Resolution 1998-21 - Laserfiche WebLink

Home Browse Search

WHEREAS, it is necessary to evidence such delegation by the execution and delivery, by the City of a Delegation Agreement (the "Delegation Agreement") between the City and the Issuer in substantially the form presented at this meeting, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: 'Section 1. In order to facilitate the origination of.single family mortgage loans within the boundaries of the City as part of the Single Family Mortgage Loan Program, the City. hereby (i) delegates to the Issuer the authority of the City to f'mance and otherwise take action and exercise power under the Act on behalf of the City with respect to the Single Family Mortgage Loan Program within the City and (ii) approves, and authorizes and directs the Mayor of the City to sign and deliver and the City Clerk to attest and deliver, the Delegation Agreement in substantially the form presented at this meeting. A copy of the proposed Delegation Agreement is on file in the office of the City Clerk and is available for inspection by the public. Section 2. The Council hereby approves the Bonds and the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 3. The Mayor of the City is hereby authorized and directed to execute and deliver and the City Clerk is hereby authorized and directed to attest and deliver such other agreements and certificates and to take such ot3er actions as may be necessary or convenient to carry out and give effect to the Delegation 'Agreement and this Resolution, including any agreement or certificate approving the Bonds or the Single Family Mortgage Loan Program for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended. Section 4. Nothing contained in this Resolution or the Delegation Agreement shall constitute a debt, indebtedness or multiple-fiscal year direct, or indirect debt or other financial obligation of the citY within the meaning of the Constitution.or statutes of the State of Colorado 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 of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of any such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. Section 6. This Resolution shall be in full force and effect upon its passage and approval. o2/mo~o. A-2