HomeMy WebLinkAbout2001 Ordinance No. 024•
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ORDINANCE NO. a
SERIES OF 2001
BY AUTHORITY
COUNCIL BILL NO. 23
INTRODUCED BY COUNCIL
MEMBER GARRETT
AN ORDINANCE AUTHORIZING THE DELEGATIO TO THE CITY AND COUNTY
OF DENVER. COLORADO THE AUTHORITY OF THE CITY OF ENGLEWOOD .
COLORADO WITH RESPECT TO THE !SSUANCE OF SINO LE FAMILY ROME
MORTGAGE REVENUE BONDS (THE "BONDS; TO FI NANCE RESIDENTIAL
HOUSING FACILITIES FOR LOW AND MlDDLE INCOME PERSONS AND
FAMILIES WITHIN THE CITY OF ENGLEWOOD , COLORADO AND CERTAIN
OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO; APPROVING
SUCH BONDS AND A SINGLE FAMILY MORTGAGE LOAN PROGRAM: AND
AUTHORIZJ G THE EXECUTIO AND DELIVERY OF A DELEGATION
AGREEMENT A./'rD OTHER DOCUME SIN CO fECTION THEREWITH.
WHEREAS , the City o[ Englewood, Colo rado (the "City"), and the City and County
of Denver, Colo rs o (the "lssuerl, are each authorized by the County and fonicipality
Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised
Statutes, as amended (the • Act"), to finance projects as defined in the Act, including
residential housing facilities for low and middle income persons and families: and
WHEREAS, Section 29-3-104(2) of the Act provides that a county or munidpnlity
may delegate by resolution or ordinance, ae the a1se may be, to any other county or
municipality authority to act on its behalf in the financing of projects unde r the Act
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 BgTeement or bond issue, all as
provided in such resolution or ordinance ; and
WHEREAS, the lseuer proposes to iSBue single family home mortgage revenue
bonds pursuant to the Act (the "Bonds") to finance residential housing facilities for low
and middle income persons and familie s witlun the City and other cities and counties
in the State of Colorado (the "Single Family Mongage Loan Program"); an:!
WHEREAS, the City desires to delegate to the Issuer the authority of the City to
finance end otherw1Se take action and exercise power uncit:r the Act on behalf of the
City with respect to the Single Family Mortgage Loan ProgTam within the City; nnd
WHEREAS , it is necessary to evidence such delegation by the execution and
delivery by the City of a Delegation Agreement (tbe "De legation Agreement") between
the City and the Issuer in substantially the form presented at this meeting;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS:
~-In order to facilitate the origination of single family mortgage Joa.ns
within the boundaries of the City aa part of the Single Family Mortgage Loan
Program, the City hereby (i) delegate3 to the lsauer t he authority of the City to finance
and otherwue take acti!)n and e,cercise power under the Act on behalf of the City with
respect to the Single Family Mongage Loan Ptogmm within the City and (i1) approves,
and authonzes and directs the Mayor of the City to sign and deliver and the City Cle rk
t<, attest and deliver the Delegation Agre ment in eubatantiaUy the for m presented at
thia meeting. A copy of the proposed Delegation Agreement is on file in the office of the
City Clerk: and ill available for inspection by the public.
~-The Council hereby approves the Bond8 and the Single Family Mortgage
Loan l'rogram for purposes of Section 147(0 of the Internal Revenue Code of 1986, as
amended.
~-The Mayor of the City is hereby authorized and directed to execute and
deliver and I.he City Clerk is hereby authorized n d directed to attest and deliver such
other agreement.a and certifica a and to take such other actions aa may be necessary
or convenient to carry out and give etrecl to the Del egation Agreement and this
Ordinance, including any agl"?ement or certificate approving the Bonds or the Single
Family :'vfortgage Loan l'rogram for puzpo ea of Section 147({) of the Internal Revenue
Code of 1986, as amended.
~-Nothing contained m t.lus Ordinance or the Delegation Agreement shall
constitute a debt, indebtedne • or multiple-fiacal year direct or indirect debt , •he r
tinan.cial obligation of the City within the meaning of the Constitution or st
the State of Colorado or the home rule charter of any politi.cal subdivision ti nor
give rise to a pecuniarY liability of the City or a charge against ita general ere vr
taxing 1,owera.
~-If any section, paragraph, clause or provision of this Ordinance shall for
any reason be held to be invalid or unenforceable , the invalidity or unenforceability of
any such section , paragraph, clause or rovision shall not affect any of the remaming
provisions of this Ordinance.
Introduced, read in full , and p ssed on first reading on the 7th day of May, 2001.
Published as a Bill for an Ordinance on the 11th day of May, 2001 .
Read by title and passed on final reading on the 21st day of Mey, 2001.
Published by title as Ordinance o.,2i Serie of 2001 , on the 25lh day of May,
2001.
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DELEGATION AGREl!:MENT
THIS DELEGATIO AGREEMENT (this "Delegation Agreement") is between
CITY OF E GLEWOOD , COLtJRADO, a home rule municipal corporation and
political subdivision of the Sta ti of Colorado (the "Cityj, and the CITY AND
COUNTY OF DENVER, COLOM_T)O, a home rule city, a municipal corporatiun and
a political subdivision of the ~:.at~ of ~ulorado (the "Issuer").
RECITALS:
WHEREAS , the City and the Issuer are each authorized by the County and
lunicipality Development Revenue Bond Act , constitub.ng article 3 of title :?9,
Colorado Revised Starute•. ae amended (the "Act'), to finance projects as defined in
the Act, includ.inf · _sidential housing facilities for low• and middle-income persoDB
and families; 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 of projects under th.e Act
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 a.s
provided in such resolution or ordinance ; and
WHEREAS, the City desires to d.elegate to the Issuer the authority of the City to
finance and otherwise take action and exereilie power under the Act on behalf of the
City with respect to the Single Family Mortgage Loan Program within the City .
NOW THEREFORE, in co nsideration of the mutual covenant& a nd 1U1dertaki.n gs
set forth lierein. the City and the Issuer hereby agree as follows:
~-The City hereby delegates to the Issuer the authority of the City to
finance and otherwise take action and eitercise powe,r under the Act an behalf of the
City with respect to the Single Family Mortgage Loan Program within the City.
~. The Issuer hereby accepts the delegation of authority from the City
pursuant to Section 1 hereof and agrees to sbide by each of the terms and conditions
of this Delegation Agreement in connection with the use of such delegation. The
Issuer agree s to make available to the City no later than June 1, 2001, a portion of
I.he proceeds of the Bonda for the origination of home mortgages within the City's
boundaries.
I:-1 WIT::-IESS WHEREOF , the City and he rs m;ve caused this Delegation
Agreement to be eicecuted to be effective as of .J../ 200 l.
[SEAL] CITY OF E. GLEWOOD , COLORADO
ERTIFICATE OF THE CITY OF ENGLEWOOD , COLOR.-\DO
Relati.nr to
CITY AND COUNTY OF DENVER, COLORADO
SINGLE FAMILY HOME MORTGAGE REVENUE BONDS
(METRO MAYORS CAU::us SINGLE FAMILY MORTGAGE BOND PROGRAM)
SERIES 200
The undersiiJled Mayor and City Clerk of the City of Englewood , Colorado hereby
certify tbat:
1. Ord in nee. Attached hereto is a true and correct copy of an Ordinance of
the City Council of the City of Englewood, Colorado (the "Council; that was
adopted by the Council m accordance with applicable law on the date
indicated I.herein (the "Ordinance"). All meetings of the Council at which
action relating to the Ordinance were taken were properly noticed in the
manner and at the times required by law, were open t all times to the
gene ral public and were attended by a quorum of the Council. The
Ordinance has bec.n signed, attested, sealed and made a permanent part of
the records of the Council in accordance with applicable law; is in full force
and effect; and has not been amended, modified or repealed since its
adoption.
2. Delefation Agreement. Attached hereto ia a true and correct copy of a
Del .. (lation Ait'eement dated as of the date indicated therein (the "Deleg:atiua
Agreement") between the City of Englewood , Colorado and th,-City and
County of Denver, Colorado (the "Iss uer'). The Dele gation Agreement has
been duly authorized, executed and delivered by the City and. upon due
authorization, execution and delivery by the Issuer, will conatitute a valid
and bmding cl.ligation of the City, enforceal.le against the City in accords.nee
with its terms.
3. pprova l of Bonds and P r oj ct. A pu.blic he a ring on behalf of the
Council, the City and the Issuer was held in the Office of Planning and
Development for the City and Coun ty of Denver, Colorado. At such public
hearing, all interested persons were g1Ven an opportu.a.ity to express their
views . both orally and in writing, on the proposed iss':.lance of the Bonds and
the location and nature of the Single Family Mortgage Loan Program. The
Counc:l has received a report of the hearing. The Mayor of the City of
Englew01.'<i, Colorado , as the chief elect.ed executive official of the City of
Engle wooa , C..lorado acting as such after such public Ii.earing, hereby
approves the Bonds nnd the Single Family Mor.gage Loan Program, which
approval is intended to comply with the provisions of Section 147 (1) of the
Internal Revenue C e of 1986 , as amende d.
TNESS WHEREOF, we have hereunto se t our hands t his _;y___AJ-;fuy of
_ _J_JJ,,,~:_..-200 l.
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COUNOL COMMUNICATION
Dale Agenda lt"'m Subject
Bill for an o rdinance to assign and
transfer to the City and County of
May i, 2001 IOa ii Dt!nver the 2001 City of Englewood
a1!ocation from the Stale of Colorado
-ceiling for private activity bonds to
finance residential housing facilities
for low and middle income persons
within the City of Englewood and
certain other cities and counties in the
State of Colorado.
Initiated By Staff Source
City of Eng lewood, Finance and Admin istrattve Frank Gryglewicz, Director
Services Department
COU CIL GOAL AN D PREVIOUS CO U C!t ACTION
In the previous two years, Gty Council passed Ordinance 19, Series of 1 ':199 and Ordinance 5, Series of
2000 in sup p(lrt of this action .
RECOMMENDED ACTION
City staff recommends City Council approve this bill for an ordinance to assign and transfe r to the City and
County of Denver the 2001 City of Englewood allocation from the State of Colorado ceiling for private
activity bonds lo finance residential housing facilities for low and middle income persons within the City of
Englewood and c ertain other cities and counties in the State of Colorado.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
This action assigns the City's alloc.ition of the private activity bonds to the City and County of Denver. The
pool of assigned funds is used to help low and middle income persons finance res idential housing.
FINANCIAL IMPACT
This action will not have a material impact o n Ci ty finances.
UST OF ATT CHMENTS
Proposed bill for an ordinance