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2003-63

A RESOLUTION

ASSIGNING AND TRANSFERRING TO THE LAKEWOOD HOUSING AUTHORITY, A PORTION OF THE CITY OF LAKEWOOD'S 2003 PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION FROM THE STATE CEILING FOR PRIVATE ACTIVITY BONDS TO FINANCE A RESIDENTIAL HOUSING FACILITY FOR LOW- AND MIDDLE-INCOME PERSONS AND FAMILIES WITHIN THE CITY OF LAKEWOOD, COLORADO; AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ASSIGNMENT AGREEMENT AND OTHER DOCUMENTS IN CONNECTION THEREWITH

WHEREAS, the City of Lakewood, Colorado (the "City") is authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes, as amended, and the Lakewood Housing Authority (the "Issuer"), is authorized by the provisions of Sections 29-4-201, et seq., Colorado Revised Statutes, as amended (the "Act") and the Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, Colorado Revised Statutes, as amended (the "Supplemental Act"), to finance projects as defined in the Act, including residential housing facilities for low? and middle?income persons and families; and

WHEREAS, the City has been awarded on January 1, 2003 approximately $5,399,100 (the "2003 Allocation") of the bond ceiling for the State of Colorado (the "State") and its issuing authorities pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Title 24, Colorado Revised Statutes, as amended (the "Allocation Act"), for use in the issuance of private activity bonds to finance projects under the Act among the issuing authorities of the State; and

WHEREAS, the Allocation Act provides for the assignment of bond allocations between issuing authorities of the State; and

WHEREAS, the City desires to assign and transfer to the Issuer an amount equal to $1,000,000 of the 2003 Allocation, which the City and the Issuer will commit and reserve for the issuance of such private activity bonds, to finance a residential housing facility for low? and middle?income persons and families within the City; and

WHEREAS, it is necessary to evidence such assignment and transfer and the acceptance thereof by the execution and delivery by the City of an Assignment Agreement, dated as of August 25, 2003 (the "Assignment"), by and between the City and the Issuer; and

WHEREAS, the Issuer proposes to issue its multifamily housing revenue bonds pursuant to the Act and the Supplemental Act (the "Bonds") to finance a residential housing facility for low? and middle?income persons and families within the City known as The Cliffs at Lakewood Apartments (the "Project");

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

SECTION 1. In order to finance the Project, the City hereby (i) assigns and transfers to the Issuer an amount equal to $1,000,000 of the 2003 Allocation 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 Assignment in substantially the form presented to the City Council. A copy of the proposed Assignment is on file in the office of the City Clerk and is available for inspection by the public.

SECTION 2. 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 other actions as may be necessary or convenient to carry out and give effect to the Assignment and this Resolution.

SECTION 3. Nothing contained in this Resolution or the Assignment 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 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 any such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution.

SECTION 5. This Resolution shall be in full force and effect upon its passage and approval.

INTRODUCED, READ AND ADOPTED by a vote of 10 for and 0 against at a regular meeting of the City Council on August 25, 2003, at 7:00 p.m., at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:
Margy Greer, City Clerk