HomeMy WebLinkAbout1990-117-08/07/1990-EL PASO COUNTY LOW MIDDLE INCOME FAMILIES PRIVATE ACTIVITY BOND REVENUE BONDS RESOLUTION 90- 117
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE ASSIGNMENT TO EL PASO COUNTY, COLORADO,
OF THE PRIVATE ACTIVITY BOND ALLOCATION OF
THE CITY OF FORT COLLINS, COLORADO, AS A
DESIGNATED LOCAL ISSUING AUTHORITY UNDER 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 OF FORT COLLINS, AND CERTAIN
OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO, INCLUDING
EL PASO COUNTY; DECLARING THE SUPPORT OF THE CITY OF FORT COLLINS
FOR AN APPLICATION FROM EL PASO COUNTY FOR AN ALLOCATION FROM
THE STATEWIDE BALANCE PURSUANT TO THE COLORADO PRIVATE
ACTIVITY BOND CEILING ALLOCATION ACT FOR USE IN CONNECTION WITH
THE PROGRAM; AUTHORIZING THE DELEGATION TO EL PASO COUNTY
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 AN ASSIGNMENT AND
A DELEGATION AGREEMENT BY AND BETWEEN THE CITY OF FORT COLLINS
AND EL PASO COUNTY IN CONNECTION WITH THE PROGRAM
WHEREAS, the City of Fort Collins, Colorado (the "City") , and El Paso
County, Colorado ("El Paso County") , 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 has been notified by the Department of Local Affairs
of the State of Colorado (the "Department") that its private activity bond
allocation for 1990 under the Colorado Private Activity Bond Ceiling
Allocation Act, part 17 of article 32 of title 24, Colorado Revised
Statutes (the "Allocation Act") , is $2,042,300 (the "1990 Allocation") ; and
WHEREAS, E1 Paso County 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 El Paso County and other cities and
counties in the State of Colorado (the "State") which assign to El Paso
County for use in connection with the financing of the Program all or a
portion of their respective private activity bond allocations for 1990 and
which support an application by E1 Paso County for an allocation from the
"statewide balance" pursuant to the Allocation Act for use in connection
with the financing of the Program; and
WHEREAS, Section 24-32-1706(2) of the Allocation Act provides that any
designated local issuing authority in the State, such as the City, may
assign its private activity bond allocation to any issuing authority, such
as E1 Paso County, to issue revenue bonds under the Act; and
WHEREAS, the City desires to assign to E1 Paso County the City's 1990
Allocation, which the City will commit and reserve for use in connection
with the financing of the Program; and
WHEREAS, the City desires to assign to El Paso County 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 assignment and delegation by
the execution and delivery by the City of the Assignment (the "Assignment")
and the Delegation Agreement (the "Delegation Agreement") presented at this
meeting; and
WHEREAS, the City desires to support an application by E1 Paso County
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 COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1 . The City hereby commits and reserves, and shall assign to
E1 Paso County, all of the City's 1990 Allocation, equal to $2,042,300
allocated to the City pursuant to the Allocation Act, to facilitate the
issuance by E1 Paso County of Colorado Local Single Family Mortgage Revenue
Bonds pursuant to the Act, in one or more series, in order to finance the
Program. The City also declares its support for an application by E1 Paso
County 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 El Paso County 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 forms, terms and provisions of the Assignment and the
Delegation Agreement hereby are approved and the Mayor is hereby authorized
and directed to sign and the City Clerk is hereby authorized and directed
to attest and deliver the Assignment and the Delegation Agreement, in the
forms approved by the City Attorney and in substantially the same forms as
presented at this meeting.
Section 3. The Mayor is hereby authorized and directed to execute and
the 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 and adopted at a regular meeting of the City Council held this
7th day of August, A.D. 1990. /
Mayor
ATTEST:
City Clerk