HomeMy WebLinkAbout6086RESOLUTION NO. 6086
RESOLUTION AUTHORIZING ASSIGNMENT TO THE CITY
AND COUNTY OF DENVER, COLORADO OF A PORTION OF
THE ALLOCATION OF THE CITY OF PUEBLO ,
COLORADO AS A "DESIGNATED LOCAL ISSUING
AUTHORITY" UNDER 1987 COLORADO SENATE BILL NO.
72 FOR USE IN CONNECTION WITH A PROGRAM TO
FINANCE RESIDENTIAL FACILITIES FOR LOW- AND
MIDDLE - INCOME FAMILIES AND PERSONS WITHIN
DENVER 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 THE CITY
OF PUEBLO , COLORADO TO ISSUE REVENUE BONDS
TO FINANCE THE PROGRAM WITHIN THE CITY
OF PTT7BLO ; AND AUTHORIZING THE EXECUTION
AND DELIVERY BY THE CITY OF PUEBLO OF AN
ASSIGNMENT AND A DELEGATION AGREEMENT.
WHEREAS, the City of Pueblo , Colorado (the "City") and
City and County of Denver, Colorado ( "Denver ") are each autho-
rized by the County and Municipality Development Revenue Bond
Act, constituting part 1 of article 3 of title 29, Colorado
Revised Statutes, as amended (the "Act ") , to finance properties
to the end that more adequate residential housing facilities for
low- and middle- income families and persons may be provided; and
WHEREAS, the Act and part 2 of article 1 of title 29,
Colorado Revised Statutes, as amended, provide, in effect, that
any county or municipality may by resolution or ordinance dele-
gate to any other county or municipality its authority under the
Act to finance projects under the Act; and
WHEREAS, Denver proposes to authorize and provide for the
issuance of revenue bonds pursuant to the provisions of the Act
to finance residential facilities for low- and middle - income
families and persons (the "Program ") within Denver and other
cities and counties in the State of Colorado (the "State ") which
assign to Denver for use in connection with the financing of the
Program all or a portion of their respective allocations under
the bond ceiling for the State and its issuing authorities (the
"State Ceiling ") computed under Section 146(d) of the Internal
Revenue Code of 1986 as provided for issuing authorities as
"designated local issuing authorities" pursuant to 1987 Colorado
Senate Bill No. 72 ("S.B. 72 enacted by the Colorado Fifty -
sixth General Assembly and signed by the Colorado Governor on
May 20, 1987; and
WHEREAS, the City desires to commit and reserve a portion of
its allocation from the State Ceiling as a "designated local
-2-
issuing authority" pursuant to S.B. 72 for use solely in connec-
tion with the financing of the Program; and
WHEREAS, the City desires to assign to Denver the portion of
the City's allocation from the State Ceiling which the City will
commit and reserve for use in connection with the financing of the
Program; and
WHEREAS, the City desires to delegate to Denver 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
financing of the Program within the City; and
WHEREAS, it is necessary to evidence such assignment and
delegation and the acceptance of such assignment and delegation by
the Assignment (the "Assignment ") and the Delegation Agreement
(the "Delegation Agreement ") presented at this meeting which will
be executed and delivered by the City and Denver.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PUEBLO, COLORADO:
Section 1. The City hereby commits and reserves a portion of
its allocation from the State Ceiling as a "designated local
issuing authority" pursuant to S.B. 72 in the amount of $3,927,422
for use solely in connection with the financing of the Program.
Pursuant to the Assignment and subject to the terms and conditions
set forth therein, the City assigns and transfers to Denver a
portion of the City's allocation from the State Ceiling for
private activity bonds in an amount equal to $3,927,422. Pursuant
to the Delegation Agreement and subject to the terms and
conditions set forth therein, the City delegates to Denver 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 financing of the Program within the City.
Section 2. The forms, terms and provisions of the Assignment
and the Delegation Agreement hereby are approved and the President
of the City Council and City Clerk hereby are authorized and
directed to execute and deliver the Assignment and the Delegation
Agreement.
Section 3. The President of the City Council and the City
Clerk hereby are authorized and directed to take such other steps
or actions as may be required to carry out the terms and intent of
this resolution.
Section 4. Nothing contained in this resolution shall
constitute the debt or indebtedness of the City within the meaning
of the Constitution or statutes of the State or the home .rule
-3-
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.
PASSED, ADOPTED AND APPROVED this 24th day of taus ,
1987. INTRODUCED August 24 1987
BY Paul Jones
ouMi ma
President of the City Cbuncil
( SEAL)
Attest:
City Clerk
-4-