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.
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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.
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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`
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