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HomeMy WebLinkAboutC03-354 Eagle Garfield Grand Routt and Summit IGA C-o:5 -3~<.{-- 5/ INTERGOVERNMENTAL AGREEMENT THIS INTERGOVERNMENTAL AGREEMENT (this "Agreement"), dated as of ~ ~ L IC'M \0 (E.. \t...- ~ 2003, is entered into by and between the County of Eagle, Colorado, the County of Garfield, Colorado, the County of Grand, Colorado, the County of Routt, Colorado, and the County of Summit, Colorado (each, constituting a Member and, together, the "Members"). RECITALS WHEREAS, Section 18(2) of Article XIV of the Constitution of the State of Colorado provides that nothing in the Constitution shall be construed to prohibit the State or any of its political subdivisions from cooperating or contracting with one another or with the government of the United States to provide any function, service or facility lawfully authorized to each of the cooperating or contracting units; and WHEREAS, Part 2 of Article 1 of Title 29 of the Colorado Revised Statutes, as amended, authorizes and enables governments of the State of Colorado to cooperate or contract with one another to provide any function, service, or facility lawfully authorized to each of the cooperating or contracting units, but only if such cooperation or contracts are authorized by each party thereto with the approval of its legislative body or other authority having the power to so approve; and WHEREAS, Section 25 of the Internal Revenue Code of 1986, as amended (the "Code"), permits state and local governments to elect to exchange all or any part of their authority to issue tax-exempt single-family mortgage revenue bonds for the authority to issue mortgage credit certificates (''MCCs''); and WHEREAS, MCCs can benefit home buyers by assisting them in obtaining a mortgage, and WHEREAS, the Members desire to participate in a regional Mortgage Credit Certificate (MCC) Program for the purpose of promoting affordable home ownership, and WHEREAS, Section 146 of the Code.restricts the amount of tax-exempt private activity bonds which may be issued in the State (the "State Ceiling"), including bonds for which the issuer has elected to instead issue MCCs, and WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes (the "Allocation Acf'), providing for the allocation of the State Ceiling among governmental units in the State, and WHEREAS, Eagle County has applied on behalf of the Members for an allocation from the State Ceiling; and \\\DC . fi5lI64IlIlIII4. 11140823 vi . . WHEREAS, Eagle County is willing to issue MCCs for and on behalf of the Members upon the terms set forth herein. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises and covenants herein, the Members agree as follows: 1. Eagle County has applied for an allocation of the State Ceiling in the amount of $22,500,000 to be used for and on behalf of the Members in a regional MCC Program for the purpose of promoting affordable home ownership. 2. Each Member hereby delegates to Eagle County the authority to electto issue and re- issue on behalf of such Member Mortgage Credit Certificates under a Qualified Mortgage Credit Certificate Program for residences located in the jurisdiction of such Member after receipt of an allocation for Private Activity Bonds pursuant to the Allocation Act. Each Member hereby delegates to Eagle County the authority to set the certificate credit rate for such program by resolution of Eagle County. 3. The State of Colorado has advised it will provide an allocation of $20,000,000, and if this amount is forthcoming, then the amounts listed below shall be individually reserved for use in each county until December 31,2004. However, if the State of Colorado provides a smaller allocation, then the amounts below shall each be proportionally reduced, and such reduced amounts will be individually reserved for use in each county until December 31, 2004. In addition, if any county should not wish to participate in this program, its proportion will be divided proportionately among those remaining counties which are participating. Garfield County $2,222,222 or 11.1% Grand County $2,222,222 11.1% Routt County $2,222,222 11.1% Summit County $4,444,444 22.2% Eagle County $8,888,889 44.4% 4. Commencing January 1,2005 any amounts of the allocation not yet committed or reserved for mortgages shall be placed into a common pool for the participating counties and shall be available on a first-come, first-served basis throughout the area covered by the participating counties. 5. The maximum incomes for households participating in the program shall be as follows: Garfield County 1 & 2 persons 3 or more persons $62,200 $71,530 2 \\\DC .1i5lIMIIIlI04 - 11140823 vi .. Grand County 1 & 2 persons $62,200 3 or more persons $71 ,530 Routt County 1 & 2 persons $62,200 3 or more persons $71,530 Summit County 1 & 2 persons $71,900 3 or more persons $82,685 Eagle County 1 & 2 persons $59,300 3 or more persons $68,195 6. The maximum home purchase prices for the program shall be as follows: Garfield County $205,500 Grand County Existing construction: $240,000 New construction: $210,250 Routt County $240,000 Summit County $270,000 Eagle County $225,000 7. The Members may request Eagle County, as the lead issuer, to change the Income limits and the maximum purchase price in the future for their respective counties. If the Eagle County Board of County Commissioners at its discretion approves such a request, it may make such changes by Resolution without further approval by the other Members. 8. Notwithstanding the action that Eagle County may take under the immediately preceding paragraph, this Agreement may be modified, amended, changed or terminated, in whole or in part, only by an agreement in writing duly authorized and executed by the parties hereto. 9. Eagle County will enter into a contract with the Colorado Housing and Finance Authority to administer the MCC program and all the Members will comply with the terms of that contract. 10. This Agreement may be executed in counterparts, each of which shall be an original and all of which shall constitute one instrument. 11. If any provision of this Agreement shall be judicially determined to be invalid or unenforceable, such determination shall not affect the remaining provisions hereof, the intention being that the provisions hereof are severable. 3 \\\DC. ~.11I40823 vi : 12. The Members hereby agree to hold Eagle County harmless and waive any claims against Eagle County as a result of its administration of this MCC Program. 13. This Agreement will be governed by the laws of the State of Colorado and any applicable Internal Revenue Service requirements. 14. Eagle County is only responsible for those duties stated in this Agreement and no other duties or obligations implied or otherwise shall be read into this Agreement. Eagle County shall not be liable for any actions or omissions made by it in good faith. 15. This Agreement does not and shall not be deemed to confer upon or grant to any third party any right to claim damages or to bring any law suit, action or other proceedings against Eagle County or its officers, employees or agents because of any breach hereof or because of any terms, covenants, agreements or conditions contained herein. 16. There are certain costs involved in establishing an MCC Program. Members or their associated housing authorities or community housing development organizations will pay for their area's proportionate share of these costs in order for their area to be included in the Program. The proportions will be the percentages set forth in Paragraph #3, and which proportions shall not be changed as the result of any county or counties choosing not to participate in the program. 17. Any notice to be given hereunder shall be delivered personally, by facsimile or mailed postage prepaid to the following: Eagle County Attorney Post Office Box 850 Eagle, CO 81631 Eagle County Housing Department Post Office Box 850 Eagle, CO 81631 Garfield County Attorney 109 8th Street Glenwood Springs, Colorado 81601 Executive Director Garfield County Housing Authority 2128 Railroad Avenue Rifle, CO. 81650 Executive Director Mountain Regional Housing Corporation Post Office Box 2001 Carbondale, CO 81623 4 \\\DC. """""""'" .11140823 vi ,. Grand County Attorney Post Office Box 264 Hot Sulphur Springs, CO 80451 Executive Director Grand County Housing Authority Post Office Box 2560 Fraser, CO 80442 Routt County Attorney Post Office Box 773598 Steamboat Springs, Colorado 80477 Executive Director Regional Affordable Living Foundation Post Office 774542 Steamboat Springs, CO 80477 Summit County Attorney Post Office Box 68 Breckenridge, CO 80424 Executive Director Summit Housing Authority Post Office Box 188 Breckenridge, CO 80424 Or such other address as a Member may, hereafter, specify in writing. IN WITNESS WHEREOF, the County of Eagle, Colorado, the County of Garfield, Colorado, the County of Grand, Colorado, the County of Routt, Colorado, and the County of Summit, Colorado have executed this Agreement of the day and year'first above written. ~ ~GLe c fO 1) \ <II 0< '* * o{OR 0 5 \\\DC.~_l"""'1.vl ATTEST: County Clerk ATTEST: County Clerk ATTEST: County Clerk ATTEST: County Clerk "'DC .1i:CRalWMfl.t _ 1JWUl7..1o vi COUNTY OF GARFIELD, COLORADO By: Chairman, Board of County Commissioners COUNTY OF GRAND, COLORADO By: Chairman, Board of County Commissioners COUNTY OF ROUTT, COLORADO By: Chairman, Board of County Commissioners COUNTY OF SUMMIT, COLORADO By: Chairman, Board of County Commissioners 6