Resolution 1982-30 - Laserfiche WebLink

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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"). (d) The Allocation Act authorizes governmental units in the State of Colorado to transfer all or part of their allocations pro- vided for in the Allocation Act to any other entity otherwise autho- rized to issue bonds to finance single-family mortgages and to accept transfers of such allocations. (e) It is deemed necessary and advisable by the City and the County that a program be made av~ilable for the origination and servicing of mortgage loans for residential housing facilities for low and middle-income families and persons (the"Mortgage Loans'l) in order to increase the supply of money available for mortgage loans so that families and persons of low- and middle-income may finance the purchase or improvement of residential housing facilities at less than the prevailing market interest rate, thereby providing more ade- quate residential housing facilities for low- and middle-income fami- lies and persons within both the City and the County. ( f) It is deemed necessary and advisable by the City and the County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (g) The City Council of the City has indicated its willing- ness to delegate to the County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Secti~n 29-4-805 of the Allocation Act for the periOd from October 1, 1982 through December 31, 1982 and to transfer the City's allocation under Section 29-4-805 of the Allocation Act for the periOd from October 1, 1982 through December 31, 1982 to finance Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within the County, including the City which is located within the County. -2-