HomeMy WebLinkAbout1982 Resolution No. 041HE ;;OLU'l'IOt, NO , _ii_
SERIES OF 1982
I\ RESOLU 'PION TRI\NSFERR !NG T O MESI\ COUN'rY, COLORADO, 'J'II E I\LLOCl\'l'IO '
0[,' 'l'llll CI'l'Y or ENGLEWO OD, COLOl<I\DO , UNDllH SEC'l'ION <9-~-U0J /\NU
SECTIO N 29 -4 -805 OF COLORADO REVISED STAT U'PES 1973, AS AMENDllD, '1'0
FINANCE MORT GAG E LOAN S T O PROVID E MORE ADEQUATE RESIDENT IAL I-IOU SI,,C:
FAC ILIT IES FOR LOW -/\ND MIDDLE -J NCOME FAMIL IES /\ND PEHSO NS WI 'l'II IN
MESA CO UNT'/ AND WITHI N •r HE CIT'; WHICH IS LOCATED WITHIN ARAPAHO E
COUNTY , AN .) ELSEWH ERE IN TH E STATE OF COLORADO; DE LEGATI NG 'Pl·IE
I\U'l'I-IORI1'Y 'l'O I SS UE REVENUE 13O NDS '1'0 FINANCE SAID MOll'l'GI\G I·: L,O1\N/;
l•II'l'II HI 'l'l!E CI'l'Y; /\N D I\U1'1-1OHHING 'l'IIE EXECU'l'ION /\ND lllsU V~HY IJ Y "Ill:
CI'l'Y 01-' AN ALLOCA'l'ION 'l'RAN S fER AGREEMEN 'l' AND A DELEGA'l'ION AGllllllMEN'l'.
WHEREAS , the City of Englew ood, Color aclo ( t he "City " l .:incl
Mesa County , Colorado ("Mesa Coun ty ") are each au t horiz ed b y the
Coun t y and Mun icipali ty Develo pm ent Reve nu e Bond Act , co m;ti tu tin,i
Artic l e 3 of Title 29 , Col orado Rev ised Statutes 1973, as ame n ded
(the: "l'ruJcc·: Act "), t o financ ,,, ref inance, acq uir e , ow n , lea,;c,
imp r o v e and di s po se of p roperties to the end that more adequate resi-
ci entic:l hous ing facilities for low-and middl e -income fom ili es nnu
pe rsons ma y be prov ide d , which p r omote the p ubl ic health, welfare ,
£af ety , con v enienc e and prosperity; and
wHER :=:As, t he Mo rtga ge Sub s idy Bond T«x Act of 19UO, cod1 -
f ie d as S<::ctiQn 103A of t.he In t ernal Reven ue Code of 1954 , as a111 c ndo'1
'.:..1,L· 11 !-'<.:t.Je:r.:i.l Ac t"), r e:~trict.:s t h~ wno unt of tux ex~.1111.11.:. vl.,lJ..1.J.iL.1.v1; .•
wh ich may be iss ued by the Color ado Ho using Finance Authority .:inu
l oc a l governm~ntal units in the S tate of Colorad~ (the "State") tu
finance s ingle-family mo rtgage s t o an .:imo unt no t e xcecdin<J t he: t;t:iL,·
ce ili ns ; and
\·/IJEl'.E AS , the Federal Act .:iutl1ori ze s th e :;t.it-,:.; to tn·uvL<IL· "
[o rmulu [or ,ill ocating the, respectivt: :;ta te celling:.; i.llllOl!,J tl,c: <Juv·
·:rnmc:r,~\.1] u1d.tr; in t;uc;h s t u l:.c £ in .:.1 111unnc r cli fl:L'rc:nt J:i:0 111 \liL' i'l·llt _•1 ,,l
,1ll.oc,,tio" ':ormula , ilnd the S t .:ite: of Co lora cl(• has prov iuc-u 1 ur
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an alternate formula for al location by the enactment i nt o law o t
Senate Bill No. 112 , codified as Pa rt 8 of Article 4 of 'l'itl e 29 ol'
Colora do Revised Statutes 197 3 , as amended (the "Allocati on Act");
und
WHERE AS, th e Alloca:ion Act authorizes governmental unit s I
in the Stat e to tran s fer all or a part of their allocations provided
fo r i n the Allocation Act to a ny other enti ty otherwi ~e a uth ori~cd tu
issue bonds to finance single-family mortgages a nd to a ccept t r ans-
fe r s of such allocations ; and
WHE REAS , the Project Act a nd Part 2 of Articl e l ot
'l'itle 29 , Colorado Rev ised Sta tutes 1973, as amended , p r ov i de , i11
effe ct, cha t any county and mu nicipality may by resolution or ordi·'
nance delega te to any other c oun ty or mu nicipality its au t ho r ity
under. che Project Act to finance pr oj e cts under the Project Ac t; and
WH EREAS , the City and Mesa County deem it necessary an 6
uavis.ible that a prog ram be made available for t he or igina t ion and
servicing of mo r tgage loans for residential housing faciliti es for
1 o;,-una m iddl c-i ncome famili es and persons (the "Mor t9ugc Loc1n~" J in
o rder to in cr e ase the supply of money available for mortgages so t hat
fami lie s and persons of low-and middle-income may finance t he pur-
cha se of residential housing facili ties at less than the prevailing
markec i~te rest r ate , thereby p roviding more adequate re side nti al
nousin g facili ti es for low-and middl'"-incomc fumiliec J11cl [,cr~Oni,;
witni11 botb the City and Mesa County and elsewhere i n t he t;tut<:; .ind
WHERE AS , the City des i r es to transfer to Mesa County it u
a llocat ion under Section 29 -4-803 o f th e Allocation Ac t t o (inu n~~
Mortga ge Loans t o provide mor e adeq uate residential housing focili-
t ies for lo;,-and middle-income families and pe r sons with in
Coun ty and t he City and elsewhere within the State ; ano ·
·.-11 C:l(l::/\S , the City aesir{;S to delegate to 1·1cu.i C0t111Ly tl1c· I
«ucnoricy to act on i t s behalf in the i ssuanc e of qualified 111or t~•"J~
bon ds pLcsuan t to t he allocati on s ranted unde r Secci o~ 29 -4-UOS ~1
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che Allocation Act and to transfer th e City's allocation under
Section 29 -4-805 of the Allocation Act to finance Mortgage Loans t o
p rovide more adequate residential ho using faciliti es for low-~nd
~1 cicile-income famili e s anci pe rson s within Mesa County and the City
•nci el~ewher~ within the State; and
WHEREAS , the Ci_ty desirQ& tc de legate to Mesa Cou,~\:y it,-
~c,w er under the Prcjec t Act to issue r e venu e bond& to finance
11ortsase L oans t c provide M)re acleciuate residential housing facili -
L:es f or low-and middle-income families and pe r sons within the City;
c.r1C
1-/IIEREI\S , Mesa County desires t o accer,t r,uch tr u11 s.J'vr ~ ,,oo cl
~•legati o n anc to finan ce Mort gage Loan& to provi d e more a6equate
r e siclential r.ousing f,:,cilit i es for low-a nd middl e -income f.u:i ilics
a nci pe r sons within Mesa County and the Cit} and elsewh ere withi n the
Stace; and
l'i UER£AS , economies o f tin:e a nd expense will r esul t l'rr,rn l'r,c:
g overnmen tal unit financ in g Mort9age Loans t o provide r.:ore ad~c.uat c
resident ial hous ing fa ciliti<:s fc,r low-c.nd micldle:-incomc foi:,1lici,
ancl p<:rsons within both th e City and 1-:esa Count:i, and el s ewh er1: witl111,
~h e State ; and
Wf;EREAS , it is necc;sc:ary to evidence &uch trc.msf ers an d t h e
~c ce p c anc e uf su ch transfers by the Allocation Transfer i\greem<:nt
~tt~c hco h 0c c t o as EJhibit A (the 1'AllocJ t ion Tr~11~fel A~L~L 111 c 11t 1
')
·,,r.ici". will be execute,i and deliver ed by the City a n d Ne;;u Coun ty; and
WHEREAS, it 1s necescary to e vi,l<:nc<: r,uch ,'.c lc\j.;ti c>r: eir . .::
;:nc; u cceptanc e o f su ch clel e g ,,t ion by the De l<"<_;a t ion P.,;r<.:c:n,c:111:.
a t.t.ached hereto as Exhibit B (the "De legation i\greement.") which wi ll
~e e xecu t.e • •n ci delivc;red by the Cicy and Mesa Count.y .
NOW , THE!l.1::1:0RE:, BE IT RE SOLVE:D BY THE CI 'l'Y COUNCI L 01-' 'J'li1'
CITY Of LNGLE\vOOD , COLORADO;
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Sect i on l. In order to insure the financi ng o f Mort gage
Loans to provide more adequate residential housing facil itieu for
low-and r:1iddle-incorr,e fcl1:,~lieE ar,d persons withi ;i the City a t th e
ea rliest possible da te , which wi l l promote th ~ public health, wc.,l-
fa,e , sa fe ty, conve nien ce and prosperity of the inhabitan t s of t he
Ci t~, it is deemed n ecessary and advi~ablc that th e Al lcca tio n
'l'ra nsfer Ag r eemen1; and the Del12 gation Agreement be a ppr o v ed , oxecutcd
and delivered by and on behalf of the City.
Sectio n 2 . 'l'h e for m, ter11;s and provisi ,>1:,; o f tll1.c
Al location Transfer hc;reement and t h e Dele<;J aticr. l-.c;;rt=c:r.N,t r,<,rcb1• are
apr-r ovr,cl ,,n cl tr,~ l'ayc.r c f the City and tt,e City Clerk he i:e by a,:o
•~ch or1ze d and dir e cted to exe cute an, de liver the Al loca ti on
Tr a n sfer Ag r eement and the Delegati o n Agr eement.
Se ction 3 . Th e Viayor and the City Clerk her1;:b,· are a l.!tbo-
1 120~ En~ ~ir ect cd tc take ~ucb ethe r ste p s or acti ons as ma y te
r ec;ui rr:CJ to carry out the ter ms and intent of t his resolutic•11 , l:J.c
Allocation Transfer Ag reement and the De lega tion Asree me nt.
Section 4 . Nothing conta~nec, i 11 thi~ re,;olu ti on, in t he
,\llocation Transf e r Ag reeme n t or in the Del ega t i o n Agr eement shilll
col ig~te the City, e xcept to the e ::tent described in the Alloca t ion
~:ansfer Ag r e eme n t and in the Delegation Asre cment, n0 r con~t it uce
cn e ~ebt or ind~bte,n &s• o f t h e City with in t he rne an in~ oi the
Cons citllt icn or ~t.::tute s o f t he StilCC or th.:; home r ule· cll~,t tu. of 2r.y
1-Ll 1t1c~l s~t~ivit 1cn there of , no r s ivc ri£~ t o ~ ~~c uni~ry li~1Ll l1 t y
e,f t he:: Cic~, or ti che1rc:;e a gainst its genert.11 credi t or t ,rnin ~J LJU \VL'r :....
SE:ction 5. If ilny se cti on , paragraph , c l aust: or provi,.;ic,.,
0 f t ~ts res clutio~ s h all for any r ecacn be he l~ tc be invmliL er
un E:-nfo rc eable , thC! 1 rvc.li Cit}' or L.:r,e;-r;fcrcvr•l·,:·.::1::• 1.: :-,jt ,c.J, LL•L'LJ.LL ,
fora.gra ph , clau se or provisi on sh.:ill not 2.ftect .:.iny of l:h 1.: rcm.:.i i 1u1 11J
~ro vicicn~ cf th i e re sol uti on .
S\:!Ction 6 . 1~11 t.:ct:.i r,r. (r!ot ir,c or.::..i~tc.:r.t ,,1LI: Ll."
[,ro viic;ion s of this reso lution) he ret ofor e tu ken t y th.> C! 1·: C',,,,1,. 11
I
I
and t he officers of the City directed toward the authoris, t ion u1
the Allocation Transfer Agreeme nt and the Del egation llgrcement
hereby is rat ified , approve d and c onf irmed.
Section 7. This resolution s ha ll be in full f o rce and ef f~,
upon its passauc a nd app;·o v,, 1 .
IIDO P'rEO ANO IIPPl<OVEO t his 7th day of Septembc,·, 19112.
Attest:
I ---/J-~/1 -~
~-f f Vi c Ci tylli -Treasurcr
I , Gar y R. Hi gbee , ex officio City Clerk-Treasurer of the
City of En g lewood , Colo rado , hereby certi fy that the abov e nnd
forcqo.i.nq i::; w tru e , ,1c cu1:-i:t tc .:'Ind comp lete co py o r l<C!i u l utic,n
f~t,._1::L __ , :;L!Ci.l ::; lJI .L IJli ✓.:.