HomeMy WebLinkAbout1985 Resolution No. 018I
RESOLUTIO N NO. _!!!_
A RESOLUTIO N OF THE CITY COUNCIL OF THE CITY OF ENGLEWOOD
APPROVING OF THE POLICY REPOHT FOR S I NGLE FAMILY MORTGAGE REVENUE
BO NDS UNDER SE CTI ON 1O3A OF THE I NTERNAL REVENUE CODE AND AUTHORI-
ZING THE HIGH EST ELECTED REPRESENTATIVE OF THE CITY TO EXECUTE
AND PUBLISH SUCH REPORT .
WHERE AS t h e City of Englewood, Color ado (1.he "City"), a
po liti cal subdivisio~ of the Stat e of Colorado, is desirous of
participa ting in the i ssu a nce of si n gle fumily mortgage rev e n ue
bonds within the calend a r year 1985 in orde r to ass i s 1. persons
and familie s of low and middl e-income r es iding within th e City
in th P p ur c hase of safe and sa::ita r y hous ing; and
I H[RE AS , pur s uant to S ec t ion 1 03A (j)(5 ) of th e Int e rn a l
Rev .nu e o de of 1 954 , a s am ~d ed , it i s necessary that th e h igh est
e l ec t ed rep r ese nt ati v e of e:.ich governme nt a l un it which i s th
i ssue r 0 1· 0 11 who se b e h alf s ing le 1 a 1nily mo t·tg age revenu e bond s
aI·t: i b_Je d has pu\,.lish d n st atemen t of pol i cies with r e spect to
hou s in ~ wh 1c l1 su c h gove rnm nt al unit i s expec ting to follow i n
i s~u1ng qu a lifi e d mor tg age bond s ; an d
~HE R[AS , Th0 Ci t y did no t i ssue , no 1· h av e i ssu e d on i t 3
b h alf , qualified mo rtG ag rev e nu e b o nd s duri ng cal e nd ar year
1984. n o r did th Cit y r e ason a bly expect during cale~1ar year
1 381 t o iss u e , o r h ave i ss u ed on its behalf , q ua lifi ed mo rt ga ge
1·e v e nu ~ bo nd s du1·ing calend ar yea r 1965; a nd
WH EREAS , s u c h poli cy r eport ha £ been prepa r e d (a co py of
whi ch i s attr,ched t o thi s r eso lut ion ) and a puoli c h e aring following
r easonable publi c notice will b e h e ld with r espect to such report.
~01, THER EF ORE, BE I T RESO LVED by th e City Co un cil ol th e
City rf Engl ewoo d that th e pol ic y r eport in s ub s t an tia l ]! th e
ioi·m atta c he d he t·e t o i s he1·eby app r oved a s a s tat me 11t whi ch
accu1·atLlY b~t s io rth th e ex11~ct:1 tions of th e City as to th ~
i ssu ancP oj s in gle fami1y mortj'.!agl' r e v e nu e b o n d~ and th e u s e of
the pro ... ·C'e d s d < riv e d from th E:.•ir sale 1o r th e calendar year 1985 .
O[ I T F~RT ~[H RESOLVED th•t th e hi~h Ps t e l ec t e d r ep r eseht ati v e
of th e City, b ei ng th e Muyor, i s h e r eby uuthorized to p ubl ish
th e r epor t attached h e r eto and to exec ut e such r epo rt on b e half
of t h e City.
Upon motion duly ma de and seconded , the for ego ing Re solution
wa s adopted by th e following vot e :
AYES: Councilman Higday, We ist , Ne a l, Vob ej da, Bilo,
Brarlshaw, Oti s
NAYS: No n e
The Mayor decl ared the motion carried .
STATE OF COLORADO
COUN TY OF ARAPAHOE ss .
I , ::::fo,,,i le. G. Ou.le Y\ J)e pu±:/_ City Cle rk for th e City
of Englewood hereby certify \hat t'iie above Reso lutio n is truly
copied from the r ecords of th e procee din gs of th e City of Englewood,
n ow in my hand and affixed th e seal of th e City this -~sLt~l~,~---
da y o f /l ,\ a y , 1985.
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POLlCY REPOR T OF THE CI TY OF ENG LEWOOD
UNDER SE CTIO N 103 A
TAXPAYER IDENTIF I CATION NUMBER: 98 -03470
Th is ~eport s ets fo rth th e stateme nt s of policy o n single
family mo rt gage r e v e nu e bond s of th e City o f Engl e wo o d (th e
"C ity") to b e applied during th e ca lenda r )'e ar 198 5 in acco rd a n ce
with Sec tion 1 03A(j)(5) of th e I nt e rnal Re v e nu e Cod e of 1954,
a s ame nd e d by Section 611 of th e Tax Re f o rm Act of 1984 (the
"Cod e "), Sec tion 1 03A (j)(S) of th e Co d r e quir es that a
r epo rt b e pub l ish e d by th e applicab l e e l ec t e d r epre sent a tive of
th City an d a copy of s u c h r e p o rt s ubmitt e d t o th e Commi s sio n e r
of th e Int erna l Re v e nu e Se rvi ce . Becau s e th e City did n o t issue ,
no r h a v P i ssu e d o n it s be half , qua li fiPd mortgage bond s during
cale nd a r y ea r 1 98 4 and di d not ex pe ct d u ri n g ca l e n dar yea r 1984
t o i ss ue(o r h ave i ssu ed o n it s b h a lf) qualifi e d mo r tgage bo nd s
dur j ng ca l e nd a r y ea r 1 985 , th e d ate u po n ~hi c l1 tl1 e r epor t is to
be s u bmit t ed ls p r ior t o th e dat e of I ssu a n ce of surh sing l e
fa mi l y mo 1·tgage r v nu e b o ~d s .
Co ntai 11ed i1 1 thi s 1·epo 1·t i s a statemen t of poli c i es wi th
r c s µe ct to ho using , de \'e 1 opme nt a nc.1 l ow -in come housing assi s t anc e
whi c h th e Ci t y x pec t s to follow In i ssu ing singl e fam ily mortgage
1·e ve nu e ~onds a n d a n HS&essmen t of th e comp lian ce o f th e Cit y
during th e o n y n r pe ri od precedin g t he da te o f th i s r ep 0 rt
wi t h th e int e n t of Cong r ess th a t Sta t e a n~ l o c al g o v rnm e nts are
ex p ec t e d t o u se th e i r auth ori t y t o i ssue s ii 1gle family mo rtgag e
r e venu P b o nd s to th e great est e xtent 1 ea s lble (taking int o acc ount
pr eva il i n g int e r es t r a t es an d co ndit ions In th P h ou s ing mark et )
t o assis t lowe r in come famili es to affo rd home owne 1·sh i p b efo r e
assisting high e r in co me famili~s .
Th e primar y goals of the.City in the cale ndar y a r 1 98 5
i s t o a ss ist q ua lif1 ed l o w-a nd mi ddl e -Income fa mi l e s a nd pe rso n s
t o ob t ai n th e b e n ef it s of h omeown e r ship th r o u gh lo"e r i nterest
r ates thr o ugh th u se o f si n gle fam ily mo rtga ge r e ve nu e b onds .
Th e p r o c eed s of th e bonds a r e e x pec t d t o b e u sed t o prov id e
f1 n a nac ing fo r the acquisi ti on fo r Lo tl1 new and e x i s t i ng homes
t o be u s e d by th e mo rt gagor a s h i s o r he r so l e pla c e of r e s id e nc e .
l t ls no t x pe c t ed t h a t any p a rticul a r po rti o n of t h e proc ee d s
oJ th~ bond~ will b~ t a1·g ~t e d t o a n ~· pa 1·ticu la r cla ss 0 1· typ e o f
ho u ~ing e x c e ·i t as se t f o rth below. Th e Ci ty ha s det e rmin e d that
th e best me th o d of d e trrmining th e n eed und dem a 11 d f or variou s
t y pes o J h ou8 in g i8 t u accept np p ] icutions for mortgag e loan s
from perspec tive mo rtgago r s o n a first-come fir s t -ser,·e bu !:J.js .
P rocee d s of th e bond s will be available to finan ce th e
purcha se of r esi d e n ces of l ow -a nd middl e -in com r famil es und
p e r so n s ns p ermitted by th e laws of the Stat e . No par ti c ul ar
portion of th e proceed s o, t h e bond s will be targ e t e d speci fi c ally
t o low-in come , mo de rate-income or me di a n income f nmiles or p e rso ns .
1. Th e r epo r t mu st b e publi s h e d after u public h e urlng
following r easona bl e publi c noti ce . Su c h publi c notice mu s t b e
publi s hed at l east 14 da ys in a dva n ce of th e h eari n g. Th no ti ce
of such he a rin g will b e pub li s h ed on April 17 u nd t he h u rln g
wi l l be h e ld on May 6 , 1 985 . A copy of s u c h notice and proof
o f it s public a tion will be attach e d to thi s r e port. Copies of
th e proposed r e po rt wil l be avai l ab l e o n or be for e t h e h ea rin g at
t h e office of th e City Cler k.
2 . The City has adopt e d th e f ol l owing particu l a r policies
and goal s with r espec t to th e u se of bo nd procee d s wi th in th e Cit y
for t he calen dar year 1 985:
A. Th e maximum income o l a l l bo rr o we r s wll l be
$37 ,920 with adjustmen t s o f $) ,000 p<,r dc•pendent. Eligibi lit y
wil l be limit d t o borrowe r • with a min i mum u l o ne d epe ndent
in addit ion t o th e bo rro\H'I' ( to b • r \'i C'wed at th e 8t h month
of t h e program and de let~d i i f o und to u~ r est rictive).
B. Englewo od Ho us ing Auth o rity owned ho u s ing unit s
un der t he Acq ui s iti on , Rcloc;11 ion , Re habili t a ti on Pro gram
will be an a r ea of empha s lb . Pri o rity wll J u e g iven for
mo rt gages on th ese unit s .
C . No a ddi tionnl nss i sta n,;e is anticipated at th is
time t o b pro vid e d by Lh e Ci ty e ith e r l n th e form of mo ,·tgage
s u bsidi e :; o r s upp ]emen t b Lo th e b o nd program .
D. Th e City wi ll s lect qu a lifi e d l e nders an d
allocate bo nd p r oceed s t o particpa t i ng l e n d e r s i n a ma nn e r
th a t furth e r s t h e objectiv~s of thi s policy and i s both
equitabl e o r practica l.·
3. Th e Ci t y did no t i ssu ed mo r tgage rev en u e bo nd s i nor
were bo nd s J h S U don b~hnlf of the City , in r lenda r year 984.
4 . Att ac h ed h c•r1 •to wi11 be a summary of comments on th e
proposL·d r c:·,c,rt rt.>CL'l\'t •d at th · pul.J1ic h e ari n ~.
5. Jn order t u ef f ect th e po li cies an d goals set forth in
th l b rt port , th l' City rC'<:ugn i ze s that it mny p n rti c ipa t c with one
or ma rt.• o lht•r gc,\'l rnm(•rttal uni tb within th e S t al1 • of Col orado and
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enter into such agreeme nts a s may b e n e c e ssary to accomplish s u ch
p urposes .
A copy of this report is to be submitted to the Commissioner
of th e Int ern al Reven u e Service be fore the dat e s uch bonds are
i ssued.
Th e undersigned, a s Mayor euthorizes the issuance of this
report as of the 15th day of April, 198 5 ,