HomeMy WebLinkAbout1987 Resolution No. 027RES OL UTION NO . d l
SE RIES OF 1987
RESOLUTION AUTHORIZING ASSIGNMENT TO ThE CITY
AND COUNTY OF DENVER, COLORADO OF ii PORTION OF
THE ALLOCATION OF THE CITY OF Engl ewood ; '
COLORADO AS ii "DESIGNATE D LOCAL ISSUING
AUTHORITY" UNDE R 1987 COLORADO SENATE DILL NO.
7 2 FOR USE IN CONNECTION WITH ii PROGRAM TO
FINANCE RESIDENTIAL FACILITIES FOR LOW-AND
MIDDLE-INCOME FAMILIES AND PERSONS WITHIN
DENVER AND CERTAIN OTHER CITIES AND COU NTIES
IN TH E STATE OF COLORADO; AUTHORI ZING THE
DELEGATION TO THE CITY AND COUNT Y OF DENV ER,
COLOR/\DO OF THE AUTHORITY OF 1'HF. CITY
OF Eng l ewood ' COLORADO TO IS S UE REVENUE BONDS
TO FINANCE THE PROGRAM WITHIN TH E CITY
OF Englewood ; AND AUTHORIZING THE EXECUTION
AND DELIVERY BY THE CITY OF Englewood OF AN
ASSIGNMENT AND ii DELEGATION AGREEMENT .
. WHEREAS, the City of Engle,iood , Colorado (the "City") and
City and county of Denver, Colorado ("Denver") are each au tho -
rized by the Co unty and Municipality Development Revenu e Bond
Act , constituting part l of article J of title 29 , Co lor ado
Revised Sta tutes, as amended (the "Act"), to finance propertie s
to the end that more adequate residential housing faciliti es for
low-and middle-income families and pers ons may be provided; and
WHEREAS, the Act and p a rt 2 of articl e l of ti t le 29,
Colorado Revised Sta tutes, as ame;,ded, provide , in effect, th at
any county or municipality may by resolution or ordinance dele-
gate to any othe r county or municipality its authority und er the
Act to finance projects under the Act; and
WHEREAS, -Denver proposes to authorize and provide for the
issuance of revenue bonds pursuant to the provisions of the Act
to finance residential facilities for low-and middle-incom e
families and pers ons (the "Program") within Denver and other
cities and counties in the State of Color ado (the "State") which
assign to Denver for use in connection with the financing of the
Program all or a portion of their respective allocations under
the bond ceiling for the State and its issuing authorities (the
"State Ceiling") computed under Section 146 (d) of the Internal
Revenue Code of 1986 as provided for issuing authorities as
"designated local issuing authorities" pursuant to 198 7 Colorado
S e n a te Bill No . 72 ("S.B. 72") enacted by the Colorado Fifty-
six th General Assembly and signed by th e Colorado Governor on
May 20, 1987; and
WHEREAS, the City desires to commit and reserve a portion of
its allocation from the State Ceiling as a "designated local
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issuing authority• pursuant to S.D. 72 for use solely in connec-
tion with the financing of the Program; and •
' WH EREAS, the City desires to assign to Denver th~ portion of
the City's allocation from the State Ceiling which the city will
commit and reserve for use in connection with the financing of
th e Prog ram; and
WHEREAS, the city desires to delegate to De nver the
authority of the City to financ e and otherwise take act ion and
exercise power under the Act on behalf of the City with respect
to the fin a ncing of the Program within the City; and
WHER EAS, it is necessary to evide nce such assignment and
delegation and the a c ceptance of such assignment and de lega tion
by the Assignment (the "Assignment") and the Delegation Agr eemen t
(the "Delegation Agreement") presented at this meeting whic h wi ll
b e executed and delivered by the City and De nver.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF Engl ewo od , COLORADO:
Se ction 1. The City hereby commits and reserves a portion
of its a llocation from the State Ceiling as a "designated local
issuing authority" pursuant t o S.B . 72 in the amount of
$1,162,132.0 0 for use solely in connection with the financi ng .o f
the Program. Pursuant to the Assignment and subject to t he te rms .
a nd conditions set forth therein, the City assign s and trans f e r s
to Denver a portion of thP. City's allocation from the State
Ceiling for private activity bonds in an amount equal tG
$ 1,16 2,13 2.00 Pursuant to the Delegation Agreement and s ubj ect to
the terms and conditions set forth therein, che City delegates to
Denver 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 financing of the Program within the city .
Section 2. The forms, terms and provisions of the
Assignment and the Delegation Agreement her~by are approved and
the Mayor and the City Clerk hereby are authorized and directed
to execute and deliver the As signm e nt and the Delegation
Agreement.
Section 3. Th e Mayor
authorized ;\nd directed to
may be required to carry
resolution . ·
and the City Clerk hereby are
take such other steps or actions as
out the terms and intent of this
Sec tion 4. Nothing contai ned in this resolution shall con-
stitute the debt or indebtedness of the City within the meaning
of the Constitution or statutes of t he State · or the home rule
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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.
Se-:tion 5. If any section, paragraph, clause or provi sion
of this resolution shall for any reason be held to be invalid or
unenfor<.:eable, the invalidity or unenforceability of any such
sect ion, paragraph, clause or provision shall not affect any of
the remaining provisions of this resolution.
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Section 6. This resolution shall be in full force and
effect upon its passage and approval .
PASSED, ADOPTED AND APPROVED this 17th day of Augu st
1987. ------
(SEAL)
Attest :
City Clerk
DELEGATION bGREEHENT
THI!: DELEGATION AGREEMENT ( the "Delegation ,Agreement") ,
dated this 17th day of August 1987, ~..; between
Engl ewo od --Colorado, a body corporate and politic (the
"Delegator"), a~d the city and County of Denver, Colorado , a body
corporate and politic (the "Delegatee").
Recitals
II. The Delegator and th e De legatee are each authori zed by
th e County and Municipii lity Development Revenue Bond Act ,
constituting part l of act.icle J of title 29, Colorado Revised
Statutes, as amended (the "Act"), to finance properties to the
end U ,t :nore adequate residential housing facilities for low-
and m:j (le-income families and persons ma,y be provided.
B. The Act and part 2 of article l of title 29, Colorado
Revised Statutes, as amended, provide, in effe ct, that any county
or municipality may by resolution or ordinance delegate to any
other county or municipality its authority under the Act to
finance projects under the Act.
C. The Delegatee proposes to authorize and provide for the
issuance of revenue bonds pursuant to the provisions of the Act
to finance residential facilities for low-and middle-in<.:~:,.e
families and persons (the "Program") within the Delegatee and
other cities and counties in the State of Colorado (the "State")
which assign to the Delegatee ·for use in connection with the
financing of the Program all or a portion of their respective
allocations unde r the bond ceiling for the State and its issuing
authorities (th,, ":"'tate Ceiling") computed under Section l46(d)
of the Internal Revenue Code of 1986, as provided for issuing
authorities as "designated local issuing authorities" pursuant to
1987 Colorado Senate Bill No. 72 ("S.B. 72") enacted by the
Colorado Fifty-sixth General Assembly and signed by the Colorado
Governor on M~y 20, 1987.
D. The Delegator has assigned to the Delegatee the portion
of the Delegator's allocation from the State Ceiling i-i'·•'ch the
Delegator has committed and reserved f o r u s e in connect ~on with
the fin :rncing of the Program.
Delegation
l. The Delegator hereby delegates to the Delegatee the
authority c,f the Delegator · to finance and otherwise take action
and exerci3e power under the Act on behalf of the Delegator with
respect to t he financing of the Program -wi thin the Delegator;
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2. The Delegatee hereby:
(a) Accepts the delegation of authority from the
Delegate described above; and
(b) Agrees to abide by each of the 1 terms and
conditions of this Delegation Agreement in connection with
the use of such delegation.
IN WITNESS WHEREOF, the Delegator and the Delegatee hav e
caused this instrument 1to be executed to be effective as of the
date and year first written above.
(SEAL]
Attest:
(SEAL]
Attest:
Clerk and Recorder
--~E_ng~l~e~w~o~o~d _____ , COLORADO,
as Delegator
CITY AND COUNTY OF DENVER,
COLORADO, as Delegatee
By _____________ _
Mayor
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APPROVED:
Stephen H, Kaplan
Attorney for the city and
County of Denver, Colorado
By ______________ _
City Attorney
Countersigned and Registered
By ______________ _
Auditor
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[ISSIGJ:IMENT
TIIIS ASSIGNMENT (the "Assignment") dated this ~ day of
Augus t , 1987, is between Engl ewood Colorado, a body
corporate and politic (the "As s ignor") and the City and County of
Denv er , Colorado, a body corporat e and politic (the "Assignee ").
Bec itrt ls
I\. The Assignor 'and the Assignee are each authorized by
the County a nd Municipality Development Revenue Bond /\ct,
constituting part 1 of article 3 of title 29, Colorado Revised
Statutes, as amended (the "Act"), to finance properties to the
end that more adequate resid e ntial housing facilities for low-
and middle-income families and persons may be provided.
B. The Assignee proposes to authorize and provide for the
iss uance of revenue bonds pursuant to the provisions of the Act
to financ e residential faciliti es for low-and middle-income
families and perso n s (the "Progz;am") wi thin the Assignee and
othe r cities and counties in the State of Colorado (the "Stat e ")
which assign to the Assignee for use in connection with the
financing of the Program all or a portion of their respec t ive
allocations under the bond ceiling for the State and its issuing
authorities (the "State Ceiling") computed under Section 146(d)
of the Internal Revenue Code of 1986 (the "Code") as provided for
issuing authorities as "designated local issuing authorities"
pursuant to 1987 Colorado Senate Bill No . 72 ("S.B. 72") enacted
by the Colorado Fifty-sixth General Assembly and signed by the
Colorado Governor on May 20, 1987. ·
C. Pursuant to a resolution of the governing body of the
Assignor, the Assignor has committed and reserved a portion of
its allocation from the State Ceiling as a "designated local
issuing authority" pursuant to s. B. 72 for use solely in
connection with the financing of the Program .
D. The Assignor desires to assign to the Assignee the
portion of the Assignor's allocation from the State Ceiling which
the As s ignor has committed and reserved for use in connection
with the financing of the Prog ram.
E . Subject to the terms and conditions set forth herein,
the Assignor desires to a ss ign to the Assignee, and the Assignee
desires to accept, the portion of the Assignor's allocation from
the State Ceiling that the Assignor has committed and reserved
for the Program.
Assignment
In exchange for t he agreements set forth herein and other
good and valuable consideration, the receipt and sufficiency of
whi c h are hereby acknowledged, the parties hereto agree as
follows:
1. The Assignor hereby assigns and transfers to the
As s igne e a portion of the Assignor's allocation from th e Stat e
Ce iling for private activity bond s in an amount equ a l to
$ 1,162,13 2.00 provided that if the Assignee has not issued its
single family mortgage revenue bonds to finance the Program on or
b efore Se ptember 15, 1987, or the Program has otherwise qualified
for trea tment as a project with a carry-forward purpose,
including the Assignor's prior written consent to such treatment,
all right, title and interest in and to the allocation from the
State Ceiling being assigned pursuant hereto shall revert to the
Statew ide Balance in accordance with S.B. No. 72.
2 . The As s ignor represents that it has received no
monetary consideration for the assignment set forth above .
J . The Assignee hereby:
(a) Accepts the assignment of the portion of the Assignor's
allocation from the State Ceiling described above ; and
(b) Agrees to abide by each of the terms and conditions of
this Assignment in connection with the use of such allocation.
IN WITNESS WHEREOF, the Assignor and the Assignee have
caused this instrument to be executed to be effective as of the
date and year first written above.
__ E_n9~l_e_w~o_o_d _______ , COLORADO,
as Assignor
[SEAL)
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[SEAL]
ATTEST :
~1erk and Recorder
Approved:
Stephen H. Kaplan, City
Attorney for the City and
County of Denver, Colorado
By_--::-:--:---C7"-:------Cit:,> Attorney
Countersigned and Registered
Auditor
CITY AND COUNTY OF DENVER,
COLORADO, as Assignee '
By _____ 7.:" _______ _
Mayo r
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STATE OF COLORADV
CITY OF f .,r1t1ftt .('-t;('C·e
/
ss .
The City Council of J;he City of ,), Colorado, met in
Sj!)'Sion on (t'tt,wta-1-I , 19_87, at J_:.:10 jJ....m., at
,'--''-~.1.J.=1---=-'1__,-i'.,/.,L-='=----~O. C-c-wrcd C-h a ,,ti, tt --a I , in
,0-=:p:..,==~:<1.., Colorado, in full conformity with the law and the
r e olut ions and rules of th e City. Upon roll call, the following
we re found to be present, constituting a quorum :
Present:
Mayor:
co_uncilmernbers:
Absent:
constituting all the members of the City Council .
There were also r
. Cit, Clerk :
C'c.iz,,t City Attorney:
s ent:
wl-4 .,~/A.. JtJ aH,C/
½ ttc-tt J. ffe,(d
Thereupon, the following
and taken.
proceedings, among others, wer" had
counc ilmernber c.4 tttfa/;1ucr
tex t of which is as follows:
introduced a resolution, the
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A motion to adopt ~e foregoing resolution was then duly
made by Councilmember ~ a c/<'.-6 0 -1.u--' • ·' .
The question being upon the passage and adoption of the
re solution, the roll was called with the following result :
Those Voting Aye:
Those Voting Nay: L/1.~Lt,
Those Absent: -x;;µ((y/'i<?,,,-,zt«a ,L ·
Thereupon, the presiding officer declared the motion carried
and the resolution duly passed and adopted.
After other action or business not related to the foregoing
resolution, on motion duly made, seconded and adopted, the meet-
ing thereupon adjourned.
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STATE OF COLORADO )
CITY OF ..fJ,tffg-pf"()-t -7~t N'<"t~~
I , Gi2-irt ·,.,IL#. ,f(k.I , th
Clerk of the City of
State of Colorado, do
S.S .
a nd acting City
"City") , in the
1 . The foregoing pages numbered -1-to ·-5-inclusive are a
t r u e , pe r f ect and complete copy of the record of proceedings of
the Cit¥ Council o~ the City had and taken at/~ law_ful,J eet ' ng ~f
t 1e c ity Council helg1 at !1..-. .<-l t:t1 11 . (.,,, (£~n
-,// ,·(, · 1 .. , Colorado on [{u1,7<-.J-r '..J:l, 1987 at .::Z...:,]Q . m., as
rec rded in the regular offcial book of the proceedings of the
City kept in my office, so far as the proceedin~s relate to t he
re s olution the r ein set forth, the proceedings •-1ere duly had and
t aken as therein shown, the meeting th erein shown was duly held,
and the p ers ons the rein nam ed wer e prese nt at the meeting as
therein shown.
2. All members of the City Council were duly notifie d of
th e meeting, pursuant to law.
IN WITNES S
the seal of the
[SEAL)
WHEREOF, I have hereun~ set j'. hand and affixed
City this l.&i:,, da~ J _<J«a , 1987.
~kw& LXI. tJ,~.11
City Clerk
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