Resolution 2025-60 - NEEDS BOCO HOUSING AUTHORITY SIGNATURE

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RESOLUTION NO. 60 SERIES 2025 A RESOLUTION AUTHORIZING ASSIGNMENT TO THE HOUSING AUTHORITY OF THE COUNTY OF BOULDER, COLORADO, OF THE CITY'S PRIVATE ACTIVITY BOND ALLOCATION FOR 2025 PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT, AND PROVIDING OTHER DETAILS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Louisville (the "City") is authorized and empowered under the laws of the State of Colorado (the "State") to issue revenue bonds for the purpose of financing qualified residential rental projects for low- and moderate -income persons and families; and 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 has received a direct allocation of the State of Colorado's Private Activity Bond Ceiling for the year 2025 (the "2025 Allocation"); and WHEREAS, the Housing Authority of the County of Boulder, Colorado (the "Authority") has requested that the City assign all of the 2025 Allocation in an amount equal to $1,277,471 (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 "projects" within the meaning of Title 29, Article 4, Part 5, Colorado Revised Statutes, as amended, in the County of Boulder, Colorado; and WHEREAS, the City Council of the City of Louisville has determined that, in order to increase the availability of adequate affordable housing for low- and moderate -income persons and families within the City of Louisville and elsewhere in the State, it is necessary or desirable to provide for the utilization of all or a portion of the Assigned Allocation by 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, AS FOLLOWS: 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 is hereby granted authority to negotiate, and the City Attorney is granted authority to approve as to form, such revisions to said Assignment as the Mayor determines are Resolution No. 60, Series 2025 Page 1 of 2