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HomeMy WebLinkAbout7574RESOLUTION NO. 7 57 4 (1995) A RESOLUTION RESERVING THE CITY OF PUEBLO'S 1995 DIRECT ALLOCATION OF PRIVATE ACTIVITY BOND VOLUME ALLOCATION FROM THE STATE OF COLORADO FOR CERTAIN IDENTIFIED PURPOSES; PRESCRIBING CERTAIN DETAILS CONCERNING SAID RESERVATION; PLACING DAY -TO -DAY MANAGEMENT AND DIRECTION RESPONSIBILITIES RELATING TO SAID ALLOCATION IN THE CITY'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT; AND PROVIDING THE EFFECTIVE DATE OF THIS RESOLUTION. WHEREAS, the City of Pueblo, Colorado (the "City"), on January 1, 1995 and pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, §§ 24 -32 -1701 to -15, C.R.S. (the "Act "), received a direct allocation of private activity bond volume allocation from the State of Colorado (the "State ") for 1995 in the amount of $2,513,700 (the "Allocation "); and WHEREAS, the City desires that the Allocation be used for the issuance of single family mortgage revenue bonds (either taxable or tax- exempt) for the purpose of financing residential facilities for low- and middle- income families or persons (i) intended for use as the sole place of residence by the owners or intended occupants or (ii) in a rent -to -own program; and WHEREAS, the City desires to formally express its intent to reserve the Allocation for the purposes identified above as detailed in Section 1 below by the adoption of this Resolution. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO: Section 1. The use of the Allocation shall be limited to the following purposes: (i) for the issuance by the City of single family mortgage revenue bonds (either taxable or tax- exempt) for the purpose of financing residential facilities for low- and middle- income families or persons intended for use as the sole place of residence by the owners or intended occupants; (ii) for assignment to another issuing authority (as defined in the Act) pursuant to the Act as part of a consolidated issue of single family mortgage revenue bonds for the purpose of financing residential facilities for low- and middle - income families or persons intended for use as the sole place of residence by the owners or intended occupants, provided, however, that any such consolidated bond issue must reserve for a period of time not less than six months an amount of money greater than or equal to that of the Allocation for the purpose of making loans within the boundaries of the City; (iii) for use in a rent -to -own program conducted by or operating within the boundaries of the City; or (iv) for carryforward to 1996 pursuant to the Act to be used by itself or in combination with future allocations by the State to the City pursuant to the Act, if any, for any of the purposes listed in (i) through (iii) above. 02/63958.1 Section 2. From the effective date hereof, the Allocation shall be managed and directed by the City's Department of Housing and Community Development, including, but not limited to, any filings, reports or other communications with or to the Colorado Department of Local Affairs necessary to maintain the Allocation. Section 3. 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 4. This Resolution shall take effect immediately upon its introduction and passage. 02/63958.1 2 INTRODUCED, READ, PASSED AND ADOPTED AT A SPECIAL MEETING THIS 6th DAY OF MARCH, 1995. Introduced March 6 1995 By; S am Corsentino 1i mme5er -� APPROVED: )- 4/Q~ President, City Council [SEAL] ATTEST: r By City Clerk APPROVED AS TO FORM BY CITY ATTORNEY By City A ey` 02/63958.1 3