HomeMy WebLinkAbout1988-104-07/05/1988-CITY AND COUNTY OF DENVER HOUSING FACILITIES LOW AND MIDDLE INCOME FAMILIES REVENUE BONDS STATEWIDE RESOLUTION 88- 104
RESOLUTION DECLARING THE SUPPORT OF THE CITY
OF FORT COLLINS FOR THE APPLICATION BY THE CITY
AND COUNTY OF DENVER FOR AN ALLOCATION FROM
THE "STATEWIDE BALANCE" PURSUANT TO SENATE
BILL NO. 72 FOR USE IN CONNECTION WITH A
PROGRAM TO FINANCE RESIDENTIAL FACILITIES FOR
LOW- AND MIDDLE-INCOME FAMILIES AND PERSONS
WITHIN THE CITY AND COUNTY OF DENVER, COLORADO
AND CERTAIN OTHER CITIES AND COUNTIES IN THE
STATE OF COLORADO; 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 BY THE CITY OF
FORT COLLINSOF A DELEGATION AGREEMENT.
WHEREAS, the City of Fort Collins , Colorado ( the "City" ) and
City and County of Denver , Colorado ( "Denver" ) are each autho-
rized by the County and Municipality Development Revenue Bond
Act , constituting part 1 of article 3 of title 29 , Colorado
Revised Statutes , as amended ( 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, the Act and part 2 of article 1 of title 29,
Colorado Revised Statutes , as amended, provide, in effect, that
any county or municipality may by resolution or ordinance dele-
gate to any other county or municipality its authority under the
Act to finance projects under the 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 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 allocations under
the bond ceiling for the State and its issuing authorities ( the
"State Ceiling" ) computed under Section 146 (d) of the Internal
Revenue Code of 1986 as provided for issuing authorities as
"designated local issuing authorities" pursuant to 1987 Colorado
Senate Bill No. 72 ( "S.B. 72" ) enacted by the Colorado Fifty-
sixth General Assembly and signed by the Colorado Governor on
May 20 , 1987 and/or support the application by Denver for an
allocation from the "statewide balance" pursuant to S .B. 72 for
use in connection with the financing of the Program; and
-2-
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 and the
acceptance of such delegation by the Delegation Agreement ( the
"Delegation Agreement" ) presented at this meeting which will be
executed and delivered by the City and Denver ; and
WHEREAS, the City desires to support the application by
Denver for an allocation from the "statewide balance" pursuant to
S.B. 72 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 S.H. 72 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 and the City Clerk
hereby are authorized and directed to execute and deliver the
Delegation Agreement .
Section 3 . The Mayor and the City Clerk hereby are
authorized and directed 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 con-
stitute 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.
-3-
Section 6 . This resolution shall be in full force and
effect upon its passage and approval .
PASSED, ADOPTED AND APPROVED this 5th day of July ,
1988.
M y r
( SEAL)
Attest :
C ty C1 k
-4-