HomeMy WebLinkAbout1985-036-03/19/1985-AUTHORIZING THE TRANSFER TO LARIMER COUNTY OF THE ALLOCATION OF THE CITY UNDER FEDERAL AND STATE LAW RESOLUTION 85-36
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE TRANSFER TO LARIMER COUNTY,
COLORADO OF THE ALLOCATION OF THE CITY OF
FORT COLLINS, COLORADO UNDER FEDERAL AND
STATE LAW TO FINANCE MORTGAGE LOANS TO PROVIDE
MORE ADEQUATE RESIDENTIAL HOUSING FACILITIES
FOR LOW- AND MIDDLE-INCOME FAMILIES AND PERSONS
WITHIN LARIMER COUNTY AND WITHIN THE CITY OF FORT
COLLINS; AND AUTHORIZING THE EXECUTION AND
DELIVERY BY THE CITY OF FORT COLLINS OF
ALLOCATION TRANSFER AGREEMENTS
WHEREAS, the City of Fort Collins, Colorado (the "City") and Larimer
County, Colorado (the "County") are each authorized by the County and
Municipality Development Revenue Bond Act, constituting Article 3 of Title
29, Colorado Revised Statutes (the "Project Act") , to issue revenue bonds
for the purpose of financing mortgage loans to provide more adequate
residential housing facilities for low- and middle-income families and
persons (the "Single Family Revenue Bonds") ; and
WHEREAS , Section 103A of the Internal Revenue Code of 1954 (the
"Code") restricts the amount of tax exempt obligations which may be issued
by the Colorado Housing Finance Authority (the "Authority") and local
governmental units in the State of Colorado (the "State" ) to finance
single-family mortgages to an amount not exceeding the State Ceiling as
defined in the Code (the "State Ceiling") ; and
WHEREAS , the Code specifies an allocation formula to be used to
determine allocations of the State Ceiling amount among the Authority and
local governmental units, which formula, for the local governmental units,
is based on historical mortgage lending activity in each such local
governmental unit; and
WHEREAS, pursuant to the Code, the State had provided for a formula
for allocation of the State Ceiling among the governmental units in the
State in a manner different from the federal allocation formula, in Part 8
of Article 4 of Title 29 of Colorado Revised Statutes until such act was
repealed, effective January 1, 1985; and
WHEREAS, House Bill 1108 (the "Allocation Act") , currently pending in
the State legislature, provides a new allocation formula of the State
Ceiling in a manner different from the federal allocation formula and it is
anticipated that House Bill 1108 will become effective sometime this
year; and
WHEREAS, where there are governmental units in the State with over-
lapping jurisdictions, the Code authorizes the governmental unit with
jurisdiction over the smallest geographical area to allocate all or a
part of such overlapping area to the governmental unit having jurisdiction
of the next smallest geographical area and otherwise authorized to issue
bonds to finance single-family mortgages and to accept transfers of such
allocations ; and
WHEREAS, the City desires to allocate all of the area within its
jurisdiction to Larimer County for the year 1985 for Larimer County's use
in determining its allocation under the Code or all of its anticipated
allocation amount under the Allocation Act for Larimer County' s use in
determining its total allocation under the Allocation Act for the purpose
of financing mortgage loans to provide more adequate residential housing
facilities for low- and middle-income families and persons within Larimer
County and the City; and
WHEREAS, it is necessary to evidence such transfer of area pursuant to
the Code and the acceptance of such transfer by the Federal Allocation
Transfer Agreement (the "Federal Allocation Transfer Agreement") presented '
to the City Council (the "Council ") at this meeting which will be executed
and delivered by the City and Larimer County; and
WHEREAS, it may be necessary to evidence such transfer of allocation
pursuant to the Allocation Act and the acceptance of such transfer by the
State Allocation Transfer Agreement (the "State Allocation Transfer Agree-
ment") presented to the Council at this meeting, which will be executed and
delivered by the City and Larimer County in the event that the Allocation
Act becomes effective before Larimer County issues its Single Family
Revenue Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO:
Section 1 . The forms, terms and provisions of the Federal Allocation
Transfer Agreement hereby are approved and the Mayor of the City and the
City Clerk hereby are authorized and directed to execute and deliver the
Federal Allocation Transfer Agreement.
Section 2. The forms, terms and provisions of the State Allocation
Transfer Agreement hereby are approved and the Mayor of the City and the
City Clerk hereby are authorized and directed to execute and deliver the
State Allocation Transfer Agreement in the event that the Allocation Act
becomes effective before Larimer County issues its Single Family Revenue
Bonds.
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, the Federal Allocation Trans-
fer Agreement and the State Allocation Transfer Agreement.
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Section 4. Nothing contained in this resolution, in the Federal
Allocation Transfer Agreement or in the State Allocation Transfer Agreement
shall obligate the City, except to the extent described in the Federal
Allocation Transfer Agreement and in the State Allocation Transfer Agree-
ment , nor 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 pecu-
niary 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 such section , paragraph, clause or
provision shall not affect any of the remaining provisions of this resolu-
tion.
Section 6. All action (not inconsistent with the provisions of this
resolution) heretofore taken by the Council and the officers of the City -
directed toward the authorization of the Federal Allocation Transfer
Agreement and the State Allocation Transfer Agreement hereby is ratified,
approved and confirmed.
Passed and adopted at a regular meeting of the City Council held this
19th day of March, A.D. 1985.
Mayo r
ATTEST:
,ty Ulerk
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