2002-63

A RESOLUTION

DECLARING THE INTENT OF THE CITY OF LAKEWOOD, COLORADO TO ISSUE HOUSING REVENUE BONDS OR MORTGAGE CREDIT CERTIFICATES TO PROVIDE FINANCING OF RESIDENTIAL FACILITIES FOR LOW AND MIDDLE INCOME PERSONS AND FAMILIES; PRESCRIBING CERTAIN TERMS AND CONDITIONS OF SUCH BONDS; AND CONTAINING OTHER PROVISIONS RELATING TO THE PROPOSED ISSUANCE OF SUCH BONDS.

WHEREAS, the City of Lakewood, Colorado (the "City"), is a legally and regularly created, established, organized and existing home rule city, municipal corporation and political subdivision under the provisions of Article XX of the Constitution of the State of Colorado (the "State") and the Home Rule Charter of the City (the "Charter"); and

WHEREAS, the City is authorized by its Charter and the County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29, Colorado Revised Statutes, as amended (the "Act"), to finance one or more projects (which includes any land, building or other improvement and real and personal properties) to the end that residential facilities for low?and middle?income persons or families or facilities intended for use as the sole place of residence by the owners or intended occupants may be provided, which promotes the public health, welfare, safety, convenience and prosperity; and

WHEREAS, the City is further authorized by its Charter and the Act to issue revenue bonds for the purpose of defraying the cost of financing any project, including the payment of principal and interest on such revenue bonds for not exceeding three years, the funding of any reserve funds which the governing body of the City may deem advisable to establish in connection with the retirement of such revenue bonds or the maintenance of the project and all incidental expenses incurred in issuing such revenue bonds, and to secure payment of such revenue bonds as provided in the Act; and

WHEREAS, the City wishes to declare its intention to issue itself or through its assignee housing revenue bonds, in one or more series, or, in lieu of issuing all or any series of such housing revenue bonds, to issue mortgage credit certificates (the "Certificates"), in connection with financing qualified residential rental projects for low-and moderate-income families or facilities intended for use as the sole place of residence by the intended occupants thereof, and

WHEREAS, this Resolution is being adopted to satisfy the requirements of the City with respect to establishing its intent to issue housing revenue bonds or Certificates and with respect to establishing a carry-forward purpose for the City's private activity bond volume cap allocation pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, constituting Article 32, Title 24, Par 17, Colorado Revised Statutes, as amended (the "Allocation Act"); and

WHEREAS, the issuance of housing revenue bonds or Certificates for such purposes constitutes a project under the Act; and

WHEREAS, such housing revenue bonds or Certificates are expected to be issued by the City or its assignee in an amount not to exceed $3,404,725.00, which amount equals the remaining portion of the 2002 private activity bond volume cap allocation of the City (the "2002 Volume Cap Allocation");

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKEWOOD, COLORADO:
Section 1. In order to benefit the residents of the City, the City hereby declares its intent to issue itself or through its assignee housing revenue bonds in one or more series (the "Bonds") in an aggregate principal amount not to exceed $3,404,725.00, or, in lieu of issuing all or any series of Bonds, to issue Certificates, which shall be used in connection with financing qualified residential rental projects for low-and moderate-income families or facilities intended for use as the sole place of residence by the intended occupants thereof.

Section 1 The City Council of the City (the "Council") hereby finds, determines, recites and declares that the Bonds or the Certificates shall not constitute the debt, multiple fiscal year obligation or indebtedness of the City, the State or any political subdivision of the State within the meaning of any provision or limitation of the State Constitution or statutes and shall not constitute nor give rise to a pecuniary liability of the City or a charge against the City's general credit or taxing powers, nor shall the Bonds or the Certificates ever be deemed to be an obligation or agreement of any officer, director, agent or employee of the City in such person's individual capacity, and none of such persons shall be subject to any personal liability by reason of the issuance of the Bonds or the Certificates.

Section 1 The Council hereby finds, determines, recites and declares that the issuance of the Bonds, or in lieu of such Bonds, the Certificates, in connection with financing such residential facilities will promote the public purposes set forth in the Act, including, without limitation, assisting persons or families of low? and middle?income in obtaining decent, safe and sanitary housing.

Section 1 The Council hereby finds, determines, recites and declares the City's intent that this Resolution constitute an official indication of the present intention of the City to issue the Bonds or, in lieu of any such Bonds, the Certificates, as herein provided.

Section 1 The appropriate officers of the City are hereby authorized to take such actions as contemplated by the Internal Revenue Code of 1986, as amended (the "Code") and the Allocation Act that may be necessary to carry forward the 2002 Volume Cap Allocation pursuant to the Code and the Allocation Act.

Section 1 All actions not inconsistent with the provisions of this Resolution heretofore taken by the Council or any officer or employee of the City in furtherance of the issuance of the Bonds or the Certificates are hereby ratified, approved and confirmed.

Section 1 If any section, paragraph, clause or provision of this Resolution be adjudged to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining sections, paragraphs, clauses or provisions of this Resolution.

Section 1 All resolutions, ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency, and if so repealed, no other resolution, ordinance, or part thereof, shall be revived. This repealer shall not be construed as reviving any resolution or ordinance, or part thereof.

Section 1 This Resolution shall become effective immediately upon its passage and approval.

INTRODUCED, READ AND ADOPTED by a vote of 11 for and 0 against at a regular meeting of the City Council on September 9, 2002, at 7 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk