HomeMy WebLinkAbout2007 Resolution No. 076•
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RESOLUTION NO .~
SERIES OF 2007
A RESOLUTION AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND
FINANCE AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY
OF ENGLEWOOD. ARAPAHOE COUNTY , COLORADO PURSUANT TO THE
COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCA'f 10:1 /.,CT .
WHEREAS. the City of Englewood, Colorado is authorized and empowered underthe law, ,,,
the State of Colorado to issue revenue bonds for the purpose of providing single-family monga gc
loans 10 low and moderate income persons and families ; and
WHEREAS. the Internal Revenue Code of 1986, as amended. restricts the amount of tax-
exempt bonds which may be issued in the Stale 10 provide such mongage loans and for cenain
other purposes; and
WHEREAS, pursuant to the Code, the Colorado Legislature adopted the Colorado Private
Activity Bond Ceiling Allocation Act, Pan 17 of Miele 24 , Colorado Revised Statutes (the
"Allocation Act"), pro,iding for the allocation of the State Ceiling among the Colorado Housing
and Finance Authority ("Authority'") and other governmental units in the State, and funher
providing for the assignment of such allocations from such other governmental units lo the
Authority; and
WHEREAS, pursuant lo an allocation under Section 24 -32-1706 of the Allocation Act , the
City of Englewood, Colorado has an allocation of the 2007 State Ceiling for the issuance of a
specified principal amount of Private Activity Bonds prior to September I 5, 2007 (the "2007
Allocation"); and
WHEREAS, the City of Englewood, Colorado has determined that the 2007 Allocation, or a
ponion thereof, can be utilized most efficiently by assigning it to the Authority to issue Private
Activity Bonds for the purpose of providing single-family mongagc loans to low and moderate
income persons and families; which assignment is to be evidenced by an Assignment of
Allocat; JO between the City ofEnglewood and the Authority;
NOW , THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO, THAT:
~. The assignment to the Authority for $1,371,390.00 of the City of Englewood,
Colorado 's 2007 Allocation shall be and hereby is approved .
~. The form and substance of the Assignment of Allocation arc approved; provided ,
however, that the Englewood City Council is authorized to make such technicr-·; ·• :iations,
additions or deletions in or to such Assignment of Allocation as they shall deem ... ·essary or
appropriate and not inconsistent with the approval thereof by this Resolution .
~-The Mayor and the City Clerk for the City of Englewood, Co orado are authorized
to execute and deliver the Assignment of Allocation on behalf of the City vf Englewood and to
take:: such other steps or actions as may be necessary , useful or convenient\~ effect the aforesaid
assignment in accordance with the intent of this Resolution .
~-If any section, paragraph, clause or provision of this Resolution shall for any reason
be held 10 be invalid or unenforceable, the invalidity or unenforceab 'lity c:' su•h section
paragraph, clause, or provision shall not affect any of the remaining provisions of this Resolution .
~_1. This Resolution shall be in full force and effect upon its passage and approval or as
otherwise required by the Englewood Home Rule Chancr .
ADOPTED AND APPROVED thi s 2nd of Jul y, 2007 .
~, c1, ;:::~k
i, Lo ucrishia A. Ellis, City Clerk for~ Cit y of Englewood, olbrado , hereby cenify the
above is a true copy of Resolution No . :M,_, Series of 20 , tf'. ~
,ucrishia A. Ellis, City Clerk
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COUNCIL COMMUNICATION
Date:
July 2, 2007 I
Agenda Item:
11 c I I
Subject:
2007 Private Activity Bond Cap Allocation
Initiated By:
Community Development Department I
Staff Source:
Mark Graham, Senior Planner
COUNCIL GOAL AND PREVIOUS COUNCIL ACTIOt,
• Council discussed the PAB Cap Allocation as it relates to the Metro Mayor's Housing
Assistance Program and the Colorado Housing Finance Authority Program on February 12,
and June 18, 2007 .
• Council established goals for enhancing housing options including home ownership in
Englewood .
RECOMM ~NDED ACT ION
Staff recommends that Council adopt a Resolution authorizing assignment of Engle wood 's 2007
Private Activity Bond (PAB) Cap Allocation to the Colorado Housing and Finance Authority (CHFA)
for home owne rship programs .
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
The State of Colorado allocates Private Activity Bond (PAB) Cap to jurisdictions eligible to
receive more than one million dollars of PAB . Englewood was allocated $1 ,371 ,390 for 2007 .
Englewood became an entitlement community for an allocation for the first lime in 2002 . Prior to
Iha~ Englewood was eligible to apply lo the Stale for PAB .
In 2002 through 2006, Englewood assigned its PAB lo the Colorado Housing Finance Authority for
home ownership programs . For many years prior to tha~ Englewood applied to the State to assign
its share of PAB to the Metro Mayors Caucus mortgage bond program administered , d:e City of
Denver. That program also provided home loans .
The City typically does not assign the PAB until mid-year, close to the State's September 15
deadline so that the PAB may be available for an eligible local project. No PAB eligible projects
have been proposed in Englewood yet this year.
FINANCll,L IMPACT
The Resolution assigns Englewood 's entire 2007 PI\B, $1,371,390, to CHFA for Home OWnershlp
prosrams. If the Council takes no action, the PAB would revert to the Colorado Department of
Local Affairs for assignment to eligible State agencies.
UST Of ATTACHMENTS
Resolution •
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