HomeMy WebLinkAbout1988 Resolution No. 054I
RESOLUT IO N NO. 5,j
SER IES OF 1988
A RESOLUTION DECLAR I NG THE SUPPORT OF TH E CITY OF ENGLEW OO D FOR
THE APPL IC ATION BY TH E CITY AN D CO UNTY OF DENVER FOR AN
ALLOCATIO N FR OM TH E "STATE WIDE BALANCE " PU RSUANT TO SENATE BILL
NO. 72 FOR USE IN CONNECTION WITH A PROGR AM TO FIN ANCE RESIDENT IAL
FACIL I TIES FOR LOW-AND MIDD LE -I COME FAMILIES AND PERSONS WITHIN
THE CITY AND COUN TY OF DENV ER , COLOR AD O, AND CERTAIN O'r HER CITIES
AND COUNTIES IN THE STATE OF CO LOR ADO; AUTHORIZING THE DELEGATION
TO THE CITY AND CO UNTY QF DEN VER OF Tl'E AUTHOR ITY OF THE CI TY OF
l::NG!,EWOO D TO IS SUI : REVENU E BONDS TC• Fllll\NCE THE PROGRAM WI THIN
THE CITY OF ENG LE WOOD ; AN D AU THO RIZING THE EXECUTIO N AND DELIV ERY
BY THE CITY OF ENGLE WOOD OF A DEL f.G AT ::CJr, AGR EEMENT .
\;f!P.RE AS , the City o f Eng l e wo od , Co l orado (the "City"), a nd
City a nd County of De nve r, Colorado (''Denver''), are each
autho ri zed by th e County a nd Municipa lit y De velopment Revenue
Bond Act, constituting Part l of Article 3 o f Title 29, Colorado
Revised St atutes, as amende d (th e ''Act ''), t o finance properties
o the end that mo r e adeq u ate r es identi al h ous ing facilities for
low-and mi ddl e -inco~e f ami lies and personr may be provided; and
WHEREAS, the Act and Part 2 of Article 1 o f Title 29,
Color ado Revised Sta t utes, as amended , p r ov ide , in effect, that
anv count y o r municipality may by r e s olutio n o r o rdin ance
deleg ate t o an y other county o r municipa lity its authority under
the Act t o financ e projects under the Act ; and
WHEREAS, Denve r proposes to authorize ~nd provide for the
issuance of revenue bonds pur suant t o the provisions of the Act
to finance r esi de n tial facilit i es for l ow-and middle-income
f amilies and perso ns (t he "P rog r am 11 ) within De nve r and other
cit i e s and count ies in the State of Colorado (the "State") which
a ssign to Denver f o r us e in co nnection with the financing of th e
Prog ram al l or a portio n of t he i r r espective allocations unde.
the bo nd ce i ling fo r t h e State and it s i ssui ng authorities (the
"State Ce iling ") computed under Section 14 6(d ) o f the Interna l
Revenue Code o f 1 986 as provided for i s suing autho rities as
''d esiqna ted loc~l issuing a11t ho r ities 11 purs uant to 1987 Colorado
Senate Bill No .7 2 ("S.B .72") enac t ed ~y the Colorado Fifty-sixth
Ge neral Ass emb ly and s i gne d by the Colorado Governor on May 20 ,
1987 and/or s uppor t the a ppl i catio n b y Den ver fo r an allocation
from t he "sta tewide ba l ance " nu rs ua nt to S.8 .71 for use i n
co nnection wi th th e f inanci ng· o f t he Pr ogram ; a nd
WH EREAS, the City des i res t o de l egate to Denver the
autho r ity of the City to finan ce and o therw ise take actio n and
exe r cise power under the Act on be half o f the City with respec t
to the fi n a ncing of the Program within th~ City ; and
WHEREAS, it is necessary to evidence such delegation and
t h e ac ceptance o f such de legation by the Delegation Agreement
(the "D e legatio n Agre em e nt") pr esen ted at this meeting which will
be execut e d and de l i vered b y the City a nd De nve r; and
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WHEREAS , th e City desires t o support the application by
nenver f or an ~l lncatjn n from the ''s tatewide bal an c e•• pursuant t o
S.R .7 7. f 0 r. u~P in c onnec t io n with the financing of the Program;
NOW, TH EREFORE , BE IT RESOLVED BY THE CITY CO Ul4CIL OF TH E
CITY OF ENG LEWOOD, COL ORADO , THAT:
Se ct i o n 1 . The City declares its s uppor t for an I
anp] ic~i o n by ·o en\·er f o r an allocation f r om the "s tatewide
ba la n~e •• pursuan t to S.B .72 for usa i n connection with th e
fina ·i.ng o f the Pr og r a m. Pu rsuant to t h e Delegation Agre em ent
an d u hj e ct to the terms a nd co nditions se t f o rth therein, the
City 6 ~leq ates to Denver the authority of t he Ci ty to finance an d
oth e r • .se t a ke action and exercise powe r un der the Ac t on behalf
o f the City with respect to the f inancing of the Pr og r a m within
t h,a City .
Section 2 . The fo r m, terms a nd provision s of the
Delegation Agreeme n t hereby are appr ove d a nd th e Mayor and t he
City Clerk hereby a r e a uthor ize d an d directed to ex ecute and
de liver t h e Delee 1tion Agreement.
Se ction 3 . ~e Mayo r a nd the Ci ty Clerk hereby are
authc rized and dire ~ted to take such other steps or actions a s
may Ile requ i red to carry out the te rm s a nd i nten t of this
r esa lt,;tion.
Se c tion 4 . Nothing contained i n this resolution shall
constitut,:!thedebt o r i ndebtedness of the City within the
mea ni ng o f th e Const itut ion o r statutes of the State o r the h ome
ru le cha·cter of any political subdivisio n thereof, nor give rise
to a pe~u ni a r y liabi lity of the City or a charge against its
qe neral credit o r taxing powers.
Se ct ion 5. If a ny secti o n , paragraph, clause or provision
o f th i s resolut ion s h all for a ny 1·eason be held to be invalid or
un enforc eabl e , t h e i nval i dity or unenforceability of any sch
section, ara g rap h, claus e or provision shall no t affect any of
t.he remaining provisions o f this re so l utio n .
Sec tion 6. Th is resolution shal l be i n full force and
effect upon its passage a nd approval.
ADO PTE D AND APPROVED this 1st day of August, 1988 .
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,..... usan Va n D
Att,st:
'11:t I A.
Patricia H. Crow, Ci ty Clerk
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I, Pat ricia fl . Cro w, Ci ty Clerk of th e City of Eng l e wood,
Colorado , hereby certify that t he for egoing i R a true copy o f
Resolution No.$._, Seri es o f 1 988 .
ClAccu c e#:(; #-<-•1
Patricia II. Crow
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DELEGATION AGREEMENT
THIS DELEGATION AC,REEMENT ( the "Delegation Agre2me nt"),
dated this 2ncl day of Augu s t 1988, is between
Englew oo d , Colorado, a body corporate and politic ( th e
"Delegator"), and the City and County of Den v er, Colorado, a body
co rpor ate and politic (the "Delegatee").
Re ci tal s
A. The Delegator and the Delegatee are each authorized by
the County and Mun ici pality Development Revenue Bond Act,
constituting part l o f article J cf ti tle 29, Co lorado Revised
Statutes, as a mended (the "Ac t"), to fi nance properties to the
end t hat more adequa t e res i dent ial housing facilities for low-
and middle-income fam ili es a nd pe rsons may be provided.
8. The Act and part 2 of articl e 1 of titl e 29, Color,:.do
Rev ised Statutes, as amended, pro ,, i n effect, that any county
or muni ci pality may by resolutio n o r o rd in ance r.~legate to any
other c o unty or municipality i ts ?uthor ity un..',· r the Act to
finance pr o jects under the Act.
c. The Delegatee propos es to authori ze and provide for the
issuan~e of revenue bonds pursuant t o the provi sions of the Act
to finance residen tial fac ilities for low-and m:~dle-income
families and persons (the "Program") within the Delegatee and
other cities and counties in the State of Col o rado (the "State")
which assign to the De legatee for use in connection with the
financing of the Program all or a portion of their respective
allocations under t he bond ceiling for the State and its issuing
authorities ( the "State CeEing") computed under Section 146(d)
of the Internal Revenue Code of 1986 , as prov ided for issuing
authorities as "designated loca l issuing authorities" pursuant to
1987 Colorado Senate Bill No . 72 ("S ,8. 72") enacted by the
Colorado Fifty-sixth Ge neral Assembly and signed by the Color ado
Governor on May 20, 19 87 a nd/or support the application by the
Delegatee for an allocati o n fr om th e "statewide balance" pursuant
to S.B. 72 for use i.n connection with t he financing of the
Program .
D. The Delegator has ass igned to the Delegatee the portion
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of th e 0e legato r 's allocation fr om the State Cei li ng which the
Delegato r has committed a nd rese rv!'d for us e i n connection with I
the financ ing of the Program a nd /or resol v ed to support the
app lication by the Delagatee f or an allocation f~om the
"statewi de balance" fo r use in connection with t he fin anc i ng of
t he Pr ogram.