HomeMy WebLinkAbout1986 Resolution No. 037I
RFSCll.\ T ll1~ '.(Cl .fl_. SER IES Of '0,\<(.
RES OLUTIO N TRA NSP ERRI NG TO T HE C I TY AN D COUNTY Of
DEN VER , COL ORADO T HE AL LOCATIONS Of TH I; CI TY Of
ENGLEWOOD , COLO RA DO UNDE R SE CTI ONS 29 -4 -8 0 3 /I ND 29-4-
8 05 Of COLO RA DO REVIS ED STJ\~Ll TES AN D ASSIG N ING TO TH E
C !T Y AND COU NT Y Of DEN '.'[!'. COLOR A DO ITS Al,LOCATIONS
UNDFR SEC T IONS 2 4 -32-16 06 I .ND 24 -32-16 0 7 OF COLO RA DO
NEV I SE D ST AT UTE S , TO F INA~CE ~ORTG AGE LOANS TO PROVI DE
Mt lll E ADEQU ATE RES!D ENT l AL HGUS ING f ACI LIT I ES l'OR L OW-
ANll MI DD LE-l ~CO ME FAM ILI ES AN[) PE RSONS WI THI N TH E CITY
AN C IJ ~TY OF DENVER, COL ORADO AN O WI T H!N TH E: C ITY OF
~NCI r.wooD AN D EL SEW HE RE IN T IIE ST ATE OF CO LO RA DO ;
DELEt ;,n l NG ".'!I E AUT HOR I T Y 'O I SS UE RE V ENUE UO NDS TO
FI NAN CE SA I D ,~ORTG AGE LO AN S WITH I N THE C ITY OF
!·'.NGLC :•:uoo; /I ND AUTH ORI Z !NG THE EXECU T ION AND DE L IVER Y
'l'! Tl!E C I TY OF ENGL EvlOOD OF AN AL LOCATION T RANS FER
AGRCE ME:JT , AN ASS I GN MENT AGREE MENT AN D A DEL EG AT ION
ACREE M[~~T .
\·l ESRE AS , t.he C i ty c t En g'.e wood , Co l o r nd o (t he "C i t y")
.1J1,! (·:1 y a :~d Co unty o f De nver , Co l o rado ("D~nve r '') a r e each
.11 11 1\1 r I l Pd n'I Co u n ty an d Mu111c 1pa l1ty Deve l o pme nt Re v en ue Bo nd
i\l::, c o ns .-ur.i ng Article 3 1f Ti t le 29 , Co l o r ad o Rev i s e d
St ._1 ·une s (Lt1e "P r oJ e c t Act "), to fina nc e p r o p er tie s t o t h e end
·n,11 ma r () a de qu at P r es i de n ti a l ho u s ino f a c i l i t ies f o r l o w-a nd
~t dd !e-1nc ome t am il1es a nd pe r so n s may be p r ovi d e d; a nd
WH EREAS , fe dera l l a w res t ricts t he am o un t a t t a x ex empt
Qbl i gaci o n s ·•h ic h may b e is su ed by t he Co l o rado Ho u s i n g Finan c e
llu c h o r 1t 1 and l o ca l g ov e rnme n ta l uni ts in th e St at e o f Co l o ra d o
(111P "State ") t o f inanc e si ng l e -f am lly mo r t ga ge s ; and
WH ERE AS , p u rsuan to fed e r al l a w t he St ate has pr o v ided
:l1 1 ~ fo r mul a f o r a l l oca t i o n o f s u c h am ou n t am o ng t he
0 1)\·P r nmen t a l u ni t s in t he Sta t e i n a ma nn er d if fe r e n t f r o m t he
I ,•de r al al l oc at i o n fo r mul a , i n Pa r t 8 o f Ar ti c l e 4 o f Title 29 o f
L',>l o r a d o Rev ise d S ta t u t es (t h e "l OJ A A l l o ca tio n Ac t "); a n d
WHE REAS , t h e l 0 3A Allo cat ion Act
,1o vernmen t a l un its in the S ta te t o t r ansfe r all o r
:hei r ,11 loca tio n s provided fo r 1n t h e l0 3A All o c ation
o t he r e n ci t v o the rwi s e a u t hc r iz ed co iss ue bo nd s
s1 ngle-fam i i ·y mo r t g a g es a n d o acc ep t t ran s fer s
.1 llo c .1 t1 o ns ; a nd
a u th o ri ze s
a p art o f
Act t o a n y
t o f i nan ce
o f su ch
\'/E ::R EAS , t h e T a x Re fo r m Ac t o f l ~8 5 wa s p a s se d by t h e
'1n1 1rd State s Ho u s e 0 f Re □rP s e n taci ves o n D•-'ce mb e r 17 , 19 8 5
'-''t11c h , .Jm cnc a ch e :--:.hings , ·1 1m1c s t he t o t al d!ll Ou n c o t c e r t ai n
"·~:n 1e ~•-.rr:t :J l f u 11rr :c,11 ho n<l s " 'Nh 1ch ma y OP iss ued b y a ny s ate
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anc! ! ts polit:cal su bdivi sions in each year b y i mp osi ng c ertain
\"~lumP c ap s t ha t limit t he tax-exempt status o f inte rest o n such
==' r ds [or f ederal inco me ta x purpos e s ; and
WHERE AS , pursuant to t he Tax Re fo r m Act o f 1985 the
s •~te ha s provided f o r a fo rmu la fo r a llocati o n o f su c h am o unt to
• 1 .1 1 issu ing a ut h o ri ti e s and st ate i ss uing a uthorities in th e
:--:•.1t l' 111 a mann er differe nt fr o m th e fed eral allocation formula ,
:1 1•.11t 16 o f /\rt1 c l e 32 o f Title 2 4 of Col o r .ido Revi s ed Statu tes
l ·t:,• "TRA Allocat1 o n AcL "); and
w111:1trns , the TR/\ All o cation AcL .lu th o r1zcs local
. ;:;u~ng autno r1t 1es to as si gn all or a part o f th eir all o cati ons
p 1l1 v1ded f o 1 In th e TRA A l locat1on Ac to any qu al i fied issuing
! .t h o r :ty and to accept a s sig nm ents o f such al l o c at1 0 11s : and
WHEREAS , the C ity des ire s t o Js si on to Denver
t,td 1 ,\1\J~:..:..0lJ 0 its alloc at 10 11 o f the •1 o lume c ap; a nd
h1!-I ERtJ\S , Lh ProJect ,\c t and i:>..1rt o [ Arti c le l o f
: .t J ,, 29 , Co l L ra do Re v1se d Statutes , pr o vide , 111 eLLc r.t , hat any
1· •u 111y or mu11I ·tpal it y may by re so lut ion o r ordi nanc e de lega t e o
JI1y o he r cou nt y o r mun ic 1pa li 1.y i t s a L1t h o ri ty und er th e Project
,\c t , o fi nan ce projects un der the Project /\c t ; and
1.-IHEREA S , th e City desi re s t o tran sf er to Denv er its
a i I J cat i o n s under Se cuo ns 29-,1-803 <lnrl 29-,1-8 05 of c he 103 A
,-:,j !o i..:ation Act fo r t h e year 1986 a nd to a ss ign to Denver i s
a'. !,:,c ati o n s u nder Sec ion s 24-3 2-1606 and 2-1-32-1 6 07 o f t he TR A
;11 locatio n Act for the ye a r l 9 86 to fi n ance :n o rtga ge l o ans to
provide more adequate reside n ti al housi ng facilit ie s f o r low-a n d
m1 t!dle-inco me families a nd person s wi t h in Denver a nd the Cit y and
1•l~e wl 1ere w it hin the Sta te ; and
WHERE AS, the Citv desire s to delegate to De n ver its
µ0 1,,,1 er under the Pr o ject ACt to issue revenue b e nds to finance
mo rtgage loans t o pr o vide mo r e adeq uat e residen tial h ou sing
I.Jci li ties for l o w-and mind le-income fami I ies a nd per so n s within
t he Ci t y ; ,l nd
WHERLAS , it is necessary t o evidence s u ch tra11 !:te r s and
Lhe accepta nce o f s uch tran sfe rs by the All o cati o n Tran sf e r
,\qreement prese n ted at t hi s me eti ng ( the "llllocat 10 n Transfe r
,\nreemen t ") whi c h will be exe ·uted and delive red by the City and
!'"ll'J r ; and
:•JHERE AS, ii:. ts necessary to ev1de,cf-' ~uch a ssignme nt
~11J t~e acceptance o f such assignmen t by he As s ianmP n t Agr ee ment
;)!,1 SPnted at the meet in g {the "A ssiq nmPn t ;i.,qrcemern"J wn1c t~ wll i
b f • exec ut ed and delivered by r ;".~ Ci ·y and [)1-•n·,e:; .u1d
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A mot io n t o ad o p t c he
:,,!v mJde by Co unc il member
· ·u ;1c 1 1 member
foregoing re solu tion wa s the n
and du ly s econded by
The quest i on being u po n t he passage and ad o p 10n o f the
·nsoluc1on , the roll was called with the follo win g result :
~hos P Voting Aye :
7h 0s P Vo inq Nay:
:'ho:.,• Ab:.:.ent :
r tie>ieupon , Lhe pre s 1d1ng off i c e r decl ar e d the motion
·.i• 1 1ed ar:d the res olutio n duly pa:;;s ed a n d ad o p ted .
,\ftcr ot he r a ctio n o r business not rel at d to t he
: :·r>a o 1ng ::-e solut :o n , o n motio n duly made , seco nded and adop t ed,
• :;,, mee · 1:-!g t her eupo n adi ou rn ed .
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S ,'ATE Of COLO RADO
C : TY Uf ENG LEWOOD
ss .
I , _________ the duly qua li f i ed a nd acti ng
,·11y Cl er k o f th e City o f Engl wood , Col o ra d o (the "C ity"), in
: 1,,, Stc1 lc o f Col o r.id c , do l1e reb y ce r ti fy:
1 . rhP t o c egoing pag e s numbere d -l-to -6-, inclusive
d: P cl trul:!, perfec~ .1 nd cor-plet e co py o f th e reco rd of
nr o ce d in g , o f he C1 y Cou ncil o f t he City h ad and t aken at a
·1-11,n.ul me eting :,f the City Co unc i l held at
, 1n ------~• Colorado o n , 19 86
,lt -~ -~-as r i=::-o r d ed in the r egu la r o(f i ,...;a1 br-Jo k-of he
p 1oc cedin"gs of the t.!t y kep i n my o ffice , so 'r as the
pr oc cPd i ng s r elate to the res olutio n t h ere in se t 2'r h, the
p1 ~,,·l:edings were d uly had and a1<c!n a s therein s hown, t '1e mee ing
1h ,•1 1•1 11 s ho wn •..,i as duly h ld , a nJ t he per so n s Lh r ein <1m ed were
pr, .. ,.-,n t .:it· ~he meeting as therein shown.
I . All me mbers o f th e Ci t y Council wpre du l y not i f ied
o r. · hP mee t 1ng , pursuant t o law .
f N \'/f TNESS WHEREOf ,
he s eal o f the City this
my ha nd and
----· 19 8 5.
t,ave hereunto
day o f
set
Cit y Cle r k
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I
I
ASSIG~MENT AGREEME NT
Th is Assjq nment Ag reemen t
Engle wood , C ,lorado ( the "City") and
Den ver, Colo ra do ("Denver").
i s be t ween
t he City
the City of
a nd Co un ty o f
1 . Preliminar Stat em n t . Am ong the matters ·,f mutual
1nducPn1t•nt wh ich h dve resulted in the execu 10 n o f t h i r
Assi gnmen t llqre men t a re the fo ll o wing:
(.:i) Th Ct ty and Denve r are ach aut ho rized by tr.~
Co unt y and Mun icipali ty Development Revenu Bo nd Act ,
co nstitu ting Artic l e J o f Tit:le 29, Colorado Rev i sed StatutPs
(t h e "Pr oj ec t Ac t "), to fi na nce proper ties to t h e end that more
,1J Pquat e residen t ial ho u sing faci Li ties fo r low-a nd mid d l e-
:rh·ome fami l i es and persons may be provided.
(b) The Tax Reform /l et o f 1 985 1>as passed by t h e
U1111 ,•d State s !l o use o f Repr ese n t alives o n De c..embe r 17 , 19 8 5
whid1 , a mo ng o ther things , i1 mi s the total amou nt of cert ain
''ritrne ::;se nti,1 1 fu nc tion bo nd s " ·,..t,ic:h may be i ss ued by a ny s ta t e
a nd its poli tical subdivisi o ns 1n e a ch year by imposin g ce rtain
v ol ume c aps hat 1 im1t t he t ax -exempt s tatus o f interest on su ch
bo nds f o r fed eral in c o me l ax purpose s .
(c) P u rsuant to t he Ta x Refo.rm Act o f 19 8 5 the State
o f Co l o rad o (the "State ") has pr o vided for a fo rmu l a fer
all oc ati on of s uch am ou nt to l o cal issui ng authorities and state
issui ng aut horit ies in th £! State in a ma nn e r diffe r ent from th e
ferle ral a llocation f o rmula, in Pa r t 16 o f Article 3 2 of Title 24
o f Colo ra do Rev i sed Statutes (the "A lloca ti on Act ").
(d) T he l\ll ocation Act provides t hat a local iss u i ng
.11111\o rity ma y assig n an am0•rnt of i ts alloca tion to any qualified
1~5 11i11g autho r ity.
(e) The City desi re s to a ssig n to Denver $6fS6 ,000 .00
o f its dll o cation of the v0lume cap.
1f) Neither th e executi o n and delivery o f this
1\ssi gnmen'_ Agr eeme nt , t he co nsummation of che tra nsac tio ns
cc.ntemplated hereby , no r t he fulfillment of o r comp lia nce wi th
l he te rm .5 and conditions of thi s Assignment Agreement co n f l\cts
wi lh o r resu l ts in a breach of an y o f t he ter ms , co ndition5 o r
p r o visions o f any l ega l ~estri ct i on or any agreeme nt o r
111strume r1t to which Lh e Ci t ~ o r Denver is 11 0 w a pdr ty o r by which
Lhe City o r Denver :s bo und, o r c o nstit u es a d ~·,1ult under a ny
o t t he f o reg oi ng .
2 . Assignment by thL.lli.:t.. Pu r suant t •. t he All ocation
Act , t h e City ass i gns to Denver t he amou nt of $666 :00 0.00 o f
its all o cat i ons un de r Se ctions 24 -32 -1606 an d 24-)2 -16 07 o f the
All ocat io n
faci li t1es
l)Pnve r and
coven a nts t
any bo nd s ,
fi nance mo r
low-and m
as~i q n any
q u ,1 I I fied l
J
· he 111 l ocat
·hp Cl ty of
·1 o lume cap .
4
ht!r e by d ,:cl
h ,• en t ered
WI 1 1 o rig 1
A•;•: 1gnment
.l'JI P efn n ts .
ct ,
" J
he
at
,ot
~ao
irll t
H t
;·1i·
,,,,
)1 .'
th P
c;,
~ t->d
ar c.
1 1~
;r 1:>,
p rovide more adequate residenti al hou si ng
~d midd le-i nc o me fa mil ies a nd pe rs o ns wi t h i n
and else•.here within th e State . Th e Ci ty
, J anuary 1. 19 8 7 it wi 11 not eithe r issue
o ther secu r i ties und e r t he Pro je ct Ac t to
,ns fo r r e s i de nt i al ho u sing fa c i li ti e s for
·ne families or p ersons wi thin t h e City o r
i ts a llocation of t h e vol ume c ap to a noth er
~o r it y.
ic e o f Assi nmen t b Denver . Pu r suant to
~nvl:'r hereby ac ce pts t he a ss ignment to it by
, o f s _666 ,000 .00 of its al locatio n o f the
j:[__g_y 1sion. This Ass 1gnmen l Agre e ment is
,~cable duru1g the ter m of the agree ment3 to
e n v e r a nd th e financial in st ituti o ns wh i ch
;('r·,ice the mar gage l o.1 ns , and t h is
-;f1al : erminate :i po n the termination o f suc h
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I
I
IN WITNESS WHEREOF, the pa r ties heret o have e n te r ed
into t h is Assignmen t Ag reement this day of ___ , 1986 .
(SE AL)
,\t test :
City Clerk
(S EAL)
A ttest :
Cl erk and Rec o rde r
llpproved:
Stephen H. Ka p lan, City
At t or ney for the City a nd
Co unty oE Denver , Colorado
By _________ _
City Att o rn e y
Cou ntersigned and Registered
Auditor
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CITY OF ENGLEWOOD , CO LORA DO
By
Ma yor
CI T'/ AND COU NTY OF
DE NVER , COLOR ADO
By ____________ _
May o r
ALLOCATIO N TRA NSFER AG REEMEN_!
i t11s A ll oct1l 1011 Tran s fp ,· Ag r eement is betwee n t he L il y rf Er19 1ewood 1
1o lrn,11l u . (L il e "li l y") and Lhe Li ly and Lo unty o f De nv e r, Co lo 1,Hln ("De nv e r").
l . Pr _c l i ~nina r_y _5 latem_c_nt . Am o ng th e ma tt ~r s o f rn ul u.tl i ndu c eme nt
1-1'11,h th,v•• rr<.u l trd in UH· P>.C'cut1011 of tin ,; /\ll oc ati on Traw.,f1•r /\g rcemcnt are
! !11 I 11ll0,·11 nq ·
1<1) lh,• Ci ly a nd Oe nv,•r <1re eac h •ulho ,·i zed by th e Cou nty and Muni c i-
pd l 1ty !lt>\l'lop111"11L Revenu1~ Hond /k l, ro n~tit11t1n9 /\rti clr 3 o f Ti tl e 29 , C.u lora do
l\1•v1 1,"d ~,t,1L11L1"., (tl11' "JJn1Jf •Lt /\Lt"), to fi11M1 cc pt"O!)l'rt i cs to th e end tnat mo re
n<l f'q t h1l0 r'L''..ld1·ntia l hoti s iny f ,lL ll1tiP~ f o ,· l mi -and midd l e-income families a nd
p1•1··.1iw, !'11J' !i t· p 1·o vid rd.
(1 1) l t>dc r al l t1 1•1 1·P'..l fHl ', th e ,11nounl of Lil\ ex empt obligation s which
mo1 \ 1,1' 1,;,c:.uP d !Jy the Lolorc1<1o Hou'>111q r in ancc AuthC't·i ty ,incl l oca l gove rnme nt a l
111111 ·, 111 ~II•' \1.,1Ll' u f Lo l ur,Hln (thl' "S t a l l'") to fi 11 ,rntP ..-,inq l e-f urn il y mortgage'-:.
1) Pu r c:.ut1nl t o f Pd £•1 ·c1l ld\•1 , lhl' St otc ha s p r o vid,d f o r a f o r mu l a fo r
,1 ll 1h 1t11J 1 of ':,Ul h am ount J111 ong U1c go ver nme n ti1I unit ~. in the ~l ate diff e r e nt
f n)ll1 UH· 1ed1:r11l dil0Lt1li u11 forn1 ul a , in l',lt·t 8 of Article~ of Ti ll e 29 of
Lo lo,"do RP vi se<I St,,tul e s (Lh e "A l l ocat i on Act").
(d) fh r> Al l oca t i on Ac l aut hor i ze s 9o ve rn111 e n ld l uni t s in th e ,ta l e to
lrdn·,t c•r· t1 l l or part of th e ir a ll oc ations provided for i n the All oc<1t.i on Ac t to
t111 y o ll1e f en t ity o th e n-,isc ilUlhori £rd l o i ss ue bonds to fin a ncr s i ni;.,l e -family
rnorUJ cHJf'S and to accept t1 ·on..-.f e r s of s uc h a l l oco ion s .
(") fl e ilh e r th e exec uti -lll an d de li ve ry of thi s Al location Tran s f e r
AcJrt•P me n t , the co ns un111a ti on o f t h e tra nsac li on s co n temp l a led he r e by , nOJ · the
111 11 il lment o f o r com pli a nce \•Jilh the te rms and co nd ition ~ of th i s /\ll oca li on
J1 ·,,11 ..,fe 1· l\grcemenl co nfli c t s wi th or r es ul t s in a breac h of any of the tc r,
1 nndit ion s o r pr ovision s of any l ega l r es tric t ion or riny •jl)r n·men t o r in s lrtHn e nl
111 \·1hi t '1 t he L ily or Denve r i s nor, a 1Mr ty o r by whi c h !"he Li ly or De nv e r is
hound, or c on s l i lu t es n de f au l l 11ncle r a ny of t he or c qoi ng .
!. T~a_,'-s~_t,_y _t~_City. Pur s uant Lo th e All ocation Ac t, th e Ci ty
t r,111 •,f ,•r s to De nver a portion of it s a ll ocation unde r Sect ion s 29 -•1-803 a nd
,9-4-!lllo of t he Al l oc ation Ac t fo ,· th e y ea r 1986, in Lhe a111o unt of $666 ,000
a nd de l ega te s to De nv e r the a u thority to a ct on its behalf in th e is s uan ce of
qu ,ll i I i ed 111o r L9 a9 e bond s durin g 1986 1ll11·s ua nl to th e a uthority gra n t ed end e r
',,·ll i on l -4 -805 of t he All ocat ion Act, lo p•ovide mo r e adeq ual e r es idential
hous in g facil i t ie s for lm-,-a nd 111i cldl e-in coa1c filrnilies and perso ns "li thin Den ver
11r 1tl thtl Ci Ly and e I scwhere 1·1 i thin th e S t11'.c•. The Ci ly covcnan l s t hat be fo r e
,l i1m111rj1 l , 198/, i t \•Jlll not ei th er i..-.c;1J,• an y bond s . no t es o r other sec urit1 cs
un de r the P(oject Ac t t o fin,1ncr mo rt g;?.gr loans for re s id e n t ia l hou s i ng f aci l i-
1 i l'5 fo r l01·1-and m1cldl1•-i nl om c f,1111i l ie r, o ,· pe r sc1n ~ 1·lith i n the Ci ty or transfer
,111 y pon1 n11 of i t 5 111 l oct1 L1u11 unc1 rr '.->Pt 11 nn ?9-4-803 o r SrL t i on 29-11-HO S of th e
All ocJt1011 Ac.t to t1n ut hc r yu vei-11111r •11 al u111L o,· t\l cLl no t to is sue qual1f1ed
1111J1 ·t9<1 9e bond s purs uant Lo Sec tion 2',(c)(?) o f the In te rnal Rev enu e Lo de o f 195 4 ,
J •, 11mended (or any succes ~or f erlrrc1l l e,p s lat ion).
3 . A.£~J.a nce of Tr a ns f ers b Denv er. Purs uan t to th e Allocation Act,
o,•11 ve r tir.rcby accept s t he tran sfers to it by th e City of a po rt i on of the al l oca-
tarns in th e amount of $666 ,000 under Sec tions 29 -4-803 and 29-4-805 of th e Allo-
c.it 1u11 Act f u,· t he yea r 1986 , and hereby accept s th e delegation by th e City of the
aut hor i ty t o ,1 ct on it s behalf in the i ss uance o f qu a li f ied mo r tgage bo nd s during
198 6 pur•.u.i ut to th e allocation g r ant ed un der Se c t ion 29-4-80~ o f the All ocation
,\L L.
,\. Gene r a ,~_vJ~i _o_n. This All oca tion T1M1sfcr Agreeme nt i s hereby
ct,-c \an.!,! 11TrvoL-::1b l e du ring t he tcnn of he agree1r.t11ts to be ent er ed into by
Dt'IIVC I" and th e r :nancii\l i nst i t utions which wil l rrigi nate and se rvi ce th e mort-
1tHH' loaw,. and t111 s Al l oc ation Tran s fer Ag reen:e ·1 · s hall t erminat e up on the t c rm,-
n,lt 10 n of ',uch i1 :p·cpm c nts .
Ill 1,JTN LSS \·/1\[ll [O F, the parties he,·e t o have ente,·ed into tn b Allocation
1,.111 ·,f1 •r J\qr~·t'lnr nl. thi s day of ____ , 1986.
1.llY or ENGLE\100D , COLORADO
Dy
Mayo r
(~I Al )
(\I IP'_,l :
City Cl erk
. SC/IL I
.-\ • t ••s L :
Elc rk a11d Rec or der
s ·,·phen H. Kaplan, City
ti.·' ,1 ney f o r the City a nd
; 111111 '/ u ! Denvc:-, Co l o rad o
9y _
Ci ty A t to r ney ---
Co u n tersi gned and Regis•.er e d
Audito r
CITY AN D COUNTY OF DE NVE R, CO LOR ADO
By ______ -c,----------
Mayo r
I
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DELE GAT ION AGREEMENT
Thi s Delegati o n Agreemen t
snql ew ood, Colorad o ( the "C it y ") and
Denv er , Colo rado ("De n v er").
is betw ee n
t he City
t he C it y
and Co unty
o f
o f
1 . Pr elimii:@l.Y Statemen t. Amo ng t he matterg o f mu tual
1nducemL1 llL which hav e r suited in th e exe c ution oE this
De lega ·1o r1 Ag reemen t ar e the following :
(a ) The Cit y ~nd Denver are each author i zed by t he
C0 t1nt '/ and :-\unicipal i t y Deve l o pm ent Revenue Bo:1 d . Act.
cnnst1:11t1 ng Art i c l e J of Title 29 , Co l o ra do Revis ed S t at ut e s
{t!JC' "Pr oj ect Act "), to fina nce p r operties to the e nd t hat more
ttd ,•qua te res1denti al ho u s ing f a cili ti es f o r lm.•-and mi ddle -
111,·1nn (' t.:1m1 lies and per sons ma y be pr o vi d e d.
(b ) The P r o1 ect Act and Part •J f Art i cle l of
'1'11 Jp 29 , Colorado Rev1sed Stat u tes , pr o vide , in ffect , that any
cou 11ty o r mun i cipality may b y resolu t i o n or o rdina nc e delegate t o
any o ther coun y o r mu n i cipa l i t )' i ts aut horit y u 11de r he Pr oJ ect
Act Lo finance p r ojects under the Pr oj ect Act .
(c ) Neither t h e e xecuti o n a nd deliv ery o f t hi s
Delega io n Agreemen t , h e c o n s umm ati o n o f the t ransacti o ns
con emplate d h ere by, n o r h fu l fillme n t o f o r compl i an ce wi t h
t he terms a nd con di tio n s of this Delegat i o n Agr e e me n t c onfl i ct s
,.,..it h o r re s ult s i n a b r ea c h of any o f t hi:: ter ms , co ndit ions o r
provisions o f any lega l r e st ri ction o r a ny agree ment o r
I I1strument t o which t he C i t y o r De n ver 1s no w a par ty o r by whi c h
t he City o r Den v e r i s bound, o r c o n stitut es a def aul t under any
o f Lh e fo regoi ng .
2 . Deleg ation by t h e Cit y. Th e Cit y h e r e by delega t es
tu Denv e r all autho rity o f the C i t y t o fin an ce a nd o t h erw is e cake
dCLio n a nd exerci s e p o wer under he P roJ ec t Act o n behalf o f the
Cit y wit h respect to the fi nancing of mo rtga g e l o an s t o pr o vide
mo re ad equate reside n tia l ho u s ing facilities f o r l o w-and
middl e-i nc o me EamiEes and per sons withi n t h e Ci ty . Th e City
cove nants t h at before January 1 , 19 8 7 , it wi ll not ei ther i ssue
a ny bo nds, notes or secu r itie s to fi nance mort gage l o .:ins for
res i de nt i al ho using f a ci li ti e s for low-a nd mi rldle-income
l<lmilies o r perso n s wi hin h e Ci t y e r d el eg ate its po wer s u nder
t he Pr oj ec t Act to anoth e r c o unty o r mun i cipality to fi riance such
mo rtgage l oans within the City o r el ect not *O 1ssu·., qualified
mnrtgage bo nds pur::;uant ·u Sect1on 25(c)(:') ""l tlH• :nce r nal.
Hl'v enue Co d e o f 195 11, as amended (or .:my s Jccess o r :"ed e r al
I ,g,slation ).
J. Accep t ance o f Del ega c,on b y Denver . Denver h ereby
acc ep ts the delegati o n gran ed to i t by t he Cic y, a nd agrees thal
it will finance mo r tgage lo an s to pr ovi d e mo r e adeq u ate
:-es1rl en i1l h o us j:1 g facilities fo r l o w-and mi ddle -income
:am1lies ~nd perso n s With in Denver and the City .
4 . Ge nera l Provi51on. This Delegati o n Agreement 1s
nereby d eclared irrevocable during L he term of the financing
.1q1 eements to be entered i nt o by De n ver and t he financial
1·1 •;1: uti ons whi c h w,;_l l o r igi nate and service the mortgage l o a n s ,
.rn,i this Delegati ~)n Agreement shall er:T1i no1 Q upon the
·1•::n1nation o f such f!nancing agreements.
r N WI T :-J ES S ·.,HEREOF,
:his Delegatio n Agr e ement
he oa r ties h ere o
th is __ day o f
have en te red
C I TY O f ENGLEWOOD , CO LO RAD O
□y
May or
1\t t.esL :
C1t y Cle rk
Cf'J'Y AND COUNT'! OF DENVER , COLORADO
By ______ ~--------
Mayor
I :;LAL I
1\t test :
Clerk and Reco rder
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I
:\µpr o ved :
S~e phen H. Kaplan , Cit y
~tt o rney f o r the City and
Co unty o f Denve r , Co l o rad o
By
Ct 1 y Atto rn ey
C ,,in tet s 1qnPd ,1nd RPg i s tered
Audl~--
-)-
WHERE AS , i t is necessa r y t o evidenc e ~uc h deleg a tion
Jnd he acce ptance o E s u c h delegati o n by the Deleqa t io n Agre e men t
presen ted a t t h i s me eti ng I he "De l ega tion Agreemen t ") wh ich wil l
hP e xe c u e d and delivered b y th e C i t y an d De n ver .
NOW , THEREF ORE , BE I T RES OL~EO ry THE CIT Y COUN CIL Of
TII E C IT Y OF ENGL EWOOD , COLORADO :
Sectio n 1 . T h e f o rm s , t er ms a nd pr l'\'i :;;1o ns o f t he
,\l iU t 'd l 1 0 11 Tran sf er Agr eement , t he Ass Lgnmen t Aq1 •-•i:>m~nt and t he
:1 e.0 ga t 1On Ag re e men t h e reb y a r e a ppr r,v ed and '. r·p •,.._ yo r o f t h e
LIL°/ an d t he Ci ty Cl er k he r e b y a r~ ,11•'10 r1 :~PcJ 1~:, di re c e d t o
••x£>c 11rl' ,l!HJ d e live r t·he All o c ati o n T ra n s t er Aareemen t , the
1\:.:.i;i1nmcn · l \(J ff'Pm en t and the DPleg a cion Ag reeme nt.
s ,,,·11 o n 2 . T he :-1 a yo r o f t h e City and t h e C i t v Cl erk
t1 ,•1 f•by are auth o rized a nd d i r e c ted to t ak e s uch u t h e r .;i:eps o r
.1 1·11 ,,n s ...i~ m.:1y b e r equ i re d to car ry o u t the 1 e r m~ an d 1 :-i ten o i
1 111 r e so lu ti o n , the All oc ati o n T rd11 s(e1 Agr eem e n t , t ~le
A :;·11 11nment Ag r eement and t.he Del ega t i o n Agreeme nt .
S ction ). No thin g co nta i ned ir1 th i s r esolut i o n , in
· h l' 1\llocat.i o n 1r a nsfe r Agr ee me nt, t h e Assig nm e nt Ag r Peme nt <J r in
1he De le g a t ion Agreement s ha l l o l,l ig a t e th e C ity , exce p t 1.0 the
r->;,:te nt d escri bed in t h e Al l o ca tio n T ran s fer Agreemen t , i n the
1\ss 1gnment Agr e me nt an d in the Delegati o n Ag r eeme nt , nor
ro n st 1tu te t he debt o r :nd ebt ed ne ss o E t he Cit y with i n the
1nean ing o f the Co n st itu t i on o r s t at u t es of t he S t ate o r t he home
ru le charter of a ny pol i t ical s ubdiv isi o n t hereof , no r give rise
to a pec u n ia r y liabi li ty o E t he Ci t y o r a c ha r ge aga i nst its
ge rleral cred i t o r tax i ng p o wers .
Sect i o n 4. lf any s ecti o n, p ar a g ra h , c lause o r
pr o v isi o n o f t hi s r esol ut ion s hal l f o r any r ea son b e held to b e
i nvalid o r une n forceable, the invalidity o r u n en fn r ceab i lity of
•;nch s ecti o n, paragraph , claus e o :-pr ovisi on ;h aJ l no t affecl a ny
,it Lhe r e maining provi s ion s o f th i s r e so luti ,
Sect i on 5 . Al l act i o n (n ot i n c o n sist ent w i th the
11rc,v 1s i o n s o f hi s re so luti o n) heret o f o r e t a Ke n by t he City
ro unc il and the oEE i cer s o E t he C ity direct ed towa rd th e
Ju tho riz~tio n of the Al locati o n T ra 11 sfe 1 Agr eeme n t , th e
Ass ign men t Agre eme n t and t he De l egat ion Agr ee me n t hereby is
r el! i Ei ed , approved and co nfir med.
Sec ti on 6 . Th i s r e so l utio n s ha l l be 1n f u l I f o rce a nd
,,ft i'ct upo n i t s pass a ge a nd app r o val .
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PASSED , ADOPTED AND APPROVED this 4_lh. day •>f /\u qust
/It Le s t:
;i Cc ( ~ L';(I
,· II y Cl Cr k
I' J l r ll' 1 ,1 II . Crow
'"' Mayor -
Eug c> L. Ot i ,,
I, P.J.LrL cia ll . Cro,...,, City Cl erk of the C it y o f Engl e wood ,
{'o l o ,~c1do, hc rC'b)' ce rtify LIi(• .:t hov c a nd f o r c~m.i n g i s u true
t1 nd comp le te co py o r Reso lution No . __ q'7 , Scr.ics of 1986 ,
.i ch,p tC'c! ,ind app r oved the 4 l h da y of Au{ju ::t . l 986.
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