HomeMy WebLinkAbout1986 Resolution No. 018I
I
Rl SOLU ll OI, l;Q , I/.. __
SLR LS or 19SG
I, R[SOLlll 101 : Il :Il IL/11 IN G TH[ INTENTION or TH[ CITY OF [1,GL[WOOO TO FINANCE A SIN GLE
r ;;,:IL \' M~RlG l,G [ LO AI, PROGR I.M
\./'l[REAS , lh e City of Englewood , Colorad o (the "City") 1s authorized by th e
lountv ,11ld 1•:.inicipality De ve l op ment Revenue Bond Ac t , cons titutin g Artic le· 3 of Ti t l e
29 , Lolorado Revhed Stat ute s t o fin ance pro pe rtie s to th e end th ot mor e adequate
rcsid rn t1 a l ous ing f ac il i t ies for 10,1-an d middle -income families and persons may be
pvv i dld ~ and
,!/![RE AS, th e Tax Reform Ac t of 19 85 was passed by th e Unit ed St ates House of
~cpcrsen t a tiv es on Dece mbe r 17, 1985 whic h, dmong other thin gs , li mits the total a mo unt
of ce• tain "n ones s entia l fu nc t ion bonds" which may be i ss ued by any state a nd i ts politi-
cc.l su~division s in each year by i mpos ing certai n vo lume caps tha t li mi t th e t ax-exemp t
sta tus of int e r es t on such bonds for f edera l income t ax purpo ses ; a nd
,!H[REAS , pur s uan t t o th e Tax Reform Act of 1985 th e State of Co lorado
( he "S l ate") has prov i ded f or a fonnu la for all ocation of s uch am:>unt to local is s uing
au thor,t ,, and s t ate issuing auth o riti es in the State in a manner different from th e
iede r a l all ucat i on fonnula , in Part 16 of Artic l e 32 of Ti t l e 24 of Colorado Rev i sed
~tctute s (the "A ll ocation Ac t"); and
Wlli:R EAS , th e Alloc ation Ac t provides th at the "initia l relinquishn ent dat e "
for a city of its init i al all oca tion of t he volum e cap i s the late r of 91 days from
th e da t e of th e i nd uc eme r t r eso 1 u ti on or Ju ne 1 ; a nd
,!H c~EAS , t he City des ires to fin ance a sin gl e fa mily mor tgage loan prog r am
Lu prov i de mor tgage l oa ns for th e acq ui s i tion , acquisit ion a nd reha bilita ti on , or
r ~habil itation of r e sident ial hou s i ng facilities for low-an d middle-income f~c,ilies
and pe r sons within th e City; and
,!H EREAS , t he City des ires to al l ocate $1 ,166,000 fr om a r equ es t for a ll ocation
fro m s t a te1·:ide ba lan cr.• fo r non essenti a l fu nc ti on bonds to f in an ce s uch program.
COLORADO:
11 0\•:, TH EREFORE , RE IT RESOLVED BY THE CITY COU NC IL OF TH E CITY OF ENGLEWOOD ,
Sec tion 1. The City Coun c il of th e City he reby states the intention of the Ci ty t o
i 5su e s ing l e fami l y mortgage re\~nue bond s in the max imu m ag grega te princ i pa l amou n t
of ~1,1 66 ,000 t o finan ce th e acquisiti on , acqui s ition and rehabilitation, or rehab il i-
ta tion of sing l e-fan.'ly re s id e ntia l hou si ng f ac i l it ies for l ow-and mi ddl e -income
fa mili es a nd persons within t he City.
Sec tic 1 2 . This re soluti on s ha l l be in full force o·,d effec t upo n its pns sage and
ti,pro val.
A~O PTED Ar :O Al-'PROVED this~ day of __ l·_la_y ________ , 19 86.
E, __ 75'.&2:..:
~~c::,-Ma'-y-o"'r-'-·-'-"'-=--=--
I, Pat r i c ia H. Crow, City Cle r k of th e City of Englewood, Color a do , do
hHe by cert ify t hat th e above and foregoi ng i s a true, accurat e and complet e copy of
Re so l ution No . .LL, Se ri es of 1986.
I
I
I
R[Ql'[ST FOR AL LOC ATI ON FR OH
ST AT[li I ll[ BAJ.A/I CE FOR NONESSE~'TIAL
FUN CTION BOND S•
J . J SSLIJNG Al Trl ORJTY
2 .
3 .
{a ) Lit r,f fll l e·· l !
t-.ll!I!t
(b) ·'"('I Sou ,, ('l ot i Slre, l r, ole,,mod L,...,C,,.o:..,l..1.QC!.r-"a'-'n,._0_,8.,C..Jlwl..1,Cl:_ ______ _
Addr ess
( c) i u!JC rie L . Ot is , M,, yor (d), __ 7'-6"-l'---'l-'l-'4~0 _________ _
l!'!sulng Au tho rity Of!i c.,r Telepho ne 1'u.:nbe r
(~ait• o.nd Tille)
EO);D c ou,SE L FIR.~
( a ) ~t.r·,-r n /, HrH:t 1rc1
t\ame
(b)633 17t t, Street , 0rn ve r Lo l ora uu 80?02
Add r es s
(cl H1c t.ud B . 801·:le•
Indi v id u al Re spo n!\ible
Atto rney
(d ) (3()1 ) 2G7-2°Q0
Telephone Numbe r
rROJICT FOR '•'.-l!C H ALLOCA TI ON RL QtlES TID
C•) Sin gle: 1·a11 ,i ly Mo rt gage Lo a n Pr og ,·am
t,;,n u r e a.n d l ocat ion or purpos e
(b) N I A
In i tial O..·ne r, User or Ben e ficiary of Pro ject
(c) Trpe of b o nds t o be using allocat i on (ch e ck one below):
t e.x inc reme nt
indus trial de velopme nt
single famil y mo rtgage
mul tifamily housing
SOl(c)( 3)
4 . 1"~0t:,'T or ALLOC ATION RLQUESTID: $_1_.,_16_6~·~0_0_0 _.o_o __________ _
5. DATE or 1"00PTIO N or I NDUCEtiE ITT RLS OLtrrION:, 05/15/8&
I understand that applications which are in c omp lete, including required
attachments, will not be proc essed for allocations from the statewide bal ance
to issue n on essential functi on bonds; and
To the best of my knowledge, th• foregoin& information and the
attac hments hereto are true and correct .
(Signed) ~ .. :t'U: ~
Ias~ingthority Officer (listed
RLQUIRL D ATIACHHEh'TS : in No . l(c) above)
Cert ified copy of INDU CEtiEh'T RLSOLIJTION as .required by
Section 24·32-1609( l)(b), C.R.S .
Prellminsry Bond Counsel OPINION a, required by Section 24·32-1609(1)(&),
C.R. S .
If a pplic a b le, proll111lMry Bond CounHl OPINION•• required by
Soctlon 24 -32 -1408(2)(•), C .R.S .
• If request is for essential fun c tion bond ■ which U."lder part 14 of title
24 of art i cle J2, C .R.S. are also "priva te activity bond1 1 " you are not
re qu ired to file an additional reque1t form with the Department.
DLG-160B·l9&6
Rl:P ORT or AD OPT ION
or I NDUCEl!ENT Rl:SOU.'TION
Rl:G ,'J!])!NG NONESS ENT IA L FUNCTI ON BONJ S
AS RE QUJ I £D BY SECTI ON 24 ·32·160 &, C.R.S .
!. !SSl1!1iG AUTHORI TT OR ASS !G~1:E
(a )_......1..Ll.,-l.L-L.!-ll.U.:."'1.t"'--------------------
~&• (b) 3,:(1[\ ov.,t h [la Li StrH t , [ng l1 •1·100d , Lo l o r ad o 11 11 17 0
Add r es1
(c) r 11?nn :-, \. Qti~, 1·',il yor
l !s u in& Au th o r ity Of!icc r
(N M!o an d Tit l e)
2 . 80 ~1l COUti SEL fl R.~
(a ) Sherman 6 Ho wd rd
Kam •
(d ) 76 l-ll 4r
Te lephone Numb er
(bl .,-,.,----""-'' 3'-'3~1~7'-"-l '-'h--=S..,lccr-"-'~'-'• t,_,.....cD_,cccn'-','-''"cc'c.· '-c::.·o=-_;;R..:0..:2:..:0:.:2:._ _______ _
Ad dr e 51
(c ) R1chanl B Powles (d ) ( 303 ) 2G 7 ?900
I nd i v i du a l R.,pon s lbl e
Att o r ney
Tel e phon e Numb e r
J. PRO .ITCT \o'HICH JS SUB.IT CT OF INDUCEt!E hi Rl:SO LllrlON
(a) c,!Jql n [""ro ll\' M ?rt □a r.e l o a n Pr oa r 1m
Na t u re a.nd l o c a t i on or p urpose
( o ) ,. /.
loit i al Ol.·tie r , Us e r o r Be ne fic i ary of P r ojtict
(cl Typ o o f hood s t o be Issued (cbo cl:. o o o be lw):
tax increment
industrial dev~l opment
v einglo !o.mlly mor tgage
multifo.mlly housing
SOl(c)(J)
4. A.~Olft.,,"T or I NI TIAL ALLOCATIO N TO BE USED (if app licable, include
a llocat ions 111igned to Project from other is ■ui.ng a uthoritie1 and attach
sc hed u le aet ting forth list of assignment&): $.cl_,.-'-"l G;:;.G.._0""0"'0"'.:.:0:.:fl_. _____ _
S. D,.l TE OF ADO!'TION OF I NDU CEHEhi RESOLUTION: 05 /1 5 /86
(Un len combined with allocation from atatewlda balance, bonds must ba
i ss u ed within 90 day• of above dat a or initial allocation ralinqullbed .)
To tba boat of my knovledga, tho for ogol.ng information and tba
a t tachmeot1 hereto are true and correct .
RE QUIRED ATTACHl!EhiS
(Signed) £,.,.-7<?-<V ;-(ct2z:;;::
Is;uing .tti'tbc ~ity Officer (llatad
in No . l(c) above)
Data
.$/J.5/Etf
• Cor tlflad copy of IND UCEMENT Rl:SOWTh"
Sc ~.cd•ala of :&a ■iplllanta, If appllcabla
DLG·l60.&·1 9&6
I