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2005-53

A RESOLUTION

AUTHORIZING THE ASSIGNMENT OF $4,738,160 OF THE CITY'S PRIVATE ACTIVITY BOND ALLOCATION FOR 2005 TO THE COLORADO HOUSING AND FINANCE AUTHORITY; 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 "2005 Allocation"); and
WHEREAS, the Colorado Housing and Finance Authority (the "Authority") has requested that the City assign a portion of the 2005 Allocation in the amount of $4,738,160 (the "Assigned Allocation") to the Authority pursuant to Section 24-32-1706 of the Allocation Act for the purpose of assisting in the financing of the acquisition and rehabilitation of a 204-unit rental housing project located at 184 South Zang Way in the City known as Panorama West Apartments; 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 CITY COUNCIL OF THE CITY OF LAKEWOOD, COLORADO:
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 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 Assigned 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 8 for and 0 against at a regular meeting of the City Council on September 12, 2005, at 7 o'clock p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.

Stephen A. Burkholder, Mayor

ATTEST:

By:
Margy Greer, City Clerk