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HomeMy WebLinkAbout1999 Ordinance No. 019• • • J 10 b iii ~4'7-Cj7 ORDINANCE NO. ff_ SERIES OF 1999 BY AUTHORITY COUNCIL BILL NO. 18 INTRODUCED BY COUNCIL MEMBER BRADSHAW AN ORDINANCE ASSIGNING AND TRANSFERRING TO THE CITY AND COUNTY OF DENVER, COLORADO, THE 1999 A, CITY OF ENGLEWOOD, COLORADO ALLOCATION FROM THE STATE CEILING FOR PRIVATE ACTIVITY BONDS TO FINANCE RESIDENTIAL HOUSING FACILITIES FOR LOW AND MIDDLE INCOME PERSONS AND FAMILIES WITHIN THE CITY AND CERTAIN OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO; 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 FAMILIES WITHIN THE CITY OF ENGLEWOOD AND CERTAIN OTHER CITIES AND COUNTIES IN THE STATE OF COLORADO; APPROVING SUCH BONDS AND SINGLE FAMILY MORTGAGE LOAN PROGRAM ; AND AUTHORIZING THE EXECUTION AND DELIVERY OF A DELEGATION AGREEMENT AND OTHER DOCUMENTS IN CONNECTION THEREWITH . WHEREAS, the City Council of the City of Englewood , Colorado approved the transferring of the 1999 City of Englewood Funds by the passage of Ordinance No . 27 , Series of 1998; and WHEREAS , the City of Englewood, Colorado (the "City"), and the City and County of Denver, Colorado (the "Issuer"), are each authorized by the County and Municipality 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 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 or limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, the Issuer proposes to issue single family home mortgage revenue bonds pursuant to the Act (the "Bonds") to finance residential housing facilities for low and middle income persons and families within the City and other cities and counties in the State of Colorado (the "Single Family Mortgage Loan Program"); and WHEREAS, the City desires to delegate 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 ; and -1- WHEREAS , it is necessary to evidence such delegation by the execution and delivery by the City of a Delegation Agreement (the "Delegation 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 : Section 1. In order to facilitate the origination of single family mortgage loans within the boundaries of the City of Englewood, Colorado, as part of the Single Family Mortgage Loan Program, the City of Englewood, Colorado hereby (i) 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 and (ii) approves, and authorizes and directs the Mayor of the City to sign and deliver and the City Clerk to attest and deliver and the Delegation Agreement in substantially the forms presented at this meeting . Copies of the proposed Delegation Agreement is on file in the office of the City Clerk and is available for inspection by the public. Section 2. The Council hereby approves the Bonds and the Single Family Mortgage Loan Program for purposes of Section 14 7(f) of the Internal Revenue Code of 1986, as amended. Section 3. The Mayor of the City is hereby authorized and directed to execute and deliver and the City Clerk is hereby authorized and directed to attest and deliver such other agreements and certificates and to take such other actions as may be necessary or convenient to carry out and give effect to the Delegation Agreement and this Ordinance , including any agreement or certi£cate approving the Bonds or the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 4. Nothing contained in this Ordinance or the Delegation Agreement shall constitute a debt, indebtedness or multiple-fiscal year direct or indirect debt or other financial obligation of the City within the meaning of the Constitution or statutes of the State of Colorado or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. Section 5. 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 provision shall not affect any of the remaining provisions of this Ordinance. Introduced, read in full, and passed on first reading on the 15th day of March, 1999. Published as a Bill for an Ordinance on the 19th day of March, 1999. Read by title and passed on final reading on the 5th day of April, 1999. -2- • • • • • • Published by title as Ordinance No . -J!/-, Serie of 1999, on the 9th day of April, 1999 . I, Loucrishia A. Ellis, City Clerk of the City of Englewood, Co.orado, hereby certify that the aove and foregoing is a true copy oft e Or ance passed on final reading and published by title as Ordinance No. es of '.999 .. J. ~ -3- CERTIFICATE OF THE CITY OF ENGLEWOOD, COLORADO Relating to CITY AND COUNTY OF DENVER, COLORADO SINGLE FAMILY HOME MORTGAGE REVENUE BONDS (METRO MAYORS CAUCUS SINGLE FAMILY MORTGAGE BOND PROGRAM) 1999 A SERIES The undersigned Mayor and City Clerk of the City of Englewood, Colorado hereby certify that: 1. Ordinance. 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 in accordance with applicable law on the date indicated therein (the "Ordinance"). All meetings of the Council at which action relating to the Ordinance were properly noticed in the manner and at the times required by law, were open at all times to the general public and were attended by a quorum of the Council. The Ordinance has been 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 . Delegation Agreement. Attached hereto is a true and correct copy of a Delegation Agreement dated as of the date indicated therein (the "Delegation Agreement") between the City of Englewood, Colorado and County of Denver, Colorado (the "Issuer"). The Delegation Agreement has been duly authorized , executed and delivered by the City and, upon due authorization, execution and delivery by the Issuer, will constitute a valid and binding obligation of the City, enforceable against the City in accordance with its terms. 3. Approval of Bonds and Project. A public hearing on behalf of the Council, the City and the Issuer was held in the Office of Planning and Development for the City and County of Denver, Denver, Colorado. At such public hearing, all interested persons were given an opportunity to express their views , both orally and in writing, on the proposed issuance of the Bonds and the location and nature of the Single Family Mortgage Loan Program. The Council has received a report of the hearing . The Mayor of the City of Englewood, as the chief elected executive official of the City of Englewood acting as such after such public hearing, hereby approves the Bonds and the Single Family Mortgage Loan Program , which approval is intended to comply with the provisions of Section 14 7(f) of the Internal Revenue Code of 1986, as amended . IN WITNESS WHEREOF, we have hereunto set our hands this ___ day of _______ , 1999. ATTEST: Thomas J. Burns, Mayor Loucrishia A. Ellis, City Clerk -4- • • • ,.. • • • DELEGATION AGREEMENT THIS DELEGATION AGREEMENT (this "Delegation Agre ement") is b e tween CITY OF ENGLEWOOD , COLORADO , a home rule municipal corporation and political subdivision of the State of Colorado (the "City"), and the CITY AND COUNTY OF DENVER, COLORADO , a home rule city and a municip a l corporation of the State of Colorado (the "Issuer"). RECITALS: WHEREAS , the City and the Issuer are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of this 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 municipality may delegate by resolution or ordinance , as the case may be , to any other county or municipality authority to act on its b e half in the financing of projects under the Act and that a ny 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 as provided in such resolution or ordinance ; and WHEREAS , the City desires to d elegate to the Issuer the authority of the City of Englewood to finance and otherwise take action and exercise power under the Act on behalf of the City of Englewood with respect to the Single Family Mortgage Loan Program within the City . NOW THEREFORE , in consideration of the mutual covenants and unde rtakings set forth herein, the City and the Issuer hereby agree as follows : S e ction 1. The City of Englewood , Colorado 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. Section 2. The Issuer hereby accepts the delegation of authority from the City pursuant to Section 1 hereof and agrees to abide by each of the terms and conditions of this Delegation Agreement in connection with the use of such delegation. The Issuer agrees to make available to the City no later than May 1, 1999, a portion of the proceeds of the Bonds for the origination of home mortgages within the City's boundaries. IN WITNESS WHEREOF, the City and the Issuer have caused this Delegation Agreement to be executed to be effective as of , 1999 . [SEAL] CITY OF ENGLEWOOD ATTEST: Thomas J. Burns, Mayor Loucrishia A. Ellis , City Clerk -5- • • • COUNCIL COMMUNICATION Date Agenda Item Subject Bill for an ordinance to assign and transfer to the City and County of Denver the 1999 City of Englewood allocation from the State of Colorado ceiling for March 15, 1999 11 a i private activity bonds to finance residential housing facilities for low and middle income persons within the City of Englewood and certain other cities ad counties in the State of Colorado . Initiated By Staff Source Department of Financial Services Frank Gryglewicz, Director of Financial Services COUNCIL GOAL AND PREVIOUS COUNCIL ACTION In 1998, City Council passed a similar ordinance. Ordinance 27 , Series of 1998 was passed on final reading April 20, 1998. City Council discussed go ing forward with this ordinance at a study session held March 1, 1999. RECOMMENDED ACTION City staff recommends City Council approve this bill for an ordinance assign ing and transfering to the City and County of Denver the 1999 City of Englewood allocation from the State of Colorado ceiling for private activity bonds . BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED Th is action assigns the City's allocation of the private activity bonds to the City and County of Denver. The pool of assigned funds are used to help low and middle income persons finance residential housing. No alternatives were identified. FINANCIAL IMPACT T hi s action will not have a material impact on City finances. LIST OF ATTACHMENTS Proposed bill for an ordinance