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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-