HomeMy WebLinkAbout1989-148-08/15/1989-DECLARING THE SUPPORT OF THE CITY FOR THE APPLICATION BY THE CITY AND COUNTY OF DENVER FOR AN ALLOCA RESOLUTION 89-148
A RESOLUTION DECLARING THE SUPPORT OF THE CITY
OF FORT COLLINS, COLORADO, FOR THE APPLICATION BY THE
CITY AND COUNTY OF DENVER, COLORADO, FOR AN ALLOCATION
FROM THE STATEWIDE BALANCE PURSUANT TO 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 FORT COLLINS; AUTHORIZING THE DELEGATION TO
THE CITY AND COUNTY OF DENVER OF THE AUTHORITY OF THE CITY OF
FORT COLLINS TO ISSUE REVENUE BONDS TO FINANCE THE PROGRAM
WITHIN THE CITY OF FORT COLLINS; AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A DELEGATION AGREEMENT
BY AND BETWEEN THE CITY OF FORT COLLINS
AND THE CITY AND COUNTY OF DENVER IN
CONNECTION WITH THE PROGRAM.
WHEREAS, the City of Fort Collins, 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 did not receive a private activity bond allocation
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") ; 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, 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 delegation by the execution
and delivery by the City of 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 THE CITY OF FORT
COLLINS, COLORADO:
Section 1. The City 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 form, terms and provisions of the Delegation Agreement
hereby are approved and the Mayor or Assistant Mayor is hereby authorized
and directed to sign and the City Clerk or Deputy City Clerk is hereby
authorized and directed to attest and deliver the Delegation Agreement, in
the form approved by the City Attorney and in substantially the same form
as presented at this meeting.
Section 3. The Mayor or Assistant Mayor 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 .
PASSED, ADOPTED AND APPROVED this 5ti day of U Sf1989.
t
Mayor
[SEAL]
ATTEST:
City Clerk