HomeMy WebLinkAbout2003 Resolution No. 035•
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RESOL LT IO:-: :-:o. !:f;'
ERIE S OF 2003
.I RES OLUTIO); ACTII URIZl:-:G .-ISSIG:-:,1 E:-:T TO THE COLORAD O HOUSl);G .-1:S D r-1:,;..1:s;CE
.IUTI I RIT', o r-.\ PRl\'ATE ACT ll'I T \' BO:-ID ALLOCATIO~ OF THE CIT\' OF E:SGLE\\'OOD .
.-\RAP .IHOE COL':-:TY . COLORADO PL'RS C.-1:-:T TOTIIE COLORADO PR IVATE ACTl\'IT Y
BOND CE ILl:-:G .-\LLOC.·\ TION ACT.
\\'I IEREA S. th e Ci1y of Eugkwood. Colorado i~ au th or ized :md C'llpowcrcd umli:r th e l:iw s of thc St:llc
nf Cli lor:ido 10 i!is uc rc\'c 11 u1.: bo nds fo r the purp o;,,c of prn,·idin g single-famil y mor1g:1gc l,,:111 '> lo hiw an d
modcr:uc.: income persons and f:unilics: :rn d
WHEREAS. 1hc l ntcrn :1 1 Revenu e Cod e of 1986, :1 ::i am cndcJ rcs1 ric1 s 1ht.: um1mn t of 1ax -c.xc mp1 bo nd s
whidt may be i:,sucd in th e Sl:tlc to prov ide such mort i;:i.gc lo:111s and for ccn:iin ,i1hcr purposes: :ind
WHERE AS. pursuant to the Code. the Co lorado legi slatu re adop ted the Co :orndo Pri v:11c Al'.tivity Bond
Ceilin g Allocalio n Ac t. Pan 17 of Anic le 24, Col orado Revi se d S1a tu1c s (the "A ll oca tio n Ac t"), providing
fo r the all oc :iti on of the State Ce ilin g among the Colo rado Housin g and Finance Aut hority ("Authority")
:me.I 01hcr govc rnrn cn 1al units in the Sto.lC, and funhcr prov id ing fo r the a."isig nmcnt of such all ocutions from
sudi olhcr governmen tal uni1 s to 1he Au 1hori 1y: and
WI IEREAS , the Ci ty of Eng lewood, Colorndo has determined that th e 2003 All oca lion, or a punion
1hcrcof, can be utilized most efficie ntl y by assigni ng it lo 1hc Au th ori ty to iss ue Priv :llc Ac ti vit y Born.l s ior
!hi.: purpo se of pro vid ing si nglt:-fom il y lll ll rl gagc loa ns to lnw and modcratc im:o rn c persons and fami lie s:
and
WHEREA . the City Coun cil of the Ci1 y of En glew ood has detennincd to a~li ign SI ,21-t .738 of i1s '2003
Allocation to the Authorit y, which assignme nt is 10 be evidenced by ::in Assignment of All oca ti on betwee n
the Ci,y of En glewood and the :\uthority:
110\V, THEREFORE. BE IT RESOLVED BY TH E CITY COUNC IL OF THE CITY OF ENGLEWOOD.
COLORADO. THAT .
Ss;cl!on I. Thi: :t.\Sig nm ..:111 to the Auth onty fo r SI .21~.i38 of th e Ci ty of Englewood. Co lor:u.to·s ::!:003
,.'1,ll oc:i tio n sh:ill be an d here by is approved .
S!,!ct1on 1 . The fom1 nnd subsrn nec of ,'1c Assig nmen t of :\ll ot.:ation :ire approved: pro vided. however.
Iha ! the Endewood Citv Council is authon1ed 10 m:ikc :..uch technical ,·:i.n ation s. additions or de ktiom in
or to such .~)s ig nmcnt ~f Alloc :ui on :i s 1li1·:: sh:111 deem nc •·cssar:, or appropri:i 1c and n\J t incon sis1cnt \\ith
the :1ppro \'a l 1hercor by 1hi s Reso lution .
~ Th e City Co unci l fo r the City of EnglC\\OOd. Co lora do is au th orized to exec ute and deliver
the Assignmen t of All oc.:niu n on bd1nlf of the City iJ f Englewood Jnd to ta ke such other ~lCp) or Jcti ons JS
miy be nc:..:ss ~ry . usc :·u1 or ~o nvi:ni c nt to e:"fo c1 the afo re said JS:.i gT1mcn1 m ac.:ordan cc \\ 1th ihc uuem \J f
:h1:i. Rc so lu tl'-n.
~-Ii JOY ~e::tio n. pa rag raph. d :m se or pro v1~1on of thi s Rc so lu uon .i hall fo r any rea ~on be held
,.., be Ill\ .:i lid or unen fo rce:ible. the m\ :1lid!1y \J r uneniorceab 1l ity of ;;uch secti on pa r:1gr:1.ph . ..:!::iu :..i:. or
i;ro, 1s1cn shall no t .1[fc :t :in~ oi the rcmain ·ng t1ro ' mons of thi s Re so lu 1iun
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~. Th is Reso lution sha ll be in full force and cffct.l upon its p3ss agc and appro val or as otherwise
req uired by the Englewood Mame Rule Chancr.
ADOPTED AND APPROVED this 3" day of March, 2003.
I. Lou crish ia A. Elli s, <;jlj.Clcrk for 1hc City of Englewood, Colo ra o,
copy of Resoluti on No .~, Series of 2003.
• D~TE : ·\GE '-DA ITE .\\ SU6IECT:
1\1,uch 3. ~U0 .1 11 c iii Pri, .1 1, -\c Ii li1, 6on cl Cap Alicea-
lio n to CHFA io r H ome Q \\nership
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Pro grJms
IN ITI ATED 6\' STAFF SOURCE:
Communi ty D e, elopn w nt Depart men t Mark Gr.1ham , Se ni or Pl,11111e r
COUNC Ii. GOA L AND PREVIO US COUNCIL ACTION:
C oun ci l est1blished goals fo r enhancing housi ng options in the comm un it y incl ud in g home
mvn ership .
RECOMMENDED ACT ION:
Staff reco mm ends that Coun ci l ad opt the Reso luti on auth orizing ass ignm ent of Englewood's '.!00 3
Pri vate Acti vity Bo nd Cap All ocatio n l o th e Colorad o H ousing and Fina nce Auth ority fo r home
ow ners l1i p prog ram s. I BACkGROU ND, ANA LYS IS, AND ALTERNAT IVES IDENT IFIED:
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En gle,,voocl fi rs t bec ame an ent itl ement co nununit) fo r a Pr iva te Acti vit~1 Bond (PAB) All oc at ion in
~DO ~ w it h th e Stat e's decisio n to in cl ude all ci ties over SI m illi on in PA S all ocati on. Befc re ~0 0 2,
Englewood was eligible to req ues t a PAS all oc ation irorn th e statewide pool manage d by th e Colo-
rado D epartm ent oi Lo cal Affa irs (D C'L A ).
Council met wi th Colorado Hous ing Fi nan ce Aut hority (CHFA) rep rese ntatives in 200~ to discuss
PAB opti ons in clud in g affo rdable hous in g, home ow ne rship and bu si ness ass istan ce prog .am s.
oun c1l re cei\ed ad vice from the Ci ty's fi nancial adviso r, G eor ge K. Baw11 Company: to kee p PAB
op tio ns o pen unt il mid-y ar to wait and see what projects or proposa ls\\ oulcl com~ fo rwa rd to
b eneiit Engl ewood. If th ere are no requ es ts fo r PAS all ocati on then the PA B all cca l ion co uld be
dir ec ted to CHFA for hous ing progr ams tha t bene rl t En gle\\ oo d.
FINAN CIAi. iMPACT:
The Res o lu ti on assigns Engl e\\ ood s entire ~003 P ,B Bond Cap, S 1.c I ~.~33, to CHAFA fo r Home
O •., nership pro grams. 11 the C ouncil ta i-es no Jcti on. the Bo nd Cap re•. eris 10 th e Colo rad o De-
par tm ent oi Loc,1 1 ,-\flairs b, statut e. ro r assign ment to eligible stat ~ agencies.
LIST OF ATTA CHME NTS:
Resolution