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2003-12

A RESOLUTION

AUTHORIZING THE ASSIGNMENT OF $3,404,725 OF THE CITY'S PRIVATE ACTIVITY BOND ALLOCATION FOR 2002 TO THE COLORADO HOUSING AND FINANCE AUTHORITY; AND PROVIDING OTHER DETAILS IN CONNECTION THEREWITH

WHEREAS, pursuant to the Private Activity Bond Ceiling Act, constituting Title 24, Article 32, Part 17, Colorado Revised Statutes (the "Allocation Act"), the City of Lakewood, Colorado (the "City") has received a direct allocation of the State of Colorado's Private Activity Bond Ceiling for 2002 in the amount of $5,404,725 of which $3,404,725 (the "2002 Allocation") remains; and

WHEREAS, the City desires to assign the 2002 Allocation to the Colorado Housing and Finance Authority (the "Authority") pursuant to Section 24-32-1706 of the Allocation Act to be used to as provided in the form of Assignment of Allocation (the "Assignment") presented to City Council (the "Council") at this meeting; and

WHEREAS, the Authority has agreed to accept the 2002 Allocation on the terms set forth in the Assignment.

NOW, THEREFORE, BE IT RESOLVED BY CITY COUNCIL OF THE CITY OF LAKEWOOD, COLORADO:

SECTION 1. The City hereby authorizes the assignment of the 2002 Allocation to the Authority for use solely in manner described in the Assignment.

SECTION 2. The form, terms and provisions of the Assignment hereby are approved and the officers of the City hereby are 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 of such document in accordance with the terms hereof.

SECTION 3. The officers of the City shall take such other steps or actions necessary or reasonably required to carry out the terms and intent of this Resolution and the Assignment.

SECTION 4. 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 such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.

SECTION 5. All action not inconsistent with the provisions of this Resolution heretofore taken by the Council and the officers of the City directed toward the assignment of the 2002 Allocation and the authorization of the Assignment hereby are ratified, approved and confirmed.

SECTION 6. This Resolution shall be in full force and effect upon its passage and adoption.

INTRODUCED, READ AND ADOPTED by a vote of 10 for and 0 against at a regular meeting of the City Council on February 10, 2003, 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