HomeMy WebLinkAbout 14-33 Approving Participation in Metro Mortgage Assistance Plus ProgramRESOLUTION NO. >
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A RESOLUTION APPROVING A DELEGATION AND PARTICIPATON AGREEMENT FOR
PARTICIPATION IN THE CITY OF DENVER & METRO MAYORS CAUCUS
PARTICIPATING JURISDICTIONS 2013 METRO MORTGAGE ASSISTANCE PROGRAM
WHEREAS, the Metro Mayors Caucus (the "Caucus"), a collaborative of mayors in the
Denver metropolitan region, was formed to address issues of regional importance and scope; and
WHEREAS, in coordination with the Caucus and its participating jurisdictions, the City and
County of Denver ("Denver") has sponsored its 2013 Metro Mortgage Assistance Plus Program to
provide competitive fixed rate 30-year mortgage loans which will be coupled with down payment
and closing cost assistance grants in connection with financing mortgage loans for residential
facilities, intended for use as the sole place of residence by the owners thereof, for low —and middle —
income families (the "Program"); and
WHEREAS, Denver has invited the Town to participate in the Program; and
WHEREAS, the State of Colorado (the "State") Constitution Article XIV, Section 18(2)(a)
provides that nothing in the Constitution shall prohibit any of the State's political subdivisions from
cooperating with one another to provide any service lawfully authorized to each of the cooperating
units; and
WHEREAS, the Town has the full legal authority to participate in the Program pursuant to
the general powers granted to it in Title 31, Article I5, Colorado Revised Statutes, as amended; and
WHEREAS, the Town desires to participate in the Program and for such purpose the Board
A Trustees desire to approve a Delegation and Participation Agreement to delegate to Denver the
authority of the Town to take action and exercise powers on behalf of the Town with respect to the
Program within the Town's boundaries; and
WHEREAS, the Board of Trustees finds that participation in the Program is in the best
interest of the Town and its citizens;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
Section 1. The proposed Delegation and Participation Agreement (the "Agreement")
between the Town and the City and County of Denver for the Town's participation in the City of
Denver & Metro Mayors Caucus Participating Jurisdictions 2013 Metro Mortgage Assistance
Program is hereby approved in essentially the same form as the copy of such Agreement
accompanying this Resolution.
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Section 2. The Mayor is hereby authorized to execute the Agreement on behalf of the
Town, and is further authorized to negotiate and approve on behalf of the Town such revisions to the
Agreement as the Mayor determines are necessary or desirable for the protection of the Town, so
long as the essential terms and conditions of the Agreement are not altered.
Section 3. The Town Board hereby approves the delegation to Denver in said
Agreement of the authority of the Town to take action and exercise power under law on behalf of the
Town with respect to the Program within the Town's boundaries.
INTRODUCED, READ, and ADOPTED this day of , 2014.
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Town Clerk
TOWN OF FIRESTONE, COLORADO
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Paul Sorensen, Mayor
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DELEGATION AND PARTICIPATION AGREEMENT
This DELEGATION AND PARTICIPATION AGREEMENT, dated as of
2014 (this "Delegation and Participation Agreement"), is by and between the TOWN OF
FIRESTONE, a legally and regularly created, established, organized and existing political
subdivision under the Constitution and statutes of the State of Colorado ("Town") and the CITY
AND COUNTY OF DENVER, COLORADO, a legally and regularly created, established,
organized and existing political subdivision under the Constitution and statutes of the State of
Colorado ("Denver");
RECITALS:
WHEREAS, the State of Colorado (the "State") Constitution Article XIV, Section
18(2)(a) provides that nothing in the Constitution shall prohibit any of the State's political
subdivisions from cooperating with one another to provide any service lawfully authorized to
each of the cooperating units; and
WHEREAS, Denver is authorized pursuant to its Charter to promote the financing of
residential facilities for low and middle income persons or families or facilities intended for use
as the sole place of residence by the owners or intended occupants and to promote the health,
safety and general welfare of the people of Denver; and
WHEREAS, Denver has sponsored its 2013 Metro Mortgage Assistance Plus Program to
provide competitive fixed rate 30-year mortgage loans which will be coupled with down
payment and closing cost assistance grants in connection with financing mortgage loans for
residential facilities, intended for use as the sole place of residence by the owners thereof, for
low —and middle —income families (the "Program"); and
WHEREAS, Denver has invited the Town to participate in the Program; and
WHEREAS, the Town has the full legal authority to participate in the Program pursuant
to the general powers granted to it in Title 315 Article 155 Colorado Revised Statutes, as amended
and the Resolution adopted by the Town Board of Trustees authorizing the Town's participation
in the Program pursuant to this Delegation and Participation Agreement (collectively the "Act");
and
WHEREAS, the Town desires to delegate to Denver the authority of the Town to take
action and exercise power under the Act on behalf of the Town with respect to the Program
within the Town's boundaries;
NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth
herein, the Town and Denver hereby agree as follows:
Section 1. The Town hereby delegates to Denver the authority of the Town to take
action and exercise power under the Act on behalf of the Town with respect to the Program
within the Town's boundaries.
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Section 2. Denver hereby accepts the delegation of authority from the Town pursuant to
Section I hereof and agrees to abide by each of the terms and conditions of this Delegation and
Participation Agreement in connection with the use of such delegation. Denver agrees to make
the Program available to the Town for the origination of home mortgages within the Town's
boundaries.
Section 3. The participation of the Town in the Program, and all undertakings,
obligations, duties and rights of the Town and Denver under this Delegation and Participation
Agreement, are contingent upon the implementation of the Program.
Section 4. In the event that the Program is not implemented by Denver or the Program is
discontinued by Denver, this Delegation and Participation Agreement, and all duties, obligations
and rights of Denver and the Town hereunder, shall terminate. If the Program is not
implemented or is terminated, the Town agrees to hold Denver harmless for any costs or any
other liabilities incurred by the Town with respect to the adoption and approval of this
Delegation and Participation Agreement or any other Town actions related thereto.
Section 5. The Town's participation in the Program pursuant to this Delegation and
Participation Agreement shall not be construed as creating or constituting a general obligation or
multiple fiscal year direct or indirect indebtedness or other financial obligation whatsoever of the
Town nor a mandatory payment obligation of the Town in any fiscal year during which this
Delegation and Participation Agreement shall be in effect.
[Signatures on the following pages]
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IN WITNESS WHEREOF, the Town and Denver have caused this Delegation and
Participation Agreement to be executed and be effective as of the day of , 20140
[SEAL]
ATTEST:
By:
Carissa Medina, Town Clerk
TOWN OF FIRESTONE
By:
Paul Sorensen, Mayor
CITY AND COUNTY OF DENVER,
COLORADO
Manager of Finance
[Signature Page to Delegation and Participation Agreement]
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