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HomeMy WebLinkAbout6236RESOLUTION NO. 6236 A 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; DECLARING THE SUPPORT OF THE CITY OF PUEBLO, FOR THE APPLICATION BY THE CITY AND COUNTY OF DENVER, FOR AN ALLOCATION FROM THE "STATEWIDE BALANCE" PURSUANT TO SENATE BILL NO. 72 FOR USE IN CONNECTION WITH THE PROGRAM; AUTHORIZING THE DELEGATION TO THE CITY AND COUNTY OF DENVER OF THE AUTHORITY OF THE CITY OF PUEBLO TO ISSUE REVENUE BONDS TO FINANCE THE PROGRAM WITHIN THE CITY OF PUEBLO; 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 authorized 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 faciliites 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 delegate 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 /or support the application by Denver for an allocation from the "statewide balance" pursuant to S.B. 72 for use in connection with the financing of the Program; and WHEREAS, the City desires to commit and reserve a portion of its allocation from the State Ceiling as a "designated local 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; 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; and WHEREAS, the City desires to support the application by Denver for an allocation from the "statewide balance" pursuant to S.B. 72 for use in connection with the financing of the Program. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL 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 $2,531,000 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 $2,531,000. The City also declares its support for an application by Denver for an allocation from the "statewide balance" pursuant to S.B. 72 for use in connection with the financing of the Program. 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 the City Clerk hereby are authorized and directed to execute and deliver the Assignment and the Delegation Agreement. -2- 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 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 25th day of July, 1988. INTRODUCED: July 25, 1988 ATTEST: City Clerk B MICHAEL OCCHIATO Councilman APPROVED: Pre dent of the City Council -3- DELEGATION AGREEMENT THIS DELEGATION AGREEMENT (the "Delegation Agreement "), dated this 25t day of July 1988, is between City of Pueblo Colorado, a body corporate and politic (the "Delegator "), and the City and County of Denver, Colorado, a body corporate and politic (the "Delegatee "). RPnitalc A. The Delegator and the Delegatee are each authorized 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. B. 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 delegate to any other county or municipality its authority under the Act to finance projects under the Act. C. The Delegatee 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 the Delegatee and other cities and counties in the State of Colorado (the "State ") which assign to the Delegatee 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 /or support the application by the Delegatee for an allocation from the "statewide balance" pursuant to S.B. 72 for use in connection with the financing of the Program. D. The Delegator has assigned to the Delegatee the portion of the Delegator's allocation from the State Ceiling which the Delegator has committed and reserved for use in connection with the financing of the Program and /or resolved to support the application by the Delagatee for an allocation from the "statewide balance" for use in connection with the financing of the Program. CITY AND COUNTY OF DENVER, COLORADO, as Delegatee By Mayor [SEAL] Attest: Clerk and Recorder APPROVED: Stephen H. Kaplan Attorney for the City and County of Denver, Colorado By City Attorney Countersigned and Registered By Auditor -2- Delegation 1. The Delegator hereby delegates to the Delegatee the authority of the Delegator to finance and otherwise take action and exercise power under the Act on behalf of the Delegator with respect to the financing of the Program within the Delegator. 2. The Delegatee hereby: (a) Accepts the delegation of authority from the Delegator described above; and (b) Agrees to abide by each of the terms and conditions of this Delegation Agreement in connection with the use of such delegation. IN WITNESS WHEREOF, the Delegator and the Delegatee have caused this instrument to be executed to be effective as of the date and year first written above. CITY OF PUEBLO COLORADO, as Delegator B Its President of the City Council [SEAL] I ASSIGNMENT THIS ASSIGNMENT (the "Assignment ") dated this 25th day of July , 1988, is between City of Pueblo , Colorado, a body corporate and politic (the "Assignor ") and the City and County of Denver, Colorado, a body corporate and politic (the "Assignee "). Recitals A. The Assignor and the Assignee are each authorized 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. B. The Assignee 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 the Assignee and other cities and counties in the State of Colorado (the "State ") which assign to the Assignee 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 (the "Code ") 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 /or support the application by the Assignee for an allocation from the "statewide balance" pursuant to S.B. 72 for use in connection with the financing of the Program. C. Pursuant to a resolution of the governing body of the Assignor, the Assignor has committed and reserved a portion of its allocation from the State Ceiling as a "designated local issuing authority" pursuant to S.B. 72 for use solely in connection with the financing of the Program. D. The Assignor desires to assign to the Assignee the portion of the Assignor's allocation from the State Ceiling which the Assignor has committed and reserved for use in connection with the financing of the Program. E. Subject to the terms and conditions set forth herein, the Assignor desires to assign to the Assignee, and the Assignee desires to accept, the portion of the Assignor's allocation from the State Ceiling that the Assignor has committed and reserved for the Program. Assignment In exchange for the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. The Assignor hereby assigns and transfers to the Assignee a portion of the Assignor's allocation from the State Ceiling for private activity bonds in an amount equal to $ 2,531,000 . The Assignor hereby consents to the election by the Assignee, if the Assignee in its discretion so decides, to treat all or any portion of the assignment set forth herein as an allocation for a project with a carryforward purpose. 2. The Assignor represents that it has received no monetary consideration for the assignment set forth above. 3. The Assignee hereby: (a) Accepts the assignment of the portion of the Assignor's allocation from the State Ceiling described above; and (b) Agrees to abide by each of the terms and conditions of this Assignment in connection with the use of such allocation. IN WITNESS WHEREOF, the Assignor and the Assignee have caused this instrument to be executed to be effective as of the date and year first written above. CITY OF PUEBLO COLORADO, as Assignor B Its President of the City Council ( SEAL I ATTEST• Its it Cler -2- CITY AND COUNTY OF DENVER, COLORADO, as Assignee [SEAL] ATTEST: Clerk and Recorder Approved: Stephen H. Kaplan, City Attorney for the City and County of Denver, Colorado By City Attorney Countersigned and Registered Auditor By -3- Mayor