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HomeMy WebLinkAbout1986-062-04/01/1986-INDICATING THE INTENTION OF THE CITY TO ISSUE QUALIFIED MORTGAGE BONDS BY SEPTEMBER 30, 1986 RESOLUTION 86-62 OF THE COUNCIL OF THE CITY OF FORT COLLINS INDICATING THE INTENTION OF THE CITY TO ISSUE QUALIFIED MORTGAGE BONDS BY SEPTEMBER 30, 1986 WHEREAS, the City of Fort Collins, Colorado (the "City") is authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes 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, Federal law restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority and local governmental units in the State of Colorado (the "State") to finance single family mortgages ("qualified mortgage bonds") ; and WHEREAS, Pursuant to federal law the State has provided for a formula for allocation of such amount 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 ( the "Allocation Act") ; and WHEREAS, the Allocation Act further provides that in order for a city to be granted a qualified mortgage bond allocation for the period from May 1 through September 30 of any year the city must take official action indicating an intent to issue qualified mortgage bonds by September 30 of such year and file a copy of the ordinance, resolution or motion adopted by the governing body of such city evidencing such official action with the State, all by April 15 of such year; and WHEREAS, the City desires to be granted a qualified mortgage bond allocation for the period from May 1, 1986 through September 30, 1986; and WHEREAS, the Allocation Act further provides that such qualified mortgage bond allocation may be transferred to any governmental unit in the State which is authorized to issue qualified mortgage bonds. NOW, THEREFORE, BE RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS: Section 1. The City Council of the City hereby indicates the intention o t e City to issue qualified mortgage bonds by September 30, 1986. Section 2. This resolution shall be in full force and effect upon its passage and approval . • Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 1st day of April , A.D. 1986. Mayor ATTEST: ?�7 City Clerk