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2004-50

A RESOLUTION

AUTHORIZING THE ASSIGNMENT OF $5,766,000 OF THE CITY'S PRIVATE ACTIVITY BOND ALLOCATION FOR 2004 TO THE HOUSING AUTHORITY OF THE CITY OF LAKEWOOD; PROVIDING OTHER DETAILS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE.

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 (the "2004 Allocation"); and

WHEREAS, the Housing Authority of the City of Lakewood (the "Authority") has requested that the City assign the 2004 Allocation in the amount of $5,766,000 (the "Assigned Allocation") to the Authority pursuant to Section 24-32-1706 of the Allocation Act, (i) $4,500,000 of which is to be used to issue bonds to finance the acquisition, rehabilitation and equipping of a 118-unit rental housing project located at 259 S. Teller Street, in the City, and (ii) the remainder of which is to be used to issue bonds to finance any other rental housing project or projects selected by the Authority; and

WHEREAS, the City desires to assign the Assigned Allocation to the Authority; and

WHEREAS, there has been presented to the City Council (the "Council") the form of an Assignment of Allocation (the "Assignment").

NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lakewood, Colorado, that:

SECTION 1. The City hereby authorizes the assignment of the Assigned Allocation to the Authority for use as described above.

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 4. 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 Assigned Allocation and the authorization of the Assignment hereby are ratified, approved and confirmed.

SECTION 5. This Resolution shall take effect immediately upon adoption by the Council.

INTRODUCED, READ AND ADOPTED by a vote of ___ for and ___ against at a regular meeting of City Council on May 10, 2004 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