Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 07-25-17
Requesting Agency: Department of Finance
Division:
§ Name: Michael
§ Phone: 720-913-5550
§ Email: michael.kerrigan@denvergov.org <mailto:michael.kerrigan@denvergov.org>
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A resolution declaring the intent of the City and County of Denver, Colorado to use its best efforts to issue housing revenue bonds or mortgage credit certificates to provide financing of residential facilities for low- and middle-income families or persons; prescribing certain terms and conditions of such bonds and certificates; and containing other provisions relating to the proposed issuance of such bonds and certificates.
Authorizes the City to carryforward $15,324,900 of unused 2017 private activity bonds and apply for additional volume cap allocation from the statewide balance to be utilized in future years, consistent with Colorado statutes and the Internal Revenue Code, for single family mortgage revenue bonds, multifamily housing bonds, and mortgage credit certificates. The Committee approved filing this resolution by consent on 8-1-17.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The proposed resolution is an administrative procedure, being undertaken to comply with Colorado Statutes to preserve the City’s ability to issue private activity bonds in future years and request additional allocation when it becomes available from the Statewide balance. In general, a private activity bond is a bond issued by or on behalf of local or state government for the purpose of financing a project of a private user that allows for the bonds to have tax exempt status. The Federal government allocates the Private Activity Bond Authority to each state. The State of Colorado, in turn, allocates a proportional amount to each local issuer based on population. The State of Colorado’s Department of Local Affairs has allocated $34,154,800 of the State’s Volume Cap Allocation to the City and County of Denver for the year 2017, of which $15,324,900 remains unused at this time, and will make additional Volume Cap available soon. This resolution allows the current allocation and additional allocation to be utilized in future years, consistent with Colorado statutes and the Internal Revenue Code.
Private activity bonds are issued to finance various types of facilities owned or used by private entities, including multifamily housing projects, single family homes, and mortgage credit certificates. Private Activity Bonds issued by the City are special obligations and do not constitute a debt or indebtedness of the City and do not give rise to a charge against the general credit or taxing power of the City.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?