RESOLUTION NO. 8-01

A RESOLUTION BY THE CITY OF GRAND JUNCTION ACCEPTING THE ASSIGNMENT FROM MESA COUNTY COLORADO OF A PORTION OF THEIR PRIVATE ACTIVITY BOND ALLOCATION PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT.

 WHEREAS, the Internal Revenue code of 1986, as amended (the “Code”), restricts the amount of tax-exempt bonds (“Private Activity Bonds”) which may be issued in the State; and

 WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private Activity Bond Ceiling Allocation Act, Park 17 of Article 32 of Title 24, Colorado Revised Statutes (the Allocation Act”), providing for the allocation of the State Ceiling among governmental units in the State, and further providing for the assignment of such allocations from such other governmental units to any issuing authority; and

 WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation Act, the City of Grand Junction (the “City”) has an allocation of the 2001 State Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to September 15, 2001 (the “2001 Allocation”); and

 WHEREAS, The City has determined that, in order to increase the availability of jobs within Grand Junction and Mesa County, it is necessary or desirable to provide for the utilization of all of the City’s 2001 allocation and a portion of Mesa County’s 2001 Allocation; and

 WHEREAS, the City has determined that the 2001 allocation can be utilized most efficiently by combining it with part of the County’s to issue Private Activity Bonds for Envision Incorporated; and

 WHEREAS, the Board of County Commissioners of Mesa County has determined to assign $1,479,475.00 of its 2001 allocation to the City of Grand Junction which assignment is to be evidenced by an Assignment of Allocation between the Mesa County and the City of Grand Junction attached hereto as Exhibit A (the “Assignment of Allocation”).

 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Grand Junction that:

1.  The assignment to the City of Grand Junction, Colorado of $1,479,475.00 of Mesa County’s 2001 Allocation be and hereby is accepted.

2.  The form and substance of the Assignment of Allocation be and hereby are approved; provided, however, that the designated official be and hereby is authorized to make such technical variations, additions or deletions in or to such Assignment of Allocation as he shall deem necessary or appropriate and not inconsistent with the approval thereof by this resolution.

3.  The City Manager hereby is authorized to execute and deliver the Assignment of Allocation on behalf of the City and take such other steps or actions as may be necessary, useful or convenient to effect the aforesaid assignment 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 affect any of the remaining provision of this resolution.

 ADOPTED AND APPROVED THIS 7th day of February, 2001.

Attest:

             /s/ Gene Kinsey      

             President of the Council

/s/ Stephanie Nye      

City Clerk