HomeMy WebLinkAbout2002 Resolution No. 077• RESOLUTION 1 0. H
SERIES OF 2002
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A RESOLUTION AUTHOR IZI NG ASSIGNMENT TO THE COLO RADO HOUSh 'G AND
Fl. ANCE Al"THORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY
OF ENGLEWOOD , .~RA.PAH OE CO{J);TY, COLO RADO Pt.:RSUANT TO THE
COLORADO PRIVATE ACTlvlTY BOND CE!LING ALLOCATION ACT .
WHEREAS , the City of Englewood , Colorado is authorized a nd empowered under the
la\VS of the State of Colo ro.do to issue revenue bo nds for the purp ose of providing single-
family mortgage loans to low and moderate inco me pe rs<ms and fam ilies; and
WHE REAS, the Internal Revenue Code of 1986, as amended restricts the amount of ta.~-
exempt bonds which ma y be iss ued in the State to provide such mortgage loans and for
certain other purposes; and
WHEREAS , pursuant to the f '•• the Colorado legislature , 1 ... ,.,d the Colorado Private
Activity Bond Ceiling Alloca ti , •. Part 17 of Article 24, Colorado Revi se d Statutes (the
''Allocation Act"), pr oviding • •-• allocation of t he State Ce iling among the Colo rado
Housing and Finance Authority ("Authority '') a nd other go vernmental units in the State, a nd
further providing fo r the assignment of s uch u.llocations from s uch other governmental units
to the Authority; and
WHEREAS , pursuant to an allocation under Section 24-32-1706 of the Alloca tion Act, the
City of Englewood. Co lorado has a n allocation of the 2002 State Ceiling fo r the issuance of a
s pecified principal a mount of Private Activity Bonds prior to Se ptemb er 15 . 2002: and
WHEREA S. the City of Englewood , Colorado has dete rmined that the 2002 Allocation . or
a po rtio n thereof, cn n be utilize d most efficiently by assigning it to the Authority to iss ue
Private Activity Bond s for the purpose of providing single-family mortgage loans to low and
moderate inco me person s and families ; and
WHEREAS, the City Co uncil of the City of E.uglr ,voo d has determined to assign
S1.189. i63.00 of its 2002 Allocatio n to the Author :y, which assignm ent is to be evidenced
by an Assignment of Allocation between the City o: Englewood and the Authority;
NOW, THEREFORE , BE IT RESOLVED BY THE CITY COU NC IL OF THE CITY OF
E NGLEWOOD, CO LO RADO , THAT :
~-The assignment to the Authority fo r $1,189, i 63 .00 of t he City of Englewood ,
Colo r ado's 2002 Allocation s hall be and hereby is approved .
~. The fo rm and substance of the As signment of Allocation are app rc.ved:
provi dei, howeve r , that the Englewood City Council is authorized to make s uch technical
variations, additions or deletions in or to such Assignment of Allocation as they shall dee m
n ecessary or appropriate and not incon siste nt with the approval thereof by this Re solution .
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~-The City Co uncil for the City of Englewood, Colorado is a uthorized to execute
and deliver the Assignme nt of Allocation on behalf of the City of Englewood a nd to take such
other s teps or actions as may be necessary, useful or convenient to effect the afo resaid
assignmcut in accordance with the inte nt of this Resolution .
~-If any section , paragraph, cla use or provision of this Re so lution shall for any
reason be held to be invalid or unenforcea bl e, the invalidity or unenforceability of such
section paragraph, clause, or provision shall not affect any of the remaining provisions of this
Resolution .
~-This Reso lution s hall be in full force and effect upon its passage and approval
or as otherwise required by the Englewood Home Rule Charter .
I, Loucrishia A. Ellis , City Cle rk fo,;.tw, City of Englewood,
above is a true co py of Reso luti on No.Li. Series of 20 .
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COUNCIL COMMUN ICATIO N
DATE: A GENDA ITEM SU BJECT :
Julv 15 , :!00 :! 11 C ii Priv ate Activity Bond Cap All o ca-
tl o n fo r H o me O w ne rs hip
IN IT IATED BY
Com munitv Devel opm en t Departmert
I STAF F SOU RCE:
•"l ark Graham , Seni or Plann er
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COUNCIL GOAL AND PREVIOUS COUNCIL ACTION :
Co unci l esta blish ed goals fo r en hanci ng housi ng optio ns in the co mmunity incl uding ho me
ownership.
RECOMMENDED ACTION:
Staff rec ommends that Coun cil ado p t th e Re solution auth ori zi ng assignmen t o f Engle wood's 2002
Priva te Act iv ity Bond Cap (Ceiling) All oca tion to th e Co lo rado Housing and Fin an ce Authority fo r
hom e ownership programs.
BAC KGRO UN D, ANA LYSI S, AND ALTERNAT IVES IDE NTIFIED :
Engl ew ood first became an en titlement co mmunity fo r a Pr ivate A cti vity Bond (PA B) Allocatio n i n
20 02 w ith the Sta te's dec isio n to inclu de all ci ties ov er S 1 milli on in PAB all ocati o n. Before thi s
ye ar, Engl ewood wa s eli 0:ble to reques t a PA B all oca ti on fr om the statewide pool ma nage d b~ the
Colo rado De oa rtme n• of Local Affa irs (DOLA).
Cu uncil met w ith Colorado Housing Fi nance Au th ori ty (CHFA ) representatives at the Feb ruary 11
Stud y Sess i on to dis cuss PA B optio ns includi ng affordable housi ng, home ownership and business
assistanc e pro gram s. Counci l ac cepted the advice of the City's fi nan ci al adv is o r, Ge orge K. Ba um
Company: to keep PA S options open until Jul y to wait and see w hat proj ects or proposals w o uld
co me fo rw ard to ben efi t Engle wood . No such PAB proj ects or program s were proposed .
FINANCIAL IMPACT:
The Res olutio n ass igns Englew ood's en tire 2002 PAS BonJ Ceiling Alloca ti o n, St, 189,763 , to
CH AF A fo r H ome Ownership pro grams . If the Coun ci l takes no action . the Bond Cap reverts•:.,
the Colo rado D epartment oi local A ffairs by statute, fo r ass ignment to el igible state agen ci es .
LIST OF ATTAC HMENTS:
Resol ution
L:1Lt1g n Ann 1ACC OA\lulv 15\CC · p,.9 Bo nd CJo Alloc:rn on 10 CH FA 070802.doc