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Home My WebLink About2000 Ordinance No. 005; • • • " BY AUTHORITY ORDINANCE NO . ~ SERIES OF 2000 COUNCIL BILL NO . 5 INTRODUCED BY COUNCIL MEMBER GARRE'M' AN ORDINANCE AUTHORIZING THE DELEGATION TO THE CITY AND COUNTY OF DENVER , COLORADO OF THE AUTHORITY OF THE CITY OF ENGLEWOOD , COLORADO WITH RESPECT TO THE ISSUANCE OF SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (THE "BONDS; TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW AND MIDDLE INCOME PERSONS AND F AMIJJES 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 AUTHORIZING THE EXECUTION AND DEI.JVERY OF A DELEGATION AGREEMENT AND OTHER DOCUMENTS IN CONNECTION THEREWITH . WHEREAS , the City of Englewood , Colorado (the "City"), and the City and County of Denver, Colorado (the "laauer"), an, each authormd by the County and Municipality Development Revenue Bond Act, comtitutinc article 3 o( title 29, Colorado Revlaed Stetuteo, u amended (the "Act"), to finance pn,jecte ae defined in the Act, includin1 residential hou.aing facilities for low and middle income persons and familiea ; and WHEREAS, Section 29-3-104(2) of the Act providH that a county or municipality may delepta by retolution or onlinance, ae the cue may be, to any other county or municipality authority to act on ita behalf in the financing of projecta under the Act and that any ouch delegation may be pneral or limited in ac:ope and time and may be irrevocable for the term or terma of any financing agreement or bond iaaue, all ao provided in such resolution or ordinance; and WHEREAS , the laauer prcpoaes to iseue single tiunily home mortgap revenue bonds pursuant to the Act (the "Bonds") to finance residential hou.aing facilitiea for low and middle income persone and familiee within the City and other citiea and counties in the State of Colorado (the "Single Family Mortgap Loan Program"); and WHEREAS , the City deairea to delepte to the laauer the authority of the City to finance and otherwise take action and exen:iae power under the Act on bebal( o( the City with respect to the Single Family Mortgap Loa>1 Program within the City; ani WHEREAS,.it is neceaary to evidence ouch deleption by the execution and delivery by tho Ci~ of a Doleption Agreement (the "Delegation Agre ement") betw,,e., the City and the l•uer in oubotentially the form pre .. .1ted at this meeting; \ NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS : 511:timL1. In order to facilitate the origination of ainsl• family mortcaae loans within the boundaries of the City aa part of the Single Family Mortgaae Loan Pro,ram. the City hereby (i) delegates to the l11uer the authority of the City to finance and otherwiae tako action and exerciae power under the Act on behalf of tba City with reapect to the Sinsle Family Mortp1e Loan Procram within the City and (ii) approvea, and authorize a and directe the Mayor qf tha City to aicn and deliver and the City Clerk to attest and deliver the Dele1ation Asreement in 1ub1tantially the Corm preNnted at this meetin1. A copy of the propoaed Delegation Asreement ia oi'l file in the office of tba City Cleric and ia available for inapection by the public. ~-The Council hereby approvea the Bonda and the Singla Family Mortpp Loan Program for purpoaea of Section 147(1) of the Internal Revenue Code of 1986, u amended. &s;li iu.a. The Mayor of tho City ia hereby authorized and directed to Hecute and deliver •·od the City Clerk ia hereby authorir.ed and directed to atteet and deliftr 1w:h other &l':eemente and certificate• and to take auch other actiona aa may be neceuuy or conV11nient to carry out and giV11 effect to the Delegation Ac:reement and this Ordinance, inclwlin1 any apeement or certificate approving the Bonde or the Sqle Family Martpp Loan Procram for purpose, of Section 147(1) of the Internal Revenue Code of 1986, u amended. Sm:tilm..4. Notl,lng contained in tbia Ordinana, ot the Delegation Acreement ahall conatitute a debt, indebtedneaa or multi9le-fiscal yoar direct or indirect debt or other financial obli1ation of tho City within the meaning of the Conatitution or 1tatutel of the State of Colorado or the home rule charter of any political eubcliviaion thereof, n,r give riae to a pecuniary liability of the City or a charp againat ita pneral credit or tann1 powera. Sls:wm..A. If any eection. paragraph, clauae or provision of this Ordinanai ahall for any reuon be held to be invalid or unenforceable, the invalidity or unenli,rcoahility of any 1uch oection, puqraph, clauae or proviaion ahall not affect any of the rem&inini proviaione of tbia Ordinance . Introduced, read in full , and paaaed on £int reading on the 17th day of January, 2000. Publiahed u a Bill for an Ordinance on the 21st day of January, 2000. Read by title and p818ed on final reading on the 22nd day of February, 2000 . Publiabed by title Bl Ordinance No. S:..., Serie& of 2000, on the 25th day of February, 2000 . ~JVJ Loucriahia A. Ellil, C:ity Clerk I , Loucriabia A.~ City Clerk a(tbe City ofEnsJe·"oocl, Colorado, benby certify that the~~ Canpw11 ii a true copy mtbe Ordinance 6naJ readi,11 and publiahed by title u Ordinuce No. Ji.. Seriu of 2 .. CERTIFICATE OF THE CITY OF ENGLEWOOD, COLORADO Relatin1 to CITY AND COUNTY OF DENVER, COLORADO SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (METRO MAYORS CAUCUS SINGLE P'AMIL Y MORTGAGE BOND PROGRAM) SERIES 2000 '.J'he'Underaigne~ Mayor and City Clerk of the City of Englewood, Colorado berelr1 certify that: l. 2. 3. Ordinance . Attached hereto is a true and correct copy of an Ordiwmce of the City Council of the Cit;,· of Englewood, Colorado (the "Counci!i tha~ was adopted by the Council in accordance with applicable law on the date indicated therein (the "0-iinancej. All meetinp of the Council at which action relating to the Or,, aance were taken were properly noticed in the manner and at the tim14 ~quired by law, were open at all times to the general public and we,.• atteuded by a quorum of the Council. The Ordinance baa been ••~ned, at~•ated, sealed and made a permanent part of the records of the C<>~ncil in acrordance with applicable law; ia in full force and effect; and baa not bee" air,onded, modified or repealed since ·.ta adoption. Dele1ation A,reement. ,"..ttached hereto ia a true and correct copy of a Delegation Agree ment dated as of the date indicated therein (the "Delegation Agreement; between the City of Englewood, Colorado and the City and County ofDenver, Colorado (the "Ieeuerj. The Delegation Agreement bu been ~uly authorized, executed and delivered by the City and, upon due authorization, execution and delivery by the Iaeuer, will constitute a valid and binding obliption of the City, enforceable against the City in accordance with its terms. Approval of Bond■ and Project. A public hearing on behalf of the Council, the City and the Ieauer was h;,Jd in the Office ~r Planning and Development for the City and County oi' Denver, Colored,,. At such public bearing, all interell'ed persona w•re given an opportunity ~-, expreu their views, both orally ,nd in writing, on the proposed iaeuance oi the Bonda and the location and nature of the Single Family Mortgage Loan Prog,am. The Council bu received a report of the hearing. The Mayor of the City of Englewood, Colorado, aa th• chief elected executive official of the City of Englewood, Colorado acting ,.s such after such public bearing, hereby approves the Bonda and the Single ~'amily Mortgage Loan Program, which approval ia intended to comply with the provisions of Section 147(1) of the Internal Revenue Code of lq86, as amended. WITNESS WHEREOF, we have hereunto set our hands this ,6~~of '...l.,[ili~~:..... 2000. • • DELEGATION AGREEMENT THIS DELEGATION AGREEMENT (tbia "OelegationAg,:Nment") ia between CITY OF ENGLEWOOD, COLORADO, a home :ule municipal corporation ancl political subdiviaion of the State of Colorado (the "City"), and t ~e CITY AND COUNTY OF DENVER, COLORADO , a home rule city, a municipal corporation ud a political subdivision of the State of Colorado (the "Issuer"). RECITALS: WHEREAS , the City and the Isauer are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Co lorado Revised Statutes, a s amended (the "Act'), to finance projects 88 defined in the Act, including residential housing facilities for low-and middle-income peraona 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 the Act and that any such delegation may be general er limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond iuue, all aa p1ovided in auch resolution or ordinance ; and WHEREAS, the City desires to delecate to the laauer the authority of the City to finance and otherwiSE• take action and exercise power under the Act on behalf of the City with respect to tht Single Family Mortgage Loan Program within . 11e City. NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, the City and the ,suer hereby agree as follows : lll:l:tilm..l. The City hereby delegates to the Issuer the authority of the City to finance and otherwise take action and exercise power under the Act on behalf of the City with respect to the Single Family Mortgage Loan Program within the City. ~-The Is,uer hereby accepts the delegation of authority from the City purauant to Section 1 hereof and agrees to a bide by each of the termo and oonditiona of this Delegation Agreement in connection with the uae or such delegation. The laauer agrees to make available to the City no later than June I, 2000, a portion of the proceeds of th• Bonda for the originetion of home mortgages within the City's boundaries. IN WITNESS WHEREOF, ,e Ci~ and the .1,aue/~:',!"'-uaed this Delegation Agreement to be executed to be effective as of ?',<,~ ~ 2000. [SEAL] CITY OF ENGLEWOOD , COLORADO • COUNCIL COMMUNICATION Oat• Agendeltam Subject February 7, 2000 BIii for en ordinance to uelgn and transfer to the Clly and Colrlly ol Denver the 2000 City ol Englewood allocation from the State ol !Oal Colorado celling tor private activity bonds to finance 1'811identlal housing factlltlea tor low and middle Income p81101l1 within the City ol Engle'M>Od and cartaln other cities and counltee In the Stale ol Colonldo. Initiated By I Slaff Source Cltv of Enolewood , Financial Services D•"'"'menl Frank Grvalewlcz, Director COUNCIL GOAL ANO PREVI OUS COUNCIL ACTION Clly Council passed Ordinance 19, Series ol 1999 on final ,-Ing on April 9, 1999. City Council dlacuased going forward with this ordinance at a study session hatd Janua,y 17, 2000 . RECOMMENDED ACTION Clly staff recommends City Council approve this bill tor an ordinance to uaign and tranaler to the Clly and Col mty o' Denver the 2000 City ol Englewood allocatf,)n from the Stale ol Colorado celling tor private activity bonds tc, 11nance residential housing lacilltles tor low and middle Income penions within the City ol Englewood and cerialn other cities and counties in the Slate ol Colorado . BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTlflED This action assigns the City 's allocation ol the private activity bonds to the City and County ol Denver. The pool ol assigned funds are US8I' to help low and middle Income penions finance residential housing . FINANCIAL IMPACT This action will nol have a material lm!)8CI on City finances. UST OF ATTACHMENTS Proposed bill for an ordinance