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HomeMy WebLinkAbout6432RESOLUTION NO. V 6 432 A RESOLUTION AUTHORIZING THE ASSIGNMENT TO THE CITY AND COUNTY OF DENVER, COLORADO, OF THE PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF PUEBLO, COLORADO, AS A DESIGNATED LOCAL ISSUING AUTHORITY UNDER THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT, FOR USE IN CONNECTION WITH A PROGRAM TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW - AND MIDDLE- INCOME FAMILIES AND PERSONS WITHIN THE CITY AND COUNTY OF DENVER AND CERTAIN OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO, INCLUDING THE CITY OF PUEBLO; 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 THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 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 OF AN ASSIGNMENT AND A DELEGATION AGREEMENT BY AND BETWEEN THE CITY OF PUEBLO AND THE CITY AND COUNTY OF DENVER IN CONNECTION WITH THE PROGRAM. WHEREAS, the City of Pueblo, Colorado (the "City "), and the City and County of Denver, Colorado ( "Denver "), are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes (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, Section 29 -3- 104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality authority to act on its behalf in the financing, refinancing, acquisition, leasing, ownership, improvement and disposal of projects and that any such delegation may be general or limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, the City has been notified by the Department of Local Affairs of the State of Colorado (the "Department ") that its private activity bond allocation for 1989 under the Colorado Private Activity Bond Ceiling Allocation Act, part 17 of 32 of title 24, Colorado Revised Statutes (the "Allocation Act ") is $2,531,000 (the "1989 Allocation "); and WHEREAS, Denver proposes to authorize and provide for the issuance of revenue bonds, pursuant to the provisions of the Act, to finance residential housing 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 private activity bond allocations for 1989 or which support the application by Denver for an allocation from the "statewide balance" pursuant to the Allocation Act for use in connection with the financing of the Program; and WHEREAS, Section 24 -32- 1706(2) of the Allocation Act provides that any designated local issuing authority in the State, such as the City, may assign its private activity bond allocation to any issuing authority, such as Denver, to issue revenue bonds under the Act; and WHEREAS, the City desires to assign to Denver the City's 1989 Allocation, 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 by the execution and delivery by the City of the Assignment (the "Assignment ") and the Delegation Agreement (the "Delegation Agreement ") presented at this meeting; and WHEREAS, the City desires to support the application by Denver for an allocation from the "statewide balance" pursuant to the Allocation Act for use in connection with the financing of the Program. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO: -2- 0782X Section 1. The City hereby commits and reserves, and shall assign to Denver, all of the City's 1989 Allocation, equal to $2,531,000 allocated to the City pursuant to the Allocation Act, to facilitate the issuance by Denver of Colorado Local Single Family Mortgage Revenue Bonds pursuant to the Act, in one or more series, in order to finance the Program. The City also declares its support for an application by Denver for an allocation from the "statewide balance" pursuant to the Allocation Act 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 or Vice President of the City Council is hereby authorized and directed to sign and the City Clerk or Deputy City Clerk is hereby authorized and directed to attest and deliver, in forms approved by the City Attorney and in substantially the same forms as presented at this meeting, the Assignment and the Delegation Agreement. Section 3. The President or Vice President of the City Council is hereby authorized and directed to execute and the City Clerk or Deputy City Clerk is hereby authorized and directed to attest such other agreements, in a form approved by the City Attorney, and 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. -3- 0782X If PASSED, ADOPTED AND APPROVED this 28 1989. th day of August INTRODUCED: August 28 ,1989 By DOUGLAS L. R IN G APPROVED: By Pre Me of the City C ncil [SEAL] Attest: -4- 0782X ASSIGNMENT THIS ASSIGNMENT (this "Assignment ") dated this ,,?g h da y of August 1989, is between the 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 WHEREAS, the Assignor and the Assignee are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes (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; WHEREAS, the Assignor has been awarded $2,531,000 (the "1989 Allocation ") of the bond ceiling for the State of Colorado and its issuing authorities (the "State Ceiling ") computed under Section 146(d) of the Internal Revenue Code of 1986, as amended (the "Code "), and under the Colorado Private Activity Bond Ceiling Allocation Act, part 17 of article 32 of title 24, Colorado Revised Statutes (the "Allocation Act "), for use in the issuance of private activity bonds; WHEREAS, the Assigneee proposes to authorize and provide for the issuance of revenue bonds pursuant to the provisions of the Act to finance residential housing 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 State Ceiling or which support the application by the Assignee for an allocation from the "statewide balance" pursuant to the Allocation Act for use in connection with the financing of the Program; WHEREAS, pursuant to a Resolution of the governing body of the Assignor, the Assignor has committed and reserved its 1989 Allocation and expressed its desire to assign to the Assignee the 1989 Allocation for use by the Assignee in the issuance of private activity bonds and the financing of the Program; WHEREAS, such private activity bonds will be issued by the Assignee pursuant to the Act and will be used for a purpose which qualifies as a "project" as described in the Act; WHEREAS, subject to the herein, the Assignor desires the Assignee desires to acce Allocation that the Assignor the issuance of such private of the Program. terms and conditions set forth to assign to the Assignee, and Pt, the Assignor's 1989 has committed and reserved for activity bonds and the financing 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, the Assignor's 1989 Allocation from the State Ceiling for private activity bonds, such assigned amount being equal to $2,531,000 (the "Assigned Amount "). In _ addition, the Assignor hereby consents to the election by the Assignee, if the Assignee in its discretion so decides, to treat the Assigned Amount as an allocation for a project with a carryforward purpose, thus avoiding reversion of the Assigned Amount to the statewide balance under the Allocation Act. 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 Assignor's 1989 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 the Assignor's 1989 Allocation. 4. By the execution of this Assignment, the Assignor hereby approves the Program and approves the issuance of private activity bonds by the Assignee, in at least the Assigned Amount, for the purpose of financing the Program. -2- 081OX 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. [SEAL] CITY OF PUEBLO, COLORADO, as Assignor By Attest: Pre dent of t e City Council By Ci y Clerk -3- 0810X [SEAL] Attest: CITY AND COUNTY OF DENVER, COLORADO, as Assignee By Title: By Title: APPROVED: Stephen H. Kaplan, City Attorney for the City and County of Denver, Colorado By City Attorney COUNTERSIGNED AND REGISTERED: By Auditor September 13, 1989 Checked with Billy Martin to see who to send this doc>unent to to obtain signatures ..... he said not to worry about it. -4- 0810X DELEGATION AGREEMENT THIS DELEGATION AGREEMENT (this "Delegation Agreement "), dated this day of August 1989, is between the 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 "). R E C I T A L S: WHEREAS, the Delegator and the Delegatee are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes (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; WHEREAS, Section 29 -3- 104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality authority to act on its behalf in the financing, refinancing, acquisition, leasing, ownership, improvement and disposal of projects and that any such delegation may be general or limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, the Delegatee proposes to authorize and provide for the issuance of revenue bonds, pursuant to the provisions of the Act, to finance residential housing 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 "), including the Delegator, which assign to the Delegatee for use in connection with the financing of the Program all or a portion of their respective private activity bond allocations for 1989 under the Colorado Private Activity Bond Ceiling Allocation Act, part 17 of article 32 of title 24, Colorado Revised Statutes (the "Allocation Act "), or which support the application by the Delegatee for an allocation from the "statewide balance" pursuant to the Allocation Act for use in connection with the financing of the Program; WHEREAS, the Delegator has assigned to the Delegatee all or a portion of the Delegator's private activity bond allocation for 1989 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; and WHEREAS, the Delegator desires to delegate 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. NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, the Delegator and the Delegatee do hereby agree as follows: Section 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. Section 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. [SEAL] CITY OF PUEBLO, COLORADO, as Delegator Attest: esident of the City Council By C' Clerk 0802X -2- [SEAL] Attest: BI Clerk and Recorder APPROVED: Stephen H. Kaplan, Attorney for the City and County of Denver, Colorado By City Attorney Countersigned and Registered: By Auditor CITY AND COUNTY OF DENVER, COLORADO, as Delegatee By Mayor -3- 0802X