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2007-50
A RESOLUTION
AUTHORIZING THE ASSIGNMENT OF $6,069,425 OF THE CITY'S PRIVATE ACTIVITY BOND
ALLOCATION FOR 2007 TO THE COLORADO HOUSING AND FINANCE AUTHORITY; AUTHORIZING
THE EXECUTION AND DELIVERY OF AN ASSIGNMENT OF ALLOCATION; AND PROVIDING OTHER
DETAILS IN CONNECTION THEREWITH
WHEREAS, the City of Lakewood (the "City") is a legal and regularly
created, established, organized and existing municipal corporation under the
provisions of Article XX of the Constitution of the State of Colorado and the
City Charter; and,
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 "2007
Allocation") in the amount of $6,069,425; and,
WHEREAS, the Colorado Housing and Finance Authority (the "Authority")
has requested that the City assign the 2007 Allocation in the amount of $6,069,425
(the "Assigned Allocation") to the Authority pursuant to Section 24-32-1706
of the Allocation Act for use in the financing of affordable housing throughout
Colorado; and,
WHEREAS, the City desires to assign the Assigned Allocation to the Authority;
and,
WHEREAS, there has been presented to the City Council of the City 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 Council hereby authorizes the assignment of the Assigned
Allocation to the Authority.
SECTION 2. The form, terms, and provisions of the Assignment hereby are approved
and the Mayor and the City Clerk of the City hereby are authorized and directed
to execute and deliver the Assignment, with such technical variations, additions,
or deletions therein as are deemed necessary or appropriate by the Mayor and
not inconsistent with the approval thereof by this Resolution. 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 City actions 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.
INTRODUCED, READ AND ADOPTED by a vote of 10 for and 0 against at a regular
meeting of the City Council on September 10, 2007, at 7 o'clock p.m. at Lakewood
Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Stephen A. Burkholder, Mayor
ATTEST:
Sharon Blackstock, Acting City Clerk
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