HomeMy WebLinkAbout1985 Resolution No. 016I
CITY OF ENGLEWOOD, COLORADO
RESOLUTION NO.
SERIES OF 1985
A RESOLUT ION OF THE CI TY OF ENG LEWOOD, COLORA DO SETT ING
FORTH THE IN TEN T OF THE CI TY OF ENGLEWOOD, COL ORADO , TO IS SUE
S I NGLE FA MI LY MORTGAGE REVENUE BONDS TO FINANCE A SINGLE
FAMILY MOR TGAGE PU RCHASE PROGRAM WITHIN THE CITY.
WHEREAS, tr c ity o f En g lewood, in the County of
Arapahoe and d of Colora do (the "C it y"), is authorized by
the Cou n ty a J Municip ali ty De vo lo p~e nt Re venue Bond Act,
constituting Secti o n s 29-3-101 et seq., Co l orado Rev i sed
Statutes (the '1Act"), t o f i nance, refinan c e, acquire , own,
lea se , improve a nd dispose of properties to the end that more
adequate re s idential h ousing fa cil ities for low-and
middle -\ncome families and persons may be provided, which
promote the publ i c h ealth , we lfare , safety, convenience and
pro s perity; and
WH EREAS, Sect i on 29 -4-803 o f the Act provide s that the
po rt ion of the st a t e ceili ng for c itie s and towns in the
Sta t e of Color .~o for the period from May 1, 1985 to a nd
1n cl ud1ng Sep••~~•. 30, 1985 is t o b e al loc ated amo ng those
cities and tc.ns which h ave by Apri l 15, 1985, taken official
action indicating an intent t o is s ue qu a lified mortgage bonds
or have elected a nonis s ued bond amount pursu ant to Section
25(c) of Title 26 of the United Sta tes Cod e by September 30,
1985 and which has, by April 15, 1985, filed with th~
Director of the Division o f Hou si ng i n th e Department ~i
Loc al Affairs of the E~ate of Colorado a co py of the
o rdinance, resolution or mo tion adopted by its governing b odv
evidencing such official acti o n; and
WHEREAS, the Ci ty d eem s it ne c essary and advi s able tt •t
a progr am be made ava i lab l e for the origination and servicing
of mortg age l oans for res id ential housin g fa c i l ities for low -
and middle -income f amilie s and µer so ns in th e City (the
"M o rtga ge Loans ") in o rder to increase the s up l y o f mo ney
avai la ble for mort gages s o th at f amil i es and persons of low -
and middle-!n come may finance the pu r chase o f re sidential
h ousi ng fac i lities at le ss th an the p re v ai ling ma r ke t
interest r ~te , the reby pr ov iding mo re adequate i·esident ial
housing fa c1li t1 es f o i· l ow -an d m1ddle -incom~ f amilie s a nd
pe r sons ~ithin th City; and
WHEREAS, the C1ty de si res to take the necessary actions
to a u thorize, issue, sel l and deliv~r its revenue bonds
pursuant to t he Act by September 30, 1985, in an amount not
to exceed the amount to be allocated to the City under
Section 29-4-803 of the Act for the )Jeriod from May 1, 1985,
to and includi ng September 30, 1985, in one or mo re series,
to finance the purchase of Mortgage Loans, together with the
c ost s of funding any reserve fu nds in connection with the
r evenue bonds and co sts incidental to the authorization,
iscuance and sale of the revenue bonds; and
WHEREAS, the a c tion herein contemplated is not
prohibited by the City's Charte r .
NOW THERE,ORE , BE IT RE50LVED BY THE CITY COUNCIL OF THE CITY OF ENGLE\~00D, COLORA DO:
Section 1. The City intends to issue, or have issued on
its b e h a lf, revenue b ond s pur sua nt to the Act by
Sep tember 30, 1985, in an am o unt not to exceed the am ount t o
be all oca ted to the Cit y und e r Section 29-4-803 of the Act
for the per iod from May 1, 1985 , to and inc luding
Se ptember 30, 1985, in one or more se ri ~s. for the purcha s e
or Mortgage Loans, togethe1· with th e costs of funding any
reserve fun ds in connect1on With the revenue bonds and co sts
incid e ntal t o th e auth o riza t i on, i ssuance, a nd sa le of the
re venl1e bond s, and wi ll take a l l f urther action which 1s
neces s ar y or desirabl e in c onnec tion with su ch bonds.
Se c tion 2. The Ci ty's of fi cer s a re h e r eby authorized
and d i r ec ted t o file a copy o f this resolut ion wi th the
Director o f the Div i s io n of Ho usin0 in the Depar t men t of
Loca l Affairs of the State of Co lorado not later t h an April
15, 1985 and to take all actions necessary or desirable in
c o nnection with such b o nds .
IN TRODUCED AND READ at a ~egularly scheduled meeting of
the C1t y Cou nc il of the City of Eng lewood on t h e 15th day o f April, 198 5 .
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