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HomeMy WebLinkAbout1989 Resolution No. 043e m:wrICNtD,p SllRil!S rz 1989 A IIE8U1l'ICN ll!QJ'.ROO '1111!! aJPPCRT rz 'DIB CITl( rz EIGJHXJl, CXI.CIWlO, FCR '1111!! APPLI~CN BY '1111!! CITr NE CXUl'IY CF DDM!JI, CXUJWX>, Pat AN 1\C ux:ATICN F1QI 'l1II!! ST1l1'fHIDE BALAla PURSUNff 'ro 'l1II!! CXLC1WXl PRlVM'E 1CrIVITi BCtlD CEILI?G ALUX:AnCN 1Cr Pat USE IN CXHa!C'l'r:N wrm A PR:X;MM 'ro FINAt«:E RESIDmrIAL IIXJSDG FIICILITil!S FCR UM-All) MIIDLE-IICJIE FAMILIES l\ND PFllSCRl Wl'l1IIN 'l1II!! crw 111m CXXffl'Y CF omvm All> CERTAIN 01'l!ER crrm NE axmms IN 'l.1IE ~ OF o::JLCIWX), m::LUDDG THE CITl( CF~. AlmDUZIN. 'l1II!! DELl!GATIQI 'ro 'l1II!! CITr AND CXXJNT'1 OF DFllllER Cf' 'l1II!! l\Il'lBJU'IY CE '!HE CTlY CE DG.Da:O 'ro ISSUE REVnlUE llCHlS 'ro FINAlCE '!HE PROGRl\M Wl'l1IIN 'l'HE cm CF DG.Da:O; l\ND l\171'11'.lUZIN. THE EXEx:tmOI AND DELIVERY CE A DELEXiATICN AGREEMEm BY AND BE'!WErn 'l1II!! Cln' OF E!CLl:HX)!) AND 'l1II!! CITr AND CXXJNlY CE DENVFl\ IN cnHX:'l'IQI wrnl THE PROGRAM. WHEREAS, the City ol Englewood, Colorado (the "City"), and the City and County of Denver, Colorado ("Denver") , are each authorized by the Cowlty and l'llnicipality Devel~nt Revenue llond Act, constituting article 3 of title 29, Colorado Revised Statutes (the "Act"), to finance properties to the end that 11\'.lre adequate nesi~ntial housing facilities for lc,o,,-and middle-incare families and persons may be provided; ,ind l·ll!ERE!\S, Section 29-3-104 ( 2) of the Act provides that a oounty or rmmicipality rray delegate by resolution or ordinance, as the case may be, to any other county or nunicipality authc,rity to act a, its behalf in the financing, refinanc-i ng, acquisition, leasing, ownership, i.nproverent and disposal of proj ects and that any such delegation may be general or liJllited in scope and tir.e and may be i.rrevoca!:>le for the term or terms of any financing ac;ree,ent or tnnd issue, all as provided in such resolution or ordinance; and •~lEREAS, the City did not receive a private activity bond allocation for 1989 under the Colorado Private Activ ity Bond Ceiling Allocation Act, part l'/ of article 32 of title 24, Colorado Revised Statutes (the "Allocation Act"); and WHEREAS, Denver proposes to authorize and provide for the issuance of revenue bonds, pursuant to t.>ie previsions of the Act, t o finance residential hou s inn facilities for low-and middle-incorre families and persons (the "Program") within Denver and ot.>ier cities and counties in the State of Colorado (t'ie "State") which assisn to Denver for use in connection with the financi n:, o f the Program all or a portion of their respective private activity band allocations fer 1989 or whic'i support the application by Denver for an ;,llrx:a~i cn frcm ..he "statewide balance" pU!'.suant to the Allocation Act for use :'1 c om1 ecticn with the f inancin(j cf the Program; and WHEREAS, the City desires tc delegate to Denver the authority of the City to finance and otherwise tak~ acticn and exercise pc,,o!!t under the Act on behalf 'lf t'ie City with respect t o the financing of the Prog,:am within the City ; and ~.'l!ER!:IIS, it is necessary to ~idence such delegaticn by the exf":Ution and deli\-ery by the City of ~ Delegaticn Agreerent (the "Delegaticn Agre<!fflent" l presented at •;h is JTeeting; ie!ld llll!lU!'.AS, the City dnin11 to iq,port the 1ff>licatia1 by Demler fot an allocatim fran the •statewiDe balance• pirsuant to tlll! Allocation A..t for UN in oonnec:ticn with the financing of the Program. !Of, '11lDEFCJU!, BR lT RE9JLVl!D BY 'l1!E CITr CXXH:IL CF 'DIE CITY a, l!IG.l!KXD, <XUJWXl, 'DIAT: Section 1. 'Die City declares its support for an application by ll!!nver for an allocation fran the •statewide balance• pursuant to the Allocation Act for use in COMection with the fi.nmr..ing of the Program. Pursuant to the Delegation Agrees,ent and subject to the tenns and CXll1ditiona set forth therein, the Cl.ty delegates to Denver the authority of the City to finance and otherwise take action and exercise power under the Act a, behalf of the City with respect to the financing of the Program within the City. Section 2. 'Die f011T1, terms and provisions of the Delegation l\greEl!ent hereby are approved and the Mayor or Mayor Pro '!en is hereby authorized and directed to sign and the City Clerk or Dep.lty City Clerk is hereby authorized and directed to attest and deliver the Delegation Agrees,ent, in the fem ai:t>roved by the City Attorney and in substantially the same fo:cm as presented at this neeting. Section 3. the Mayor or Mayor Pro '!en is hereby authorized and directed to execiiteaiidt.he City Clerk or Dep.,ty City Clerk is hereby authorized and directed to attest such other agreements , in a fOl:111 approved by the City Attorney, and to take such other steps or actions as may be required to carry out the terms and intent of this Resolution. Section 4. Nothing contained in this Resolution shall constitute the debt or indebtedness of the City within the meaning of the Constitution or statutes of the State or hare rule charter of any political subdivision thereof, ncr give rise to a pecuniary liability of the City or a charge against its general credit or taxing powe.r:s. Section 5. If any section, paragraph, clause or provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, paragraph, clause er provisions shall not affect any of the remaining provisions of this Resolution. Section 6. 'nus Resolution shall be in full force and effect upcn its passage and approval. ADO!'TFD AND APPROIIED this 7th day of August, 1989. At~: . V(/ /I ( 1zii;N 6L vV l-f ,(5---t,{I Patricia H. Crow, City Clerk < ,i/.,w ;{JJL. --sirsan Van Dyke,Mayor e I, Patricia H, ezow, City Clerk for the City of Digl-,od, Color~)-.:; hereby certify the above and foregoing a a trua OOf1'i of Amolutiat No.~• Series of 1989, ~~ . .!? / & - 1/'/{1 y((. .~I-(,{/ Patr C a H. Crow e Jane t Grimmett KUTAK ROCK & CAMPBELL IMCLUDIHO ~tt0••■•10NAL COJll~tlllATIOMI 2400 AACO TOWEft · 707 17, .. ITAE E T o•Nv ■ ... COLOPIIADO eoaoa {303) 2111 •2400 July 14, 1989 City of Englewood 3400 South Elati Englewood, CO 80110 Re: 1989 Colorado Local Single Family Mortgage Revenue Bonds Dear Ms. Grimmett : You have indicated an interest in participating in the City and County of Denver's Colorado Local Single Family Mortgage Revenue Bond Program (the "1989 Program "). At the request of Steve Gordon , I have enclosed for yo u r rev iew copies of a proposed Resolution, Delegation Agreement and Notice of Public Hearing prepared in connection with the 1989 Program. For your convenience, the enclosed documents are similar to those approved by the City of Englewood (the "City") for a similar program last year . The Resolution approves the participation of the City i n the 1989 Program and authorizes the City to enter into the Delegation Agreement with the City and County of Denver ("Denver·). By means of the Delegation Agreement, the City will delegate to Denver the authority to finance the 1989 Prog r am within the City . The Resolution should be adopted by the City Council of the City as soon as possible . Denver is planning t o accept delegation agreements of participating governmental unit s by ordinance approximately August B, 1989 . The public hearing shou ld take p l G:c prior to o r concurrently with the final pa s sage of the Resolution . The Notice of Public Hearing must be published in a newspaper of general c ,rculation in the City at least 14 days prior to t he date of the public hearing. KUTAK ROCK 6 CAMP ■ILL Ms. Janet Gri11'111ett .City of Englewood Jul y 14, 1989 Page Two Rick Buddin of this office and I will be handling the bond counsel responsibilities for Denver in connection with the 1989 Program. Please feel free to contact either of us if you have any comments or questions concerning the enclosed documents. We look forward to working with you for a successful 1989 irogram. Very truly yours, Eugene L. Hohensee kw Enclosures cc : William Fran~, w/o Enc. Stephen D. Gordon, w/o Enc . e DELEGAT I ON AGREEMENT THIS DELEGATION AGREEMENT (this "Delegation Agreement "), dated this __ day of August 1989, is between the CITY OF ENGLEWOOD, COLORADO, a body corporate and politic (the "Delegator"), and the CITY AND COUNTY OF DENVER, COLORADO, a body corporate and politic (the "Delegatee"). RECITALS : WHEREAS, the Delegator and the Delegatee ar e each authorized by the County and Mnnicipality Development Revenue Bond Act, constituting article .l of t itle 29, Colorado Revised Statutes (the "Act"), to finance properties to the end that more adequate residential housing facilities for low-and middle-income families and persons may be provided ; WHEREAS, Section 29-3-104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality authority to act on its behalf in the financing , refinancing , acquisition, leasing, ownership, improvement and disposal of projects and that any such delegation may be general or limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHEREAS, the Delegatee proposes to authorize and provide for the issuance of revenue bonds, pursuant to the provisions of the Act, to finance residential housing facilities for low-and mindle-income families and persons (the "Program") within the Delegatee and other ci ti es and co unties i n the State of Colorado (the "State "), including the Delegator , which assign to the Delegatee for use in connection with the financing of the Program all or a portion of their respective private activity bond allocations for 1989 under the Colorado Private Activity Bond Ceiling Allocation Act, part 17 of article 32 of title 24, Colorado Revised Statutes (the "Allocation Act "), or which support the application by the Delegatee for an allocation from the "statewide balance " pursuant to the Allocation Act for use in connection with the financing of the Program; WHEREAS, the Delegator has ass i gned to the De legat ee all or a portion of the Delegator's private activity bon d allocation for 1989 for use in connection with the fin a nc ing of the Program and/or resolved to support the application by the Delagatee for an allocation from the "statewide balance" for use in connection with the financing of t"e Pt ogram; and e e WHEREAS, the Delegator desires to delegate to the Delegatee the authority of the Delegator to finance and otherwise take action and exercise power under the Act on behalf of the Delegator with respect to the financing of the Program within the Delegator. NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, the Delegator and the Delegatee do hereby agree as follows : Section 1 , The Delegator hereby delegates to the Delegatee the authority of the Delegator to finance and otherwise take action and exercise power under the Act on behalf of the Delegator with respect to the financing of the Program within the Delegator . Section 2. The Delegatee hereby : (a) Accepts the delegation of authority from the Delegator described above; and (b) Agrees to abide by each of the terms and conditions of this Delegation Agreement in connection with the use of such delegation . IN WITNESS WHEREOF, the Delegator and the Delegatee have caused this instrument to be executed to be effective as of the date and year first written above. [SEAL) Attest : CITY OF ENGLEWOOD, COLORADO, as Delegator By~------------Mayor By c=-i t-y----,Ce-al,--e-r""k ________ _ -2- 0795X e e [SEAL) CITY AND COUNTY OF DENVER, COLORADO, as Delegatee Attest: By By c :;;,.-1-=-e-rk.:-a::cn::cd.---;R.::e:-:c:-:oc::r"'d-::e-=r----- APPROVED: Stephen H. Kaplan, Attorney for the City and County of Denver, Colorado By City Ati:'>rney Countersigned and Registered : By -.-:-:,:.,-;::-:,:c---------Auditor -3- 07tsl ;;M7ay::-o7 r=----------- DELEGATION AGREEMENT THIS DELEGATION AGREEMENT ( this "Delegation Agreement "), dated this __ day of August 1989, is between the CITY OF ENGLEWOOD, COLORADO, a body corporate and politic (the "Delegator"), and the CITY AND COUNTY OF DENVER, COLORADO, a body corporate and politic (the "Delegatee"). RECITALS : WHEREAS, the Delegator and the Delegatee are each authorized by the County and Municipality Development Revenue Bond Act, constituting article 3 of title 29, Colorado Revised Statutes (the "Act "), to finance properties to the end that more adequate residential housing facilities for low-and middle-income famil ies and persons may be provided; WHEREAS, Section 29-3-104(2) of the Act provides that a county or municipality may delegate by resolution or ordinance, as the case may be, to any other county or municipality authority to act on its behalf in the financing, refinancing, acquisition, leasing, ownership, improvement and disposal of projects and that any such delegation may be general or limited in scope and time and may be irrevocable for the term or terms of any financing agreement or bond issue, all as provided in such resolution or ordinance; and WHE l<L.AS, the Delegatee proposes to authorize and provide for the issuance of revenue bonds, pursuant to the provisions of the Act, to finance residential housing facilities for low-and middle-income famil i es and persons (the "Program") with i n the Delegatee and other cities and counties in the State of Colorado (the "State"), including the Delegator , which assign to the Del e gatee for use in connection with the financing of the Program all or a portion of their respective private activity bond allocations tor 1989 under the Colorado Private Activity Bond Ceiling Allocation Act , part 17 of article 32 of title 24, Colorado Revised Stat utes (the "Allocat ion Act"), or which support the application by the Delegatee for an allocation from the "statewide balance " pursuant to the Allocation Act for use in connection with the financ i ng of the Program; WHEREAS, the Delegator has assigned to the Delegatee all or a portion of the Delegator 's private activity bond allocation for 1989 for use in connection with the financing of the Program and/or resolved to support the application by the Delagatee for an allocation from the "statewide balance" for use in connection with the financing of the Program ; and WHEREAS, the Delegator desires to delegate to the De lagatee the authority of the Delegator to finance and otherwise take action and exercise power under the Act on behalf of the Delegator with respect to the financing of the Program within the Delegator. NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth h rein, the Delegator and the De legatee do hereby agree as follows : Section l . The Delegator hereby delegates to the Delegatee the authority of the Delegator to finance and otherwise take action and e ~ercise power under the Act on behalf of the Delegator with respect to the financing of the Program within the Delegator. Section 2. he Delegatee hereby: (a) Accepts the delegation of authority from the Delegator described above; ar.j (b) Agrees to abide by each of the terms and conditions of this Delegation Agreement in connection with the use of such delegation . IN WITNE &~ WHEREOF, the Delegator and the Delega t ee have caused this instrument to be executed to be effect i ve as of the date and year first written abo ve. [SEAL] CITY OF ENGLEWOOD, COLORADO, as Delegator ,, Ll~-vq;t Attest : ¼yoi: ey~~ ul/{LJ 1 City Clerk -2- e [SEAL] Attest: By ~c,~e_r_k _a_n_d _R~ec_o_r-de_r ____ _ APPROVED : Stephen H. Ka plan, Atto r~ey for the City and Co un t y of Denver, Colorado By ·city Attorney Countersigned and Registe re d: By------------Audi tor CITY AND COUNTY OF DENVER, COLORADO, as De 1 ega tee By "'Ma:-:y-:-u-:cr _________ _ DAT! August 7 , 1989 INITIATED BT STAPF SOUJ.CE PREVIOUS COUIICIL ACTION None ACTION PROPOSED COUIICIL COIIMUIIICATION AGENDA IT!II II (b) SUBJECT Req uest for Approval of a Roaolution for Single F&11ily Mortgage Revenue Bo nds . Richard S . Wanush, Di rec tor of Community Dov e lope1ent Janet M. Grimmett , Housing Financr Sp ecialist .... To consider for approval the adoption of a Resolution supporting an application by ,.._, the City of Denver for an allocation from the Statewide Balance Program for use in connection with the financing of Single F&11ily Mortgage Revenue Bonds ; authorizing the delegation to the City of Denver to issue revenue bonds to finance the program within the City of Englewood; and authorizing the execution and delivery of the Delegation Agreement . STAFF ANALYSIS The City of Englewood is not an entitlement city for mortgage revenue bond authority and , therefo:-e, must apply for authority from the Department of Local Aff airs' Statewide Balance Program to finance mortgage loans for low • and mtddle • income families. Englewood can, however , request that the City of Denver apply on 4 ts behalf and delegate to the City of Denver the authority to is sue th• bonds for the financing of Single Family Mortgage Revenue Bonds within the City of Englewood . This will allow Englewood to participate in the bond c onsortium as it has i n the past . By participating in the bond consortium , the City of Engle-.,ood can take advantage of a program that would otherwise riot be available acting alone . A public hearing will be held on August 3, 1989 to cons i der comment& from interested parties who wish to oxpress their views prior to the Council' a conaideration of the Resolution . No n\·~ative coments are anticipated . Staff has examined the alternative financing available to isaue our own bonds, and -has decided that the expenses involved are prohibitive . By participating in the e con•ortium, tho ■e expen■e ■ are borne by Der:ver only. Tht. totsl bond pack.age for the entitlement and non-tmtitlement agcnciea ~111 be a maximwa of $60 million. BACltGIOUND The City of Denver has been the lead iaauer foJ.' a c onsortium of various cities and countiea participating in a Single Family Mortri•ge Revenue Bond Program in 1986, 1987 and 1988. The City of Englewood haa beer. a part of these past issuances which have all beeu very aucceaaful. There will be no financial obligation placed on the City of Englewoo d t hrough the issuance of theae bonds as long as authority is delegated to the City of Denver. RECOlllll!NDATION Staff ls recommending that Council approve the Resolution : l. 3 . gw declaring aupport for an application by the Cily of Denver for an allocation from the Statewide Balance Program for use in connection with a pr~gram to finance residential housing within the City of Englewood; authorizing the ~•legation to the City of Denv er of the authority of the Ci ty of Englewood to iss1..1e revenue bonds to finance the program within Englewood ; authorizing the nxecution and delivery of the Delegation Agreement.