Resolution 2019-26 - Laserfiche WebLink

Home Browse Search

RESOLUTION 26 SERIES 2019 A RESOLUTION AUTHORIZING THE ASSIGNMENT OF THE CITY'S PRIVATE ACTIVITY BOND ALLOCATION FOR 2019 TO THE HOUSING AUTHORITY OF THE COUNTY OF BOULDER, COLORADO, PROVIDING OTHER DETAILS IN CONNECTION THEREWITH, AND PROVIDING AN EFFECTIVE DATE WHEREAS, pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, constituting Title 24, Article 32, Part 17, Colorado Revised Statutes (the "Allocation Act"), the City of Louisville, Colorado (the "City") has received a direct allocation of the State of Colorado's Private Activity Bond Ceiling for the year 2019 (the "2019 Allocation"), and WHEREAS, the Housing Authority of the County of Boulder, Colorado (the "Authority") has requested that the City assign all of the 2019 Allocation in an amount equal to $1,126,125 (the "Assigned Allocation") to the Authority pursuant to Section 24-32-1706 of the Allocation Act for the purpose of assisting in the financing of the construction of a 73-unit multifamily housing project to be known as the Coffman Street Affordable Housing Project located at 518 Coffman Street, in the City of Longmont, County of Boulder, Colorado, and WHEREAS, the City desires to assign the Assigned Allocation to the Authority, and WHEREAS, there has been presented to the City Council of the City (the "City Council") the form of an Assignment of Allocation (the "Assignment") NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO Section 1. Authorization of Assignment. The City Council hereby authorizes the assignment of the Assigned Allocation to the Authority for the purposes described above and in the Assignment accompanying this resolution. Section 2. Approval of Assignment of Allocation. The form, terms and provisions of the Assignment hereby are approved, provided, however, that the Mayor of the City is hereby granted authority to negotiate and approve such revisions to said Assignment as the Mayor determines are necessary or desirable for the protection of the City, so long as the essential terms and conditions of the Assignment are not altered. Section 3. The Mayor of the City is hereby authorized and directed to execute and deliver the Assignment, with such changes therein as are approved by the officers of the City executing the Assignment. The execution of the Assignment shall be conclusive evidence of the approval by the City Council of such document in accordance with the terms hereof. Section 4. Further Action. The Mayor, City Clerk, City Manager, Deputy City Manager, City Attorney and other officers and employees of the City are hereby authorized and directed to take such other steps or actions necessary or reasonably required to carry out the terms and intent of this resolution and the Assignment. Resolution No , 26 Series 2019 Page 1 of 2