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RESOLUTION: 2004-50
SUBJECT: A resolution authorizing the City of Lakewood to assign $5,766,000 of the City's private activity bond allocation for 2004 to the Housing Authority of the City of Lakewood.
ADDRESS: N/A
RECOMMENDATION: Adopt the resolution.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The Housing Authority of the City of Lakewood ("LHA") intends to finance a project being developed by Black Creek Communities consisting of the acquisition and equipping of a 118 unit multifamily housing project known as Kings Row Apartments, located at 259 S. Teller Street in Lakewood, Colorado (the "Project"). In connection with the financing of the Project, LHA intends to issue Multi-family Housing Revenue Bonds in the maximum aggregate principal amount of $9,500,000. LHA is requesting that the City assign to LHA $5,766,000 of the City's 2004 allocation under the bond ceiling for the State of Colorado and its issuing authorities. Of the amount assigned, $4,500,000 will be used for the Project and the remaining $1,266,000 will be used for another project to be determined by the LHA.
RESOLUTION ADOPTION DATE: May 10, 2004
ORIGINATED BY: Lakewood Housing Authority
STAFF PERSON RESPONSIBLE: Bill Lunsford, Development Manager, 303-987-7581
DOCUMENTS ATTACHED: Resolution 2004-50
Assignment of Allocation
Certificate
SUBMITTED BY:
Tami Fischer, Executive Director Housing and Family Services
Bill Lunsford, Development Manager
REVIEWED BY:
Joni Inman, Director of the Mayor and City Manager's Office
Michael J. Rock, City Manager
ASSIGNMENT OF ALLOCATION
THIS ASSIGNMENT (the "Assignment") dated April 1, 2004, is between
the City of Lakewood, Colorado, a body corporate and politic (the "Assignor"),
and the Housing Authority of the City of Lakewood, Colorado, a body corporate
and politic (the "Assignee").
RECITALS
A. The Assignee intends to finance (i) a project consisting of the acquisition,
rehabilitation and equipping of a 118?unit multifamily housing project known
as Kings Row Apartments, located at 259 S. Teller Street, in Lakewood, Colorado
(the "Kings Row Project"), and (ii) one or more other multifamily
housing projects to be identified by the Assignee. The Kings Row Project and
any such other project each will be designed to qualify as a "project"
within the meaning of Title 29, Article 4, Part 2, Colorado Revised Statutes,
as amended (the "Act").
B. The Assignee intends to provide for the issuance of its Multi-family Housing
Revenue Bonds in the maximum aggregate principal amount of $9,500,000 (the "Proposed
Bonds"), pursuant to the provisions of the Act for the purpose of financing
the Kings Row Project.
C. The Assignee, pursuant to a resolution duly adopted by the Board of Commissioners
of the Assignee, declared its intention to take all steps necessary or advisable
to effect the issuance of the Proposed Bonds for the financing of the Kings
Row Project.
D. The Assignee has requested that the Assignor assign to the Assignee $5,766,000
of the Assignor's 2004 allocation under the bond ceiling for the State of Colorado
and its issuing authorities (the "State Ceiling") computed under Section
146(d) of the Internal Revenue Code of 1986 (the "Code") as provided
for the Assignor as a "designated local issuing authority" under part
17 of article 32 of title 24, Colorado Revised Statutes (the "Allocation
Act"), for use in connection with the financing of the Kings Row Project
and one or more other multifamily housing projects to be identified by the Assignee.
E. Subject to the terms and conditions set forth herein, the Assignor desires
to assign to the Assignee, and the Assignee desires to accept, $5,766,000 of
the Assignor's 2004 allocation from the State Ceiling, $4,500,000 of which allocation
the Assignor has committed and reserved for the Kings Row Project.
ASSIGNMENT
In exchange for the agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:
1. The Assignor hereby assigns and transfers to the Assignee, the Assignor's
2004 allocation from the State Ceiling for private activity bonds in an amount
equal to $5,766,000, $4,500,000 of which shall be reserved for the purpose of
issuing the Proposed Bonds to finance the Kings Row Project. The Assignor and
the Assignee understand that such assigned allocation shall automatically be
relinquished to the "Statewide Balance" as defined under the Allocation
Act unless (a) the Proposed Bonds are issued by the Assignee on or before September
15, 2004, or (b) Section 24-32-1706(3)(c) applies.
2. The Assignor represents that it has received no monetary consideration for
the assignment set forth above.
3. The Assignee hereby:
a. accepts the assignment of $5,766,000 of the Assignor's allocation from the
State Ceiling described above; and
b. agrees to abide by each of the terms and conditions of this Assignment in
connection with the use of such allocation.
4. The Assignor hereby consents to the election by the Assignee, if the Assignee
in its discretion so decides, to treat all or any portion of the assignment
set forth herein as an allocation for a project with a carryforward purpose.
5. This Assignment shall not constitute the debt or indebtedness or financial
obligation of the Assignor within the meaning of the constitution or statutes
of the State of Colorado nor give rise to a pecuniary liability or charge against
the general credit or taxing power of the Assignor.
IN WITNESS WHEREOF, the Assignor and the Assignee have caused this instrument
to be executed to be effective as of the date and year first written above.
CITY OF LAKEWOOD, COLORADO, as Assignor
By:
Its:
[SEAL]
ATTEST:
Its
HOUSING AUTHORITY OF THE CITY OF LAKEWOOD, as Assignee
By:
Its
[SEAL]
ATTEST:
Its
CERTIFICATE OF THE CITY OF LAKEWOOD, COLORADO
CONCERNING ASSIGNMENT OF PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION
TO THE HOUSING AUTHORITY OF THE CITY OF LAKEWOOD
We, the undersigned, hereby certify that we are the duly chosen, qualified
and acting Mayor of the City of Lakewood (the "Mayor") and City Clerk
of the City of Lakewood, Colorado (the "City"), and that:
1. The City is a public body politic and corporate, duly organized and existing
under the constitution and laws of the State of Colorado.
2. The City has been previously notified that, pursuant to Section 24-32-1706
of the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article
32 of Title 24, Colorado Revised Statutes (the "Allocation Act"),
it has an allocation of a portion of the State ceiling (as defined in the Allocation
Act) for 2004 in the amount of $5,766,000.
3. Attached hereto as Exhibit A is a true and correct copy of a resolution
and the related minutes thereto (the "Resolution") authorizing the
assignment to the Housing Authority of the City of Lakewood (the "Authority")
of such allocation of the 2004 State ceiling in the amount of $5,766,000 (the
"Assigned Allocation"), and authorizing the execution and delivery
of an Assignment of Allocation dated as of April 1, 2004 (the "Assignment
of Allocation") between the City and the Authority in connection therewith,
which Resolution was duly adopted by the City Council of the City (the "City
Council") at a meeting thereof held on May 10, 2004, at which meeting a
quorum was present and acting throughout and which Resolution has not been revoked,
rescinded, repealed, amended or modified and is in full force and effect on
the date hereof.
4. The meeting of the City Council at which action has been taken with respect
to the Assignment of Allocation was a regular meeting properly called and open
to the public at all times.
5. With respect to the Assigned Allocation, the City has not heretofore: (a)
issued private activity bonds; (b) assigned the Assigned Allocation to another
"issuing authority," as defined in the Allocation Act; (c) made a
mortgage credit certificate election; or (d) treated the Assigned Allocation
as an allocation for a project with a carryforward purpose, as defined in the
Allocation Act.
6. The Assignment of Allocation, attached hereto as Exhibit B, is in the form
presented to and approved by the City Council at the meeting thereof held on
May 10, 2004.
7. On or before the date hereof, the Mayor and the City Clerk officially executed
counterparts of the Assignment of Allocation.
8. On the respective dates of such signing and on the date hereof, the undersigned
were, and now are, the duly sworn, qualified and acting officers of the City
authorized to execute the Assignment of Allocation and holding the offices indicated
by the official titles set forth underneath our respective names below.
9. The City has authorized the execution, delivery and due performance of the
Assignment of Allocation, and the execution and delivery of the Assignment of
Allocation and the compliance by the City with the provisions thereof, will
not, to the best of our knowledge, conflict with or constitute on the part of
the City a breach of or a default under any existing Colorado law, City resolution,
court or administrative regulation, decree or order or any agreement or other
instrument to which the City is subject or by which it is bound.
10. To the best of the undersigneds' knowledge, there does not exist any action,
suit, proceeding or investigation pending, or threatened against the City, contesting
(a) the corporate existence of the City, (b) the title of its present officers
or any of them to their respective offices, including, without limitation, the
members of the City Council, (c) the validity of the Assignment of Allocation
or (d) the power of the City to execute, deliver or perform the Assignment of
Allocation.
11. No referendum petition has been filed concerning the Resolution; and to
the best of our knowledge none is being circulated or planned for circulation.
WITNESS our hands and the seal of the City this ________ __, 2004.
(SEAL) Mayor
City Clerk
EXHIBIT A
RESOLUTION
EXHIBIT B
ASSIGNMENT OF ALLOCATION
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