HomeMy WebLinkAbout2010 Resolution No. 073•
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RL 01.t.:T ION NO
SER IES OF ~(110
COi Ri\CT N 71-,J.t,/tJ
,\ RESOI U-110 :, A THORIL INu /\S \(;MIi·.,' I \() 1111 : CUI.UR -\\>() 11 !L Sl\\l , "' ·o
FINA 'C l: AL' \'II RITY OF A PP.\\'/\'I E /\C'I \\'ITY BOND !\I.LO /\T IO:S OF \'Ill' Cl l'Y
FENGLE\\'00D.ARAl'•\1\0F O '!\1'Y.COLORADOP RS AST ro ·1111
COi RAIO PRl\'AT · /\Crl\'I I Y \lOND CE IL\N(i ,\11 OC 1\TIOK AC!
\\·11 EREAS. the Cit~· of Englewood. Co lorado 1s authonLr.:d and cmpo" crcd untlcr thc \a,,·s of
the St:nc of Co lorad o to issue rc\'cnuc bonds for the purp ose of pro\'idmg !<-111glc•fom1\y mortgagl'
lo~ms to lo\\ and moderate 11H.·omc pcr~om, :md fmmhc~. and
\\'l ll:Rl::.AS. the lntcm.il Rc ,·cnur.: ode of 1986. a:-i amcnded. res1ricts tlu.· amount oftm;•
c:-.cmpl bonds wlm:h mt1y ht: issued m th e rn1c 10 pro, 1dc such mortgage l"ans and for cc11am
other purp C'ls cs: and
\\'HE.REA S. pursunn t w the ode. th e Co\orndCl Lc g1sl:uurc adopted the Colora dC'I Private
Activ ny Bond Cc1hng :\!hlC~ti o n Act. Part 1-of Aruclc 24. Colorad o Rc\'i s1..•d S1a1u 1c, (the
··Alloc.11wn Act"). prm 1ding for the allocat1c'I\ of th,· S1a1c Crihng among the Colorad0 I lousing
a11d Finance :\u1h or11~ r ·Arnh\.m1~ "land ,,thcr ~o, cnurn.:n tal u11i1s m 1lu: tall'. and f1111hcr
prov1dmg for 1hi.: a~s1gm11l'nl nf suc h a.wc:ui,,n:-from sur..:h ,,1 hcr go\'1:rnmc11 1al umt:-. IO 1hc
:\u1hon1y : and
\\'I ll ·Rb\S. pursuant to an :1\lnca11clll unJcr Sccrn~n 2-l-32-1706 llf 1hr..: \l\rn.:a11011 Acl. the
Cll~ llf Eng\c,,•l¾ld, lo\,,radl, ha ~ an al\01,;attl1II nf1hc ~O\(' Stale Ceiling fr,1 the 1:-.s uancc of a
:-.pcc1 fi cd prm c1pa\ :1111oun t of Pn ,mc Act 1,·11~ HCln d, prior ll' Sr..:p 1cmhr.:r 15. 20\ll lth<.· "20 10
\l loc :111011''): and
\\'I IEl{l::\S. th e C11~ o r l·ngh.:,,,,l,J. Cnh1raJ L, ha~ dc.:tcrnunccl that the 201(1 .\l\0cat1(ll\. nr a
p,1111on thcrcl,f. can hi.: u11h 1ed lll0!-1 d{ic11.:111ly h~ ass1gn111g 11 hl 1hc Au th N11Y 1c1 tSM IC Pn,mc
:\cuvn~ Jh1nd !i for 1hc purpo:-c of pnn 1dmg :-111gk-i:1m il y mo11gag1..• \n:111:-i to ll1\\ and moderate
mcomi.: pc.:Nllb .md fam1hcs : wlm:h il""1gn111i.:111 1:-i ll1 h1..· c, idr..:nccc\ h~ an r\:-.signmcnl 0f
Alloc.11h1n hi..'.I\\CC:11 1hc City '°'f l·ngk\\ oml and lhl.'.: ,\u1h1,n\~.
ts:()\\'. l'\ll·RFFOl(I . Ill · 11 1\1·,0I \'\·\l BY \ Ill · t'I I Y l'OUM'II 0 1 I'll\ Cl IY 0\
1,,;1 I \\UO\l. l'0\01\\\lO. \\\,\\
Sr..:cttnn I. \ lw a,-.1gnmc111 hi the.: ,\uth1lnl~ lnr ~ l Ahh .:'95 ~,t 1he l 11~ l'I I ngk\\l1~1d ,
t 11h1radl\:-. 20\0 \lll\\:at111n -.haH lw ,md hr..:1c.:h~ 1:-. .1pp1L,,cd
S1..·cl__N!l) I he f,irm .111d ~uh-.t:tnc1..· DI th1..• ,..,..,1~nmcnt l,t _.\JhK<llH'll .ir1..· .,pp111,ell. pn1, 1ded.
lh1\\r..:,cr. 1h,u the I 11gk,,l~od r11~ Cnuni:tl 1, ,1ulhL1n/\.'d w mah ,uch tel.'.hmr..:al "1r1;111un-..
addtllllll~ 01 lld1.!th11l:-Ill 0 1 il' ,ud1 1\-.~1g 11mcnt o!' 1\lh'Ci1\1C1n ,,._ 1hi.:~ -.hall deem nccc,,:iry nr
:1p1m1 pna1c and not 11\Cl'll!-l~tcnt \\!lh 1hc appw,,11 thc1cofb~ tins Kc-.olull l1 1l
Secti c.n 3. The •~a yor and the Cit y Clerk for the City of Englewood , C~lorado are authorized
to exc-cute and deli ve r the Ass ignment of Allocation on beha'.f of the City of 1c:nglewood and 10
tak f such other sft.."J)S or actions as ma y be neces sary , useful -:,r convenient to effect the aforesaid
assignmem in accorctnnce with th e intent of thi s Resolution .
Sec tion 4. If an y section , paragraph , clause or provision of this Resolution shall for any reason
be held 10 be invalid or unenforceable, the invalidit y or unenforceability of such sec tio n
paragraph, clause , or provision shall not affect any of the remaining provi sions of this Resolution .
Section 5. Tltls Resolution shall be in full force and effect upon its passage and approva l or as
otherwise required by the Englewood Home Rui c Chaner.
ADOPTED AND APPROVED this 16th day of August , 20 I 0.
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lli s, Cit y Clerk
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COUNCIL COMM U N I CAT I ON
Date :
Augus t 16, 20 10
I Age nda Item :
9 C ii
I Subj ect :
:!0 10 Pri,ale Acti\ity Bo nd Cap Alloca ll on
Initiat ed By: Staff So ur ce:
Corr1 mun1 1v De, elopmen t Depar tment Darren Hollingswor th
Eco nomic D e\ Plo pm ent oo rdinat or
COUNC IL GOAL AND PREV IOUS COUNC IL ACTION
• Council adorted Roadmap Englewood : 200 3 Engl e\\ ood Compreh en sive Plan . The
Housing elemen t includes Objec th e ::!-1: '·en co ura ging home owne rshi p."
• Council co nside rs ass ignin g th e PAS All ocatio n annuc1 ll y.
• Co uncil discussed th e ann ual Pri vate Ac tivity Bond (PAB ) a signment at th e lul \ 19, :!0 10
St ud v Sess ion.
RE COMMENDED ACT ION
The att ached res olut ion au thorize ~ 1<;signm ent 0 1 Engle\\ oo cl 's ~0 10 Pm at e Ac ll vlt \ Bond (PAB )
All oc ati on to th e Co lorad o H ou s11 ., md Fman ce Auth nt y (C HFA J ior home ow nership pr og ram s .
BACKGROUND , ANA LY SIS, AND ALTER NATIVES IDENTIFIED
Th e Stat e 01 Colora do all oca tes Pri, ate Activil\ Bond (PAB) Cap to 1un sdi c11 o ns eligibl e to recel\ e
more than $ I milli o n dolla rs at PAil . Eng lewood\\ as all ocated SI .-1 66,.;95 tor 20 I 0. Englewood
fi rst be ca me an entit lement co mrnunitv 1or an all oca ti or. in ::!00~. Pri or 10 thal , Englewood ,,as
eli gible 10 apply to th State 0 1 Colora do tor PAB .
From 2002 th rough 200 , Engl ewood assigned its PAB l o the Colo r ad o '-l o using Finan ce Au thorit\
Ior home O\\ne rshlp pr og rams . Pri or to 20 0:!, I ngl e\\ood apph ed to I Slate to ass IgI1 it s share 0 1
PAB to the M etro Ma, ors .w cu:-mort gage bond pro gram adrnini stPred b, the Ci h 0 1 Dem er
which al~o prO\ided hom e lo~1ns. Th t> t-.\etro f\lc1,ur-. C.•n1u1, progr<1m h,1~ nn t bel•n c1ble to 1~sue
honw m or lgag e hond '-due lo mJrke t conditio n5..
The Ci t, typica l!~ doe'i PO I a-.'>tgn th l' P,\B un til 1rn d-,t.lar, c.lO')t' lo th t' ~td!P\ S1.~pte 1J1h 1 r ; ')
deadhne o tha t the PAS ma , h~ 1\\ adah lp 10r an t.'lig1b lP lo c,11 proJt'l I ,\ PAB-d 1g1hll' pro wl t :,.1~
not bee n prop osed in Eng le,, ood tl m, vear.
FI N ANCI A L I MPACT
":!~e resol1.1t ion assig ns Eng le,, ood's enI;re 20 10 S 1,466,SGS PAB all 0ca tion to CHFA fo r !1 ome
ownership programs. h Cmm ii take:, no dCtion th PAS re, ert s to th ~ Cu lorado De part me nt 0 1
Loc .11 Aftair s for as;,Ig nm e11t to elrg ibl e SI,1I e ilg enc1es.
• LI ST OF ATTAC HMF.NTS
Re~o luti on