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Home My WebLink Aboutresolution.council.026-82RECORD OF PROCEEDINGS 100 Leaves RESOLUTION NO.~ Series of 1982 RESOLUTION TRANSFERRING TO MESA COUNTY, COLORADO THE ALLOCATION OF THE CITY OF ASPEN, COLORADO UNDER SECTION 29-4-803 AND SECTION 29-4-805 OF COLORADO REVISED STATUTES 1973, AS AMENDED, TO FINANCE MORTGAGE LOANS TO PROVIDE MORE ADEQUATE RESIDENTIAL HOUSING FACILI- TIES FOR LOW-AND-MIDLE-INCOME FAMILIES AND PERSONS WITHIN MESA COUNTY AND WITHIN THE CITY WHICH IS LOCATED WITHIN PITKIN COUNTY, AND ELSEWHERE IN THE STATE OF COLORADO: DELEGATING THE AUTHORITY TO ISSUE REVENUE BONDS TO FINANCE SAID MORTGAGE LOANS WITHIN THE CITY: AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF AN ALLOCATION TRANSFER AGREEMENT AND A DELEGATION AGREEMENT. WHEREAS, the City of Aspen, Colorado (the "City") and Mesa County, Colorado ("Mesa County") are each authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Project Act"), to finance, refinance, acquire, own, lease, improve and dispose of properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980, codi- fied as Section 103A of the Internal Revenue Code of 1954, as amended (the "Federal Act"), restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority and local governmental units in the State of Colorado (the "State") to finance single-family mortgages to an amount not exceeding the State ceiling; and WHEREAS, the Federal Act authorizes the states to provide a formula for allocating the respective state ceilings among the governmental units in such states in a manner different from the federal allocation formula, and the State of Colorado has provided for such an alternate formula for allocation by the enactment into law of Senate Bill No. 112, codified as Part 8 of Article 4 of Title 29 of Colorado Revised Statutes 1973, as amended (the "Allocation Act"); and WHEREAS, the Allocation Act authorizes governmental units in the State to transfer all or a part of their allocations provided for in the Allocation Act to any other entity otherwise authorized to issue bonds to finance single-family mortgages and to accept transfers of such allocations; and RECORD OF PROCEEDINGS 100 Leaves WHEREAS, the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended, provide, in effect, that any county and municipality may by resolution or ordinance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act; and WHEREAS, the City and Mesa County deem it necessary and advisable that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low- and middle-income families and persons (the "Mortgage Loans") in order to increase the supply of money available for mortgages so that families and persons of low- and middle-income may finance the purchase of residential housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle-income families and persons within both the City and Mesa County and elsewhere in the state; and WHEREAS, the City desires to transfer to Mesa County its allocation under Section 29-4-803 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within Mesa County and the City and elsewhere within the State; and WHEREAS, the City desires to delegate to Mesa County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Section 29-4-805 of the Allocation Act and to transfer the City's allocation under Section 29-4-805 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Mesa County and the City and elsewhere within the State; and WHEREAS, the City desires to delegate to Mesa County its power under the Project Act to issue revenue bonds to finanace Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within the City; and WHEREAS, Mesa County desires to accept such transfers and delegation and to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Mesa County and the City and elsewhere within the State; and RECORD OF PROCEEDINGS 100 Leaves WHEREAS, economies of time and expense will result from one governmental unit financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within both the City and Mesa County and else- where within the State; and WHEREAS, it is necessary to evidence such transfers and the acceptance of such transfers by the Allocation Transfer Agreement attached hereto as Exhibit A (the "Allocation Transfer Agreement") which will be executed and delivered by the City and Mesa County; and WHEREAS, it is necessary to evidence such delegation and the acceptance of such delegation by the Delegaton Agreement attached hereto as Exhibit B (the "Delegation Agreement") which will be executed and delivered by the City and Mesa County. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1. In order to insure the financing of Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within the City at the earliest possible date, which will promote the public health, wel- fare, safety, convenience and prosperity of the inhabitants of the City, it is deemed necessary and advisable that the Allocation Transfer Agreement and the Delegation Agreement be approved, executed and delivered by and on behalf of the City. Section 2. The form, terms and provisions of the Allocation Transfer Agreement and the Delegation Agreement hereby are approved and the Mayor of the City and the City Clerk hereby are authorized and directed to execute and deliver the Allocation Transfer Agree- ment and the Delegation Agreement. Section 3. The Mayor and the City Clerk hereby are autho- rized and directed to take such other steps or actions as may be required to carry out the terms and intent of this resolution, the Allocation Transfer Agreement and the Delegation Agreement. Section 4. Nothing contained in this resolution, in the Allocation Transfer Agreement or in the Delegation Agreement shall obligate the City, except to the extent described in the Allocation Transfer Agreement and in the Delegation Agreement, nor constitute the debt or indebtedness of the City within the meaning of the Constitution or statutes of the State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. Section 5. If any section, paragraph, clause or provision RECORD OF PROCEEDINGS 100 Leaves of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. Secton 6. All action (not inconsistent with the provisions of this resolution) heretofore taken by the City Council and the officers of the City directed toward the authorization of the Allocation Transfer Agreement and the Delegation Agreement hereby is ratified, approved and confirmed. Section 7. This resolution shall be in full force and effect upon its passage and approval. PASSED, ADOPTED AND APPROVED this 1982. day of ~ Mayor (SEAL) Attest: