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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