HomeMy WebLinkAbout1983-10 Authorizing the Town to Transfer 1983 Allocations to the Colorado Housing Finance Authorityti . •
RESOLUTION #?0
Series of 1Q83 )
A RESOLUTION AUTFiURIZIiVG TFIE TOWN OF
VAIL TO TRANSFER 1983 ALLOCATIONS TO
THE COLORADO HOUSING FINANCE AUTHORITY.
WHEREAS, The Town of Vail is authori:~ed and empowered under the
laws of the State of Colorado (the "at~.te") to issue revenue bonds for
the purpose of providing single-family mortgage loans to law- and
moderate--income persons and families; and
WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980, codified as
Section 103A of the Internal Revenue Code of 1954, as amended (the
Federal Act"), restricts the amount of tax-exempt obligations
Qualified Mortgage Bonds") which may be issued in the State to
finance such single-family mortgages {the "State Ceiling"); and
WHEREAS, pursuant to the Federal Act, the General Assembly of
the State of Colorado has adopted part 8 of article 4 of title 29,
C.R.S. 1973, as amended {the "Allocation Act"), providing for the
allocation of the State Ceiling among the Colorado Housing Finance
Authority (the "Authority") and local governmental units in the State
having authority to issue Qualified Mortgage Bonds, and further pro-
viding for the transfer of allocations among the Authority and such
local governmental units; and
WHEREAS, pursuant to an allocation under Section 29-4-803 of the
Allocation Act, the Town of Vail is authorized to issue up to
119,707.41 principal amount of Qualified Mortgage
Bonds in calendar year 1983 ("1983 Allocation"); and
WHEREAS, the Town of Vail has determined that, in order to increase
the availability of adequate housing affordable by low- and moderate-
income persons and families within the Town, it is necessary or desirable
to~~provide for the utilization of all or a portion of the 1983 Allocation;
an. d
WHEREAS, the Town of Vail further has determined that the 1983
allocation of Qualified Mortgage Bonds can most efficiently be issued
by the Colorado Housing Finance Authority; and
W~TEREAS, the Town Council of the Town of Vail accordingly has
determined to transfer its 1983 Allocation or that portion of it as set
forth below to the Colorado Housing Finance Authority, which such transfer
is to be evidenced by an Allocation Transfer Agreement.
N~ ~ ~
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NOW, THEREFORE., BE TT RESOLVED BY the Towra Council of the Town
of Va~.i, Colorado as follows
1. The t~3risfer to the Colorado Housing Finance Authority of
the allocation of authority of the Town of Vail to issue up to
119 . 7C?7. 41 principal amount of Rualified Mortgage
Bonds in calendar year 1983, provided far in Section 29-4-803 of the
Allocation Act, be and hereby is approved.
2. The form and substance o~ the Allocation Transfer Agreement
attached hereto as Exhibit A be and hereby are approved, provided, that
the Town Council be and hereby are authorized to make such technical
variations, additions or deletions in or to such Allocation Transfer
Agreement as they shall deem necessary or appropriate and not in-
consistent with the approval thereof by this Resolution.
3. The Town Manager of the Town of Vail be and is authorized to
execute and deliver the Allocation Transfer Agreement on behalf of the
Town of Vail and to take such other steps or actions as may be necessary,
useful or convenient to effect the aforesaid transfer in accordance with
the intent of this Resolution.
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 a~~ect any of the remaining provisions of this
Resolution.
5. This Resolution shall be in full force and effect upon its
passage and approval.
READ, APPROVED AND ADOPTED this 7th day of rune, 1983.
Rodney E. SJ~.fer, `l~~ay~r
ATTEST,:;ir ~ r .
Pamela A. Brandm~ Town Clerk
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