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Resolution 2005-03
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Resolution 2005-03
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Last modified
3/12/2021 2:44:27 PM
Creation date
2/1/2006 12:21:24 PM
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Template:
City Council Records
Doc Type
Resolution
Signed Date
2/1/2005
Ord/Res - Year
2005
Ord/Res - Number
03
Original Hardcopy Storage
7E6
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RES 2005-03
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<br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF LOUISVILLE, COLORADO: <br /> <br />Section 1. In order to facilitate the origination of single family mortgage loans within the <br />boundaries of the City as part of the Single Family Mortgage Loan Program, the City hereby (a) <br />delegates to the Issuer the authority of the City to finance and otherwise take action and exercise <br />power under the Act on behalf of the City with respect to the Single Family Mortgage Loan <br />Program within the City and (b) approves, authorizes and directs the Mayor of the City to sign <br />and deliver and the City Clerk to attest and deliver, the Delegation and Participation Agreement <br />in substantially the form presented at this meeting. A copy of the proposed Delegation and <br />Participation Agreement is on file in the office of the City Clerk and is available for inspection <br />by the public. <br /> <br />Section 2. The Council hereby approves the Bonds and the Single Family Mortgage <br />Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. <br /> <br />Section 3. The Mayor of the City is hereby authorized and directed to execute and <br />deliver and the City Clerk is hereby authorized and directed to attest and deliver such other <br />agreements and certificates and to take such other actions as may be necessary or convenient to <br />carry out and give effect to the Delegation and Participation Agreement and this Resolution, <br />including any agreement or certificate approving the Bonds or the Single Family Mortgage Loan <br />Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. <br /> <br />Section 4. Nothing contained in this Resolution or the Delegation and Participation <br />Agreement shall constitute a debt, indebtedness or multiple-fiscal year direct or indirect debt or <br />other financial obligation of the City within the meaning of the Constitution or statutes of the <br />State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary <br />liability of the City or a charge against its general credit or taxing powers. <br /> <br />Section 5. The participation of the City in the Single Family Mortgage Loan Program is <br />contingent upon the receipt of Allocation for the Single Family Mortgage Loan Program from <br />the State. In the event the State does not award Allocation for the Single Family Mortgage Loan <br />Program, this Resolution, the Delegation and Participation Agreement, and all duties, obligations <br />and rights of the City under this Resolution and the Delegation and Participation Agreement shall <br />terminate immediately. <br /> <br />Section 6. If any section, paragraph, clause or provision of this Resolution shall for any <br />reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such <br />section, paragraph, clause or provision shall not affect any of the remaining provisions of this <br />Resolution. <br /> <br />Section 7. This Resolution shall be in full force and effect upon its passage and approval. <br /> <br />A-2 <br />
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