 89505 DENVER, COLORADO 80202 TELEX: 454368 TELEPHONE 702 323 -1601 SAMUEL S. SHERMAN, JR. STEPHEN M. BRE7 DAVID THOMAS III CHRISTINA C. BAUER RICHARD K. PARKS DANIEL E. KLAUS WINSTON S. HOWARD CONSTANCE L. HAUVER CYNTHIA C BENSON STANLEY M. RAINE JOHN C. TAGGART SUSAN R. HARRIS ROBERT M. JOHNSON LEE DALE STUART H. PACK PETER B. NAGEL CHERYL J. HANSON ELIZABETH R. CARVER ARTHUR K. UNDERWOOD. JR. CHRISTOPHER LANE JOSEPH) BRONESKY GREG H. SCHLENDER BARBARA A. MCDONNELI JULIE K. M,,CURDY JOHN W LOW PAUL J. SCHLAUCH JOHN L. DeWEERDT BARBARA FORT JONES CATHERNE J. BOGGS JAMES B. HOLDEN THOMAS B. FAXON KURT A. KAUFMANN CHARLES Y TANABE THEODORE A.OLSEN KATHARINE K. DLIVIVIER RAYMOND J. TURNER CRAIG A. CHRISTENSEN ROBERT L. BROWN CRAIG R. MAGINNESS PAUL C. DAW GARTH C. GRISSOM R. MICHAEL SANCHEZ JANE ROBERTS ELLEN W. REATH JEFFREY M. STOLER WILLIAM P. CANTWELL THEODORE E. WORCESTER JAMES M. KING SCOTT E. SPENCER LOUIS C. WHRSETT MICHAEL D. GROSHEK ANDREW L. BLAIR, JR. WILLIAM L. HUNNICUTT WILLIAM H. BUTTER CHRISTOPHER J. KOENIGS WLLIAM F. SCHOEBERLEIN RODNEY D. KNUTSON ROBERT E. YOULE WILLIAMW BOTHWELL RANDALL R. STEICHEN M A. WILLIAMS H. CLAY WHITLOW ARLENE S. BORROW ELIZABETH) GREENBERG KENTJ.LUND ARTHUR J. SEIFERT EDWARD W. NOTTINGHAM JULIAN K. QUATTLEBAUM III ROBERT NEECE CRAIG PALM CHARLES EDWARD PALMER WILLIAM R. MARSH ALAN J. GILBERT MARY VOLK GREGORY SANDRA L. MAGERFLEISCH Resldentin Reno JAMES E. HAUTZINGER CHARLES W NEWCOM HAROLD G. MORRIS. JR. RONALDM.EDDY ROSS B. H. BUCHANAN Members d the Nerodo Bar DON H.SHERWOOD MARK L. FULL FORD RAYMOND. M. DEENY MARIAM J. MASID STEVEN C. DEMBV EARL M. HILL W DAVID FANTLE JAMES E WOOD JEROME A. BREED KENNETH L. SALAZAR REBECCA A. FISCHER FRANK CASSAS JAMES L. CUNNINGHAM CASSANDRA GAY SASSO DEEP WISOR ROBERT S. MINK ANDREW W. LOEWI ROSS E. deLIPKAU MICHAEL L. CHI ROBERT P. MITCHELL WALT V SI CORINNE M. JOHNSON DAVID H. JAFFER THOMAS P. ERWIN DOUGLAS M. CAIN RICHARD B. BOWLES DAVID M. SWINTON MAW M. PHILLIPS POBERTE. McCARTHY WANE F. WURZER DUNCAN A. CAMPBELL III RICHARD W. WRIGHT MAW J. KELLY THEODORE R. MCELROY JCHNO.SWENDSEID• DAVID R. JOHNSON KENNETH B. SIEGEL Counsel MARGARET E. MALCHOW SUSAN B. RICHTER FRANK W. THOMPSON GARY L. GREER DOUGLAS W. FIX DAVID W MILLER MARTIN D. BROWN *Also cdmiBed in Colorado November 1, 1983 Ms. Marian D. Mead Clerk, City of Pueblo Box 1427 Pueblo, Colorado 81002 Dear Ms. Mead: Arapahoe County, Colorado Single Family Mortgage Revenue Bonds Sgries_1983A Enclosed f or your records is a set of the documents which transferred the allocation of the City of Pueblo for the housing bond issue captioned above. Again, thank you for your cooperation, and please call me if you have any questions or comments about the enclosed documents. Sincerely yours, P Il e- Mary M. Phillips MMP /njr Enclosures cc: Richard Fontane George R. Baum & Company Thereupon, the presiding officer declared the motion car- ried and the resolution duly passed and adopted. After other action or business not related to the foregoing resolution, on motion duly made, seconded and adopted, the meeting thereupon adjourned. (SEAL) Attest: City Cler - Mayor 9:IC STATE OF COLORADO ) COUNTY OF PUEBLO ) SS. CITY OF PUEBLO ) I I Marian D. Mead , the duly qualified and acting City Clerk of the City of Pueblo, Colorado (the "City "), in the County of Pueblo and State of Colorado, do hereby certify: 1. The foregoing pages numbered -1- to -8 -, inclusive, are a true, perfect and complete copy of the record of proceedings of the Council of the City had and taken at a lawful meeting of the Council held at Council Chambers City Ball , Pueblo, Colorado on Aug. 8 _, 1983 at 7: 3 0 p.m., as recorded in the regular official book of the proceedings of the City kept in my office so far as the proceedings relate to the resolution therein set forth, the proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at the meeting as therein shown. 2. All members of the Council were duly notified of the meeting, pursuant to law. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City this 0th day of August , 1983. ( SEAL) City Clerk -9- STATE OF COLORADO ) COUNTY OF PUEBLO ) SS. CITY OF PUEBLO ) The Council of the City of Pueblo, met in Regular session on August 8 _ City hall conformity with the ' law and the ordinances Upon roll call, the following were found to Pueblo County, Colorado, 1983, at .Z:-u p-.m., at _, in the City, in full and rules of the City. be present, constituting a quorum: Present: Mayor: Councilmembers: Absent: Melvin 11. Takaki, D.D.S. Harold Mabie Isaac Duran R von Kalben Douglas Ring M ic h a e l Occhiato Mike Salardino constituting all the members of the Council. There were also present: City Clerk: Marian D. Mead City Treasurer: Billy G. Martin City Attorney: Tom Jagger Thereupon, the following proceedings, among others, were had and taken. Councilmember Mike Occhia tointroduced a resolution, which resolution was thereupon read in full and which resolution is as follows: A motion to adopt the foregoing resolution was then duly made by Counc ilmember Mike Occlliato and duly seconded by Councilmember Mike Salardino The question being upon the passage and adoption of the resolution, the roll was called with the following result: Those Voting Aye: Takaki Mabie Those Voting Nay: Those Absent: Ring Salardino Occhiato .x ^A a , lb IN -7- DELEGATION AGREEMENT This Delegation Agreement is between the City of Pueblo, Colorado (the "City ") and Arapahoe County, Colorado ( "Arapahoe County "). WITNESSETH• 1. Preliminary Statement Among the matters of mutual inducement which have resulted in the execution of this Delegation Agreement are the following: (a) The City and Arapahoe County are each authorized by the County and Municipality Development Revenue Bond Act, constitut- ing Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Project Act "), to finance, refinance, acquire, own, lease, improve and dispose of properties to the end that more adequate resi- dential housing facilities for low- and middle- income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity. (b) The Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended, provide, in effect, that any county or municipality may by resolution or ordinance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act. (c) It is deemed necessary and advisable for the City and Arapahoe County to make available a program 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 mortgage loans so that families and persons of low- and middle- income can finance the purchase of residential housing facilities at less than the prevail- ing market interest rate, thereby providing more adequate residential housing facilities for low- and middle- income families and persons in the City and Arapahoe County and elsewhere within the State. (d) It is deemed necessary and advisable for the provision of more adequate residential housing facilities for low- and middle - income families and persons and the promotion of the public health, welfare, safety, inconvenience and prosperity of the inhabitants of the City and Arapahoe County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (e) The Council of the City has indicated its willingness to delegate to Arapahoe County its powers under the Project Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within the City. (f) The Board of County Commissioners of Arapahoe County has indicated its willingness to accept the delegation by the City of the City's powers to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within the City. (g) Neither the execution and delivery of this Delegation Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Delegation Agreement conflicts with or results in a breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to which the City or Arapahoe County is now a party or by which the City or Arapahoe County is bound, or constitutes a default under any of the foregoing. Pursuant to the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended: (a) The Council of the City hereby delegates to Arapahoe County all authority of the City to finance and otherwise take action and exercise power under the Project Act on behalf of the City with respect to the financing of Mortgage Loans to provide more adequate -2- residential housing facilities for low- and middle - income families and persons within the City. The City covenants that prior to January 1, 1984, it will not issue any bonds, notes or securities to finance mortgage loans to provide more adequate residential housing facilities for low- and middle- income families or persons within the City or delegate its powers under the Project Act to another county or municipality to finance mortgage loans to provide more adequate residential housing facilities for low- and middle- income families and persons within the City. (b) The Council of the City agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Delegation Agreement. 3. Acceptance of Delegation by Arapahoe County Pursuant to the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended: (a) The Board of County Commissioners of Arapahoe County hereby accepts the delegation granted to it by the City, subject to the terms and conditions herein contained. (b) The Board of County Commissioners of Arapahoe County agrees that it will finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Arapahoe County, and within the City. (c) The Board of County Commissioners of Arapahoe County agrees that it will take further action and adopt such further pro- ceedings as may be required to implement the terms of this Delegation Agreement. 4. General Provisions (a) This Delegation Agreement is hereby declared irrevoca- ble during the term of the financing agreements to be entered into by Arapahoe County and the financial institutions which will originate -3- and service the Mortgage Loans, and this Delegation Agreement shall terminate upon the termination of such financing agreements. (b) This Delegation Agreement shall automatically termi- nate on January 1, 1984 if Arapahoe County has not prior to that date issued its revenue bonds under the Project Act for the purpose of financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Arapahoe County, and within the City. (c) Nothing contained in this Delegation Agreement shall obligate Arapahoe County to finance Mortgage Loans in any particular amount or to use any particular percentage of the proceeds of its revenue bonds to finance Mortgage Loans to provide more adequate res- idential housing facilities located in the City, and Arapahoe County is hereby authorized to finance only such Mortgage Loans as shall be agreed upon by Arapahoe County and the financial institutions which will originate and service the Mortgage Loans. (d) This Delegation Agreement shall not constitute the debt or indebtedness of Arapahoe County or the City within the mean- ing of the Constitution or statutes of the State nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of Arapahoe County or the City. (e) Notwithstanding any provision in this Agreement to the contrary or which may appear to be to the contrary, it is the intention of the City and the City agrees to irrevocably: (i) transfer to Arapahoe County the City's alloca- tion only for the calendar year 1983 under Section 29 -4 -803 of the Allocation Act and under Section 29 -4 -805 of the Allocation Act and delegate to Arapahoe County the authority to act on the City's behalf in the issuance of such qualified mortgage bonds pursuant to the authority granted under Section 29 -4 -805 of the Allocation Act; and (ii) delegate to Arapahoe County only for the period from date hereof to January 1, 1984 all authority of the City to finance and otherwise take action and exercise power under the Project Act on behalf of the City with respect to the financing of mortgage loans to provide more residential housing facilities for low- and middle - income families within the City. -4- IN WITNESS WHEREOF, the parties hereto have entered into this Delegation Agreement this � Y'- day of - 1983. (SEAL) Attest: c ) Cbunty (tlerk (SEAL) Attest: City Clerk ARAPAHOEOUNTY, COLORADO By , - �?s J� C, i/K Chairman of the B" f County Commisei CITY OF PUEBLO, COLORADO By Mayor -5- me Ul" This Allocation Transfer Agreement is between the City of Pueblo, Colorado (the "City ") and Arapahoe County, Colorado ( "Arapahoe County "). W I T N E S S E T H 1. Preliminary Statement Among the matters of mutual inducement which have resulted in the execution of this Allocation Transfer Agreement are the following: (a) The City and Arapahoe 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 dispose of properties to the end that more adequate resi- dential housing facilities for low- and middle- income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity. (b) The Mortgage Subsidy Bond Tax Act of 1980, codified 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. (c) The Federal Act authorizes the states to provide a for- mula for allocating the respective state ceilings among the govern- mental units in such states in a manner different from the federal allocation formula, and the State of Colorado has provided for such an alternate formula for allocation in Part 8 of Article 4 of Title 29 of Colorado Revised Statutes 1973, as amended (the "Allocation Act ") . (d) The Allocation Act authorizes governmental units in the State to transfer all or 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 transfers of such allocations. (e) It is deemed necessary and advisable by the City and Arapahoe County 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 mort- gage loans so that families and persons of low- and middle - income may finance the purchase 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 Arapahoe County and elsewhere within the State. (f) It is deemed necessary and advisable by the City and Arapahoe County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (g) The Council of the City has indicated its willingness to transfer to Arapahoe County the City's allocation under Section 29 -4 -803 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle - income families and persons within Arapahoe County and the City and elsewhere within the State. (h) The Council of the City has further indicated its will- ingness to delegate to Arapahoe 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 the Allocation Act and to transfer its allocation under Section 29 -4 -805 of the Allocation -2- Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle - income families and persons within Arapahoe County and the City and elsewhere within the State. (i) The Board of County Commissioners of Arapahoe County has indicated its willingness to accept such transfers and to finance the Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Arapahoe County and the City and elsewhere within the State. (j) Neither the execution and delivery of this Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and con- ditions of this Allocation Transfer Agreement conflicts with or results in a breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to which the City or Arapahoe County is now a party or by which the City or Arapahoe County is bound, or constitutes a default under any of the foregoing. 2. Transfers by the City Pursuant to the Allocation Act: (a) The City transfers to Arapahoe County its allocation under Section 29 -4 -803 of the Allocation Act and under Section 29 -4 -805 of the Allocation Act and delegates to Arapahoe County the authority to act on its behalf in the issuance of quali- fied mortgage bonds pursuant to the authority granted under Section 29 -4 -805 of the Allocation Act, to provide more adequate res- idential housing facilities for low- and middle- income families and persons within Arapahoe County and the City and elsewhere within the State, subject to the terms and conditions herein contained. The City covenants that prior to January 1, 1984 it will not issue any bonds, notes or other securities under the Project Act to finance mortgage loans to provide more adequate residential housing facilities for low- and middle- income families or persons within the -3- City or transfer any portion of its allocation under Section 29 -4 -803 or Section 29 -4 -805 of the Allocation Act to another governmental unit to finance mortgage loans to provide more adequate residential housing facilities for low- and middle- income families and persons within the City. (b) The City agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Allocation Transfer Agreement. 3. Acceptance of Transfers by Arapahoe County Pursuant to the Allocation Act: (a) Arapahoe County hereby accepts the transfers to it by the City of the allocation of the City under Section 29 -4 -803 and Section 29-4-805 of the Allocation Act, and hereby accepts the dele- gation by the City of the authority to act on its behalf in the issu- ance of qualified mortgage bonds pursuant to the allocation granted under Section 29 -4 -805 of the Allocation Act, subject to the terms and conditions herein contained. (b) Arapahoe County agrees that it will use its best efforts to issue revenue bonds under the Project Act, in one or more series, to finance Mortgage Loans to provide more adequate residen- tial housing facilities for low- and middle- income families and per- sons within Arapahoe County and the City and elsewhere within the State. (c) Arapahoe County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Allocation Transfer Agreement. -�' • •s. (a) This Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by Arapahoe County and the financial institutions which will originate -4- and service the Mortgage Loans, and this Allocation Transfer Agreement shall terminate upon the termination of such agreements. (b) This Allocation Transfer Agreement shall automatically terminate on January 1, 1984 if "Arapahoe County has not prior to that date issued its revenue bonds under the Project Act for the purpose of financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Arapahoe County and the City and elsewhere within the State. (c) Nothing contained in this Allocation Transfer Agreement shall obligate Arapahoe County to finance Mortgage Loans in any par- ticular amount or to use any particular percentage of the proceeds of its revenue bonds to finance Mortgage Loans to provide more adequate residential housing facilities located in the City, and Arapahoe County is hereby authorized to finance only such Mortgage Loans as shall be agreed upon by Arapahoe County and the financial institu- tions which will originate and service the Mortgage Loans. (d) This Allocation Transfer Agreement shall not constitute the debt or indebtedness of the City or Arapahoe County 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 pecu- niary liability or a charge against the general credit or taxing powers of the City or Arapahoe County. (e) Notwithstanding any provision in this Agreement to the contrary or which may appear to be to the contrary, it is the intention of the City and the City agrees to irrevocably: (i) transfer to Arapahoe County the City's alloca- tion only for the calendar year 1983 under Section 29 -4 -803 of the Allocation Act and under Section 29 -4 -805 of the Allocation Act and delegate to Arapahoe County the authority to act on the City's behalf in the issuance of such qualified mortgage bonds pursuant to the authority granted under Section 29 -4 -805 of the Allocation Act; and (ii) delegate to Arapahoe County only for the period from date hereof to January 1, 1984 all authority of the City to finance and otherwise take action and exercise power under the Project Act on behalf of the City with respect to the financing of mortgage loans to provide more residential housing facilities for low- and middle - income families within the City. -5- IN WITNESS WHEREOF, the parties hereto have entered into this Allocation Transfer Agreement this 3 day of , 1983. (SEAL) Attest: City Clerk (SEAL) Attest: unty Clerk CITY OF PUEBLO, COLORADO ) I Mayor ,ARAPAHOE/ QOUNTY,_.._CgLORADO By Chairman of t1t oard of County Coipfwis's`ioner s CERTIFIED COPY OF ORDER STATE OF COLORADO, 8S. COUNTY OF_ Arapahoe _... At a regular. - - - - -- -- meeting of the Board of County Commissioners for _.. Arapahoe - - -- - -- - .. . County, Colorado, held at the Court Ilouse in.. --- Littleton, _ Colorado. _-- -..nn.. -- - -T- uesday - --- the -------- . 1.3 -th _. --- ------- -- -- - - - - - -- day o f - -_..- - September _ ------------- , A. D. 19 .83, there were present: Th omas--- R ..... Egger -t. ... - -- --- ----------- - -- - -- -- - - - - -- Chairman, Betty ... Ann .. Ditt emore- -------- ---------- Commissioner, B ------ -- -- -- - ---- --- - - -- ------- ___ ----- -- - - - - -, Commissioner, Larry --- Vana------- . -- - - - - -- - -- - - - -- . -- -... -, County Attorney, Mar jorie P.age-- - - - - -- - - - - - -- - - - -, Clerk, -------------- - - -_ -, Deputy, when the following proceedings, among others, were had and done, to -wit: No. 1243 -83 It was moved by Commissioner Dittemore and duly seconded by Commissioner Brooks to adopt the following Resolution: WHEREAS, the City of Pueblo, Colorado (the "City ") and Arapahoe County, Colorado ( "Arapahoe 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 dispose of* properties to the end that more adequate residential housing faci- lities for low- and middle- income families and persons may be pro- vided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980, codified 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 for- mula for allocating the respective state ceilings among the governmen- tal units in such states in a manner different from the federal allocation formula, and the State of Colorado has provided for such an alternate formula for allocation in 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 transfers of such allocations; and STATE OF COLORADO, ss. COUNTY oF ------ Arapahoe ------------------ 1,__--- Margorie.- .Page - - - -- ................ ... - -, County Clerk and ex-<)fficio Clerk of the Board of County Commissioners in and for the County and State aforesaid, do hereby certify that the annexed and foregoing Order is truly copied from the Records of the proceedings of the Board of County Commissioners for said -------- Arapahoe----- ----- ------------ - ------------ ---County, now in my office. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County, at_..Lit.tleton -,- __ Colorado this 1 -3-th day of September , A. D. 19 -.83 Mar iori .... ............................... COUNTY CLERK. Per. Judith K. Loose AC FORM #8 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 or 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 Arapahoe 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 Arapahoe County and elsewhere within the State; and WHEREAS, the City desires to transfer to Arapahoe County its allocations under Section 29 -4 -803 and 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 Arapahoe County and the City and elsewhere within the State, and to delegate to Arapahoe County its authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Section 29 -4 -805 of the Allocation Act; and WHEREAS, the City desires to delegate to Arapahoe County its power under the Project Act to issue revenue bonds to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within the City; and WHEREAS, Arapahoe 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 Arapahoe 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 Arapahoe County and elsewhere within the State; and WHEREAS, it is necessary to evidence such transfers and delegation and the acceptance of such transfers and delegation by the Allocation Transfer Agreement attached hereto as Exhibit A (the "Allocation Transfer Agreement ") which will be executed and delivered by the City and Arapahoe 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 Arapahoe County. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ARAPAHOE COUNTY, COLORADO: 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 Arapahoe County. Section 2. The form, terms and provisions of the Allocation Transfer Agreement and the Delegation Agreement hereby are approved and the Chairman of the Board of County Commissioners of Arapahoe County and the County Clerk of Arapahoe County hereby are authorized and directed to execute and deliver the Allocation Transfer Agreement and the Delegation Agreement. Section 3. The officers of Arapahoe County shall take such other steps or actions necessary or reasonably 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 Arapahoe County, except to the extent described in the Allocation Transfer Agreement and the Delegation Agreement, nor con- stitute the debt or indebtedness of Arapahoe County within the mean- ing 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 Arapahoe County or a charge against its gen- eral 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 unenf orceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. Upon roll call the vote was: Commissioner Dittemore, Yes; Commissioner Brooks, Yes; Commissioner Eggert, Yes. The Chairman declared the motion carried and so ordered.