HomeMy WebLinkAbout1997-002-01/07/1997-COUNTRY RANCH LIMITED PARTNERSHIP PROJECT MULTIFAMILY HOUSING REVENUE BONDS STATE CEILING RESOLUTION 97- 2
OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO
APPROVING THE ALLOCATION
BY THE CITY OF FORT COLLINS, COLORADO
OF ITS 1997 ALLOCATION FROM THE STATE CEILING
TO ISSUE MULTIFAMILY HOUSING REVENUE BONDS
FOR COUNTRY RANCH LIMITED PARTNERSHIP PROJECT
WHEREAS, Country Ranch Limited Partnership, a Colorado Limited
Partnership (the "Company") intends to acquire, construct and equip a multifamily
housing project to be located at the Southeast corner of County Road 49 and
Harmony Road, Fort Collins, Colorado, subject to the willingness of the City to
finance the project (the "Project') by the issuance of multifamily housing revenue
bonds, pursuant to the Colorado County and Municipality Development Revenue
Bond Act constituting Article 3, Title 29, Colorado Revised Statutes, as amended
(the "Act'); and
WHEREAS, the City adopted its Resolution No. 96-89 setting forth its
intention to issue such multifamily housing revenue bonds for the Project on
August 6, 1996; and
WHEREAS, Larimer County assigned its 1996 allocation from the State
Ceiling for private activity bonds in the amount of $1,514,175 to the City of Fort
Collins for the Project on September 11, 1996; and
WHEREAS, the City allocated its 1996 allocation from the State Ceiling
for private activity bonds to the Project in the total amount of$2,462,775; and
WHEREAS, on September 11, 1996 the City filed a timely election to
carryforward the City and the Larimer County 1996 bond allocations assigned to
the Project until 1997 or thereafter; and
WHEREAS, the City now desires to assign to the Project its 1997
allocation from the State Ceiling for private activity bonds in the amount of
$2,532,900.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF FORT COLLINS, COLORADO:
Section 1. Subject to the provisions hereof, the City does hereby assign and
set aside its 1997 allocation from the State Ceiling in the amount of$2,532,900 for
the purpose of issuing multifamily housing revenue bonds (the "Bonds") to finance
the Project.
The Bonds will not be general obligations of the City. Neither shall the
Bonds, including interest thereon, constitute the debt or indebtedness of the City
within the meaning of any limitation of the Constitution or statutes of the State of
Colorado or the Charter of the City, nor give rise to a pecuniary liability of the
City or a charge against its general credit or taxing powers. The Bonds shall be
payable solely from and secured by a pledge of revenues derived from and payable
by the Company pursuant to financing agreements with the City.
Section 2. Prior to any execution of a financing agreement, mortgage,
indenture of trust, bond purchase agreement or any other necessary documents and
agreements in connection with such Bonds, such documents and/or agreements
shall be submitted for approval to the City, and, if satisfactory to the City, their
execution shall be authorized by ordinance of the Council pursuant to law.
Section 3. Nothing contained in this Resolution shall constitute the debt or
indebtedness of the City within the meaning of any limitation of the Constitution
or statutes of the State of Colorado or the Charter of the City, nor give rise to a
pecuniary liability of the City or a charge against its general credit or taxing
powers.
Section 4. All resolutions or parts thereof concerning the subject matter
hereof in conflict with this Resolution are hereby repealed to the extent of such
conflict. This repealer shall not be construed to revive any resolution or part
thereof, heretofore repealed.
Section 5. The agreements of the City set forth above are expressly
conditioned upon the ability and willingness of the City to issue the Bonds as tax
exempt obligations under the Federal Income Tax laws existing on the date of the
issuance of the bonds. Nothing contained in this resolution shall be construed as
requiring the City to issue the bonds and the decision to issue the bonds shall be in
the complete discretion of the City.
Section 6. If any section, paragraph, clause, or provision of this Resolution
with the exception of any section, paragraph, clause or provision limiting the
City's financial obligation shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such section, paragraph, clause
or provision shall not affect any of the remaining provisions of this Resolution.
Section 7. This Resolution shall take effect immediately upon its
introduction and passage.
Passed and adopted at a regular meeting of the City Council held this 7th
day of January, 1997.
ATTEST:
Wanda M. Kra icek l"3 Ann Azari, Mao
City Clerk
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