HomeMy WebLinkAbout1980 Resolution No. 020. '
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USOLUTIOll NO. __!Q
SERIES OF 1980
A aalOLU'l'Jml P80YIDDG POR ftB
IUUAllCS 'OP Cift OP DGLBllOOD,
COLORADO, SINGLE PAllILY llORTGAGB
UVDfUB BOm>8
WBSllUS, the City of Bn9lewood, Colorado (the City), pursuant
to part 1 of articl~ J of title 29, Colorado Reviaed Statutes 1973,
u •·1nded (the Act), ia authorised to iaaue revenue bonda to finance
reaidential faciliti•• for low-and middle-inc01De families or persons
intended for uae u tb• aol• place of reaidence by the owner• or in-
tended occupanta 1 and
... JmAS, th• City bu formulated a program to ~inane• single
f..Uly r .. ic1enc .. for low-and lliddle-income fmaili•• and peraona
.• (tb• •ro9r .. ) and baa deterained to implement the Program through the
iaauance of ain9l• faaily 110rtga9e revenue bond• (the Bonda); and
NBSllZAS, th• Pro9raa allow• the widest poaaible participation
by fiuncial inatitutiona doing buainua in th• City; and
WllSltl'.AS, the City viahea to provide f~r the implementation
of tb• •r09r-and wi•b•• to declare its intention to authorize the
iaauance of one or more aeries of Bond• for the purpose of paying
the coat of th• Progr .. upon auch terms and conditions as may be
agreed upon by th• City.
llOW, TUUPORB, U IT RBSOLVBD by the City Council of the City .
of Bn9lewood, COlorado, tbata
'Seotion 1. Banifen, Illboff ' Samford (Banifen) i• bereby
· authorised and aeleate4 to uaiat in th• impl-nUticn of the Program
• to fin1111ae ·aiA9l• fuU.ly r .. idential mortgages to be ori91nated by
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any f ina nc ial inatitution doing buaineaa in the City which desires to
parti c i pate and to be aerviced in auch manner aa the City and Hanifen
aball r ... onably determine.
Sec~n z. Th• City doe• hereby declare its intention to
autboriae th• iaauance and aale of th• Bonda in one or more aeries
during th• calendar year• 1910 and 1981 and in no event later than
Dec1nber Jl, 1111, in a principal amount neceaaary to pay the coat of
financin9 th• Pro9raa but not to exceed the aum of $25,000,000 upon
aucb term and conditiona u may be autually agreed upon by the City
and Banifen, th• iaauance and aale of the Bonda to be authorized by a
r .. olution or r .. olutiona of the City Council of the City at a
-ting or -•ting• to be held for auch purpoaea.
aec:Uop J. The City int.enda to aell th• Bonda to Hanifan,
• tofJ•tb•r witb any other undezvriter• of municipal aecurities which may
be ••l•cted by tbe City council. 'l'h• Bonda ahall be aold pursuant
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to aucb t.er11a and condition• aa ahall be negotiated in good faith by
the City and llanifen. Th• aale of th• Bonda to Banifen and any other
aucb underwriter• ahall conatitut• tbe aole compenaation for their
aervic... Th• City ahall be under no obligation to uae, and shall not
uae, any of it• general funda in connection therewith and shall not be
liable to llanifen and any other auch undezvrit.era for any expense•
incurred in connection tber9With.
Section 4. The City baa engaged Delluth, Kemp ' Backus,
attorney• at law, Denver, Colorado, to aaaiat and advise the City and
llanif~ vitb reapect to legal requir ... nt• in t;be forll\llation of the
Progr-and bereby agrM• to appoint Delll.&th, Jtmap ' Backus, or other
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• nationally recognized bond counMl, to ac:t -Bond Counael with
res pect to the uauance of the Bonda.
••cti:>n 5. Th• Mayor i• authorised to take all action necessary'"
to exerciae the authority conferred by thia Resolution and to execute
and deliver all document• neceaaary to evidence the exerciae thereof.
Section 6. Th• iaauance of the Bonda purauant to the Program
ia aubject in all reapecta to the approval by the City acting in good
faith of all a9r••••nta and other documenta reaaonably neceaaary to
~l•te auch iaauance.
Section 7. Th• Bonda and the intereat thereon ahall never
conatitute the debt or indebtedn••• of the City within the meaning
of any proviaion or lillitation of th• Conatitution or statute• of the
State of Colorado or of any home rule charter of any political aub-
• diviaion thereof and ahall not give riae to a pecuniary liability
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of the City or a ch&rge againat ita general credit or taxing powers,
but aball be ••cured and payable aolely from the revenue• and other
amounts derived from or related to the mortgage loana (including
inaurance with rMpect tbereto) purchaaed or originated under the
PrG9r-, certain reaerve fund• and certain funds derived purauant to
origination, purcha•• or aervice agre ... nta which the City may enter
into with financial inatitution• doing b11ain .. • in the City purauant
to the Progr-.
Section I. Mothin9 contained in thi• Reaolution, nor any
action taken pur8uant thereto, shall cr .. t• a financial obligation or
to be, borne by th• City or ahall conatit1.1te th• debt or indebtedn•••·
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of the City within the •••nin9 of any proviaion or limitation of the
Conatitution or atatutea of the State of Colorado or th• home rule
charter of tb• City or give ri•• to a pecuniary liability of the City •.
or a cbar9e avainat ita general credit or taxing power•.
!tot.ion t. If any aection, 1Ntra9raph, clauae, or proviaion
of tbi• ... olution •ball for any reaaon be beld to be invalid or
unenforceable, tb• invalidity or unenforcuability of auch aection,
paragrapb, clauae, or proviaion aball not affect any of the remaining
proviaiona of tbi• .. •olution.
Section 10. Thi• .. •olution aball become effective iDIDediately
upon ita adoption and approval.
(CITY)
(SEAL)
ADOPTED AND APPROVED THIS 19th day of May, 1980.
CI'n OF BNGLBWOOD, COLORADO.
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Mayor r
Atteats
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ex officio
I, Gary R. Higbee, ex officio City Clerk for the City of
Englewood, Colorado, do hereby certify that the abovd and foregoing
is a true, accurate and complete copy of Resolution No. 20, Series
of 1980.
/~ ~(,{-2z--~ ex -o~C.i~er 7"'