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