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HomeMy WebLinkAboutC06-101 (e,:< /{J.5! ,-,.,,,,,"OW,,,,,,, n'"""""""",,,",,"" ,..",0-',. ".. H."""."..B",',-""" VIA COURIER March 15.2006 Ms. KT Gazunis, Housing Directol' Eagle Counly Housing Dcparlmclll P.O. Box 179 E~glc,Clllorado 81631 Eagle County MCC Program--2005 PAB Allocation DearM~.Gazunis: EncJo'icd are two copies of the Administrative Service, Agreement ltetween Eagle Coullly and CHFA for the ah()\-'e.rererenced program. each exc<:uled hy the Exe~utiv", Director of CHFA. Plca~e have [he appropriate officiaTof Eagle County execute hoth copie, and return one copy to me rOl'ollrfilcs. It would he helpful jfyou could fax a rullysigned copy oflhe agreement to 1303j 291.5712 as S<Jllnas itis av aiJablesolhat CHFAcan o.;,ginacceptingrcservations, A1>o enclosed i~ ~ final draft or the agreemenlmarked to show sOme minor ~hange5 thai may not have heen reviewed hy Barh<lra Peterson. We will aSSUllle that these changes are acceptable 10 you unless we hcar 10 the contrary. If you have <lny que~tions, please feci free to call me, D<lIl Me\IaIJon or KOJ'IIIi1 Anderson. ",':;Iy. /1 (.L~/L CharlcsLBorgrnan General Counsel Enclosures c~: Dan McMaIJon :\ormaAnder,un APPRO:1 TO FORM . 8y' / ..____..-______ 'EogIllO"n~.y'SOffic<> 3y: '~"","...,,,~,,.[),,,,.,,.,,,,,,",],, """"-",, C"gl~COof'\l)'~ .. .1"-'.""_2'''. ' ''',".'';C11I'..'''''''''''''';''''.,.,,1,1. ,,,""' _'.10.' .. ",w,""'"",J....,, /S"__y"",",,,_ (:Ol.v",""""Il'''''' ,"or".",u"",,,,,,,,,,,, b",',o,<~ " I.."" "d Ii""",,,. February 1.:2000 Bourd of County Commissioners Eagle Counly. Colorudo 500 Broadway Eagk,Colorado81631-0179 Ms, KT Gazunis. Housing j)irc.ctor Eagle County Housing Department P.O.Bux 179 Eagle,Colorudo81031 Re: Eagle County, Colorado Mm1gage Credit Certificate Program Dear Board of Counly COTmrussiuJlers and Ms. GazuJli~: Pursuant to Section 2.'i(f) oflhe IJt!emal Revenue Code of 1986, as amended (lhe "Code") und Scction 1,25-4T(c)(2) of the Income Tax Regulations (the "Regulalions''), Eagle Coullly. Cojoradu Ilhc "MCC Is,lller") ejected with lhe lntemaj Rcvenuc Service ("lRS") not 10 issue qualified mortgage bonds in lieu of the MCC Issuer impknlentiJlg its qualilied IlIot1gage ~redit certificate program (the "Prugram") pursuunt to the provisions of Section 25 of the Code aJld Scclions 1.25-11' through 1,25-STofthe Regulations, The Executive Dirtttor of the Colorado Department of Local Affairs. pursuaJlt to Section 24-32-1703114j. C.R.S.. has determiJled lhat a qualified mortguge credit certificate program has been implemented by the !'vICC Issucr, Pursuant. to Resolution 2005-128. the MCC Issucr has ekcled to utilize $.'i.000,000 of its 2005 volume allocation of the Slate ceiling under Sectiun 146 ofthc Code for the Program. Colorado Housing ami Finance Authority ('CHFA") has agreed lo SCrVe as prognun administrator for the i'l-ICC Issuer and to is~ue MCC's On behalf of the MCC Issuer and in the MCC Issuer\ Jlame iJl an umoum not to excced %,250,OOO,OQ (thc "Maximum Amount"; the uJlissued bOJld "mOUJlI multiplicd by 25% as permitted by IRC ~25(d)(2)), The Maximum Amounl will only bc availahle for the issuance of MCC's rejating to the Program umil DeceIll~r 31.2007, CHFA has also ugreed [0 reissue l\ICC~ iJl connection with refiJlan"iJlg transactions under the circumstances and in accordancc wilh the requiremems set forlh in the Code and the Regulalions_ This ktter agreemCrH is imcnded to definc CI1/-'/\ \ dutie~ and obligalioJls to the 1\fCC Issuer with respcd to the Program. This jeUt'ragreememwill superscde anypnor oral or written ugreeIlleJlts Q"tween the MCC Issuer und CHFA relatiJlg to the Program. CHL'\ has jlreviouosly provided to the MCC Issuer a copy of its Seller's Guide ((he "Guide"), CHFA shall administer the Programpu,-,;uam to the terms aJld provisions oflhe Guide, CHF.'\ shall provide 10 Ihe MCC Issuer any and all amendments aJld supplements to the Guide. ,""]11",'''0'',''""".<:",00'0'''''''''''''''' """,".,." I.II"-"",,.,rn.f.,.:WI_,,,,,";l.,.",l 'w'",_,""" """'~""',I,."" :il)^'~M"",~~_ Board of County Commi~~ioners. Eagle County February 1,2006 Page 2 Whenever possible, CHFA shall use its be;;t eff0l1s to identify the Program as being a cooperative enon between lhe MCC Issuer and CHFA, CHFA shall on behalf of the MCC Issuer undertake the following dUlies and responsibilities in administering and implementing the Program: MarketlngandTraining L With the prior written approval of the MCC Issuer. issue press releases and nolices pertaining to the Prognun. TIte MCC l%l1Cr reserves the right to markellhe Program and, with the prior wrilten approval of CHFA, to issue its own press releases and official notices from timc tD lime about the Program. 2. Assist the MCC hsuer ill individual marketing presentations about the Program. 3. Condoet MCC training seminars for participating lenders identified by the MCC TssuerandrepresentativesoflheMCCI8~uer. 4. Assist and answer que~tions of individual lellders and representative~ of the MCC }i;suer thai pertain to Ihe Program as the need arises. 5. Provide a general information ~hcet abolll the Program. 6. Post MCC Maximum Amount availability daily on Ihe CHFA website. 7. CHFA shall allempt <0 fully utilize 'h, Maximum Amount prior <0 December 31, 2007. 8. Mail notices to all holders of MCC~ advising them of the opportunity 10 reis~ue MCC~ pursuanl 10 the Program. The MCC l<;~l1Cr shall also have the right lo market the reissuance of MCCs and. with Ihe prior, written approval of CHFA, lo issue ils own press releases and official notiee~ from time to time. CHFA will also provide general information about reis~llance of MCCs on its web ~ite. 9. Markeling. tmining and informalion malerials will be adapted to Ihe MCC Issuer's locale. as determined appropriate by CHFA. General Administrath'e Duties L Providethc Guide and forms to participating lenders. 2. Maiillain by census tract, ifapplieable. the following demographic and hous ehold informalion. and such olher demographic and household informalion as may be reque~led in writing from time to lime by the MCe Is~uer: U:\LEGAL\Hor"" Fin""c". Servidng\JI-1CClEagte 2005 agrmExeculion.DOC Bom;d of County Commissioners. Eagle County February 1.2006 Page 3 ,. Hou""hoJd~il.e; b. Income; , Race; d. Loan Amount; , Purchase Price; f. Lcnder;and g. Age. 3. Di>!ribute (he Mortgage Credit Certificate Affidavit upon reque,t, review the document, received for program compliance, and h~ue the MCO; and Reissued MCC~ in the name of (he MCC l,~uer to eligible borrower,. 4. An,wer queslions from inJividual borrowers.lenJers anurepre>entatives of the MCC hsueT thai reTlaln to i,suance and rcissuance of MCCs. 5. llpJatetheGuidetorellectallregulutoryanJstalUlorychange,_ U>ebestefforls to keep Program in compliance with all federal and state law~. Loan Proces.~ing 1. Track funds availabilityandi~,ueconunitments. 2. Reviewfile,foreligibiliIY. 3. Handle all compliance questions andis,ues. 4. l~sue in the name of lhe MCC Issuer lhe MCC's and rei~,ued MCCs to eligible borrowers. 5. The applicable Average Area Purcha,e Price anJ Income Limit, to be used to Jeterm;ne borrower eligibility will be established by the MCC Issuer subject to applicnblelaw. Reporting 1. Prepare year-end reconci1ing and balancing. " File form 8830 a, requireJ by !he IRS. " 3. Handle j1m year mailing of individual IRS Form 8396 to each borrower with explanation. U'\LEGAL\Home Finan". - Ser..-i,'ing\..\-tCC\Eaglc 2005 a~'ffitExeculion.DOC Board of County Commissioner" Eagle Counly February 1.2006 Page 4 , Report in writing to the !\.-fCC Issuer as rcque~ted Progr.un mililalion and ~lCC, issued and reissued. 5. Confer wilh repre~enta(ive~ of (he MCC Issuer periodically (0 update the !\.-fCC k,ueronthe,talusoftheProgram, CHFA shall charge each borrower in the Program a rea,onablc administrative fee equal to 5500.00 for the is,uance of an !\.-fCC and a separate adminislralive fee equal to $500,00 for the rei~.,uance of illI MCC. CHFA will pay all of the COSts of admini,rering and marketing the Program as outlined in lhi, letter. The ~lCC rs~uer agree., 10 pay for any paid advertisement~ or specia] promotional materials that il requests that are nOl eontemplat edbytheattachedmarkeling plan, CHFA and the !\.-fCC Is,uer hereby agree to hold each other hrnmles~ with respect to the undenaking~ contained herein, This letter agreement .,hall be in full force and effeel until all of the MCC, issued or reissued pursuant (0 (he Program have been eanccled, Any provi,ion of lhi., letter agreemelll may be deleted or modified at any lime al the option of the :\tCC Is,uer with the prior written consent of CHFA. MCC Issuer agreed to provide CHFA with five (5) bu~iness day, prior wrilten nOlice of any change in program parametersandfeaturcs. 111i, lelter agreement shall be governed by the laws of the Stale of Colorado, Any notice or communication 10 be given 10 the !\.-fCC Issuer may be given by delivering the same in writing to: Eagle County, Housing Depanmenl. P.O. Box 179. Eag]e. Colorado 8]631. with a copy to Eagle Counly Attorney's Office, P.O. Box 850, Eagle. CO 8]631, and if 10 CHFA, by delivering lhe SatTIC in writing 10: Colorado Hou~ing and Finance Authorily, 198] Blake Street, Denver. Colorado 80202-1272. (303) 297-7306. FAX: (3031 297-0947, Attention: Norma Andersen. Home Finance Division. Thi~ Idler agreement is heing e;;;:ecuted ~oleJy for the benefit of the !\-fCC Issuer and CHFA and no other per~on. pattnership. a",odation or cotporation shall acquire or have any right hereunder by virtue hereof. Thc rights and obligations ofei(her party underthi,letteragreemenl shall notbea~,igned withoulthe priorwritlen approval of the parties hereto. If any provision of this letter agreement shall be heJd or deemed to be or shall, in fact. be invalid, inoperative or unenforeeahle as applied in any pattieular ca~e in any jurisdieljon or juri~dic(ions, or in all jurisdiction, becalhe il eonflicls with any provi,ions of any con.,titution. statule,rulcofpublicpolicy,orforanyotherreason,.,ucheircumstancesshallnothavetheeffect of rendering lhe provi~ion in que.,lion invalid, inoperative or unenforceable in any other case or circumstance,orofrcnderinganyo(herprovisionorpwvi~ion,ofthis IcUerinvalid,inoperalive or unenforceable to any extent whatever. U:\LEGALlHome Finance - Ser.-ici"gIMC('lEagle 2005 ''b'IlltExeculio",DOC Board of County Commi,siollers, Eagle CounLy February I. 2006 PageS This letter agreement may be executed in two or more counterparts. each of which shall coustitule an original blltall of which. when Laken together, shall con,Litute but one lerterof agreement The h-ICC Issuer ackaowledges it ha, beea represented by counsel regarding compliance with state and feder.u laws applicable (0 implemen(alion of the Program, including determination of appropriate pnrcha.'<e price and income limit> for the Program. The MCC Is,uer has not relied on CHFA or its counsel with respoclLo such implementation. VetytrulyyoufS. COLORADO HOUSING AND FLNA."lCE AUTHORITY By: ~~ Milroy A. Alexander. ExecllliveDire.cLor ACCEPTED Al'.'D AGREED TO AS OFTIfE DATE SET FORTH ABOVE: EAGLE COCJ\'TY BY//~~~ Title: C\,-vv'':''I<'Y~~'-'-----' ,,;/ ~~~ - ~ "'~A-If .:r.. 5'/_-.-"1'('1.-' {!t~/ , 7. J~.H(jJ ~ P- ?~0' t!~""'_/F)r_"" L ~ U:\LEGALlliome I'inall<:e - Sel'vi"i"g\ll-!CClEagl~ 2UU5 agmIE'''''lIlion,DOC ( .---, Commissioner ~t'j\(((),\ movedadoptioD ofthefollowillgResolutioll: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO Resolution No. 2005- I~\ APPROVING A COUNTY QUALIFIED MORTGAGE CREDIT CERTIfiCATE PROGRAM AND AUTHORIZING REPRESENTATIVES OF THE COUNTY TO TAKE ACTION INCIDENTAL THERETO WHEREAS, Eagle County, Colorado (the "County") desires to implement a Qualified Mortgage Credit Certificate Program (the ''MCC Program") to further the pwposes of the Colorado Cowrty and Municipality Development Revenue Bond Act (the "Act"), which purposes include the financing of properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided; and WHEREAS, no public official of the County has a personal financial interest in or will personally and financially benefit from the financing of the MCC Program or bas other conflicts of interest relating to the financing of the MCC Program; and WHEREAS, in order to implement the MCC Program it is necessary that the County make application (the "PAB Allocation Application") to the executive director of the Colorado Department of Local Affairs to obtain an allocation from the State Ceiling for "private activity bonds" pursuant to Section 146 of the Internal Revenue Code of 1986, as amended (the "Code") and from the Statewide Balance for "private activity bonds" for 2005 pursuant to the Colorado Private Activity Bond Ceiling Allocation Act (the "Allocation Act") in the amount of$5,000,000; and WHEREAS, to satisfy certain requirements of the PAB Allocation Application, the County desires that this Resolution constitute its declaration of "official intent" to implement the MCC Program. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS FOLWWS; Section I. Approval of the MCC Progr4m: Findings. The County hereby approves the implementation ofa MCC Program and makes the following findings in connection therewith; (a) The MCC Program constitutes a ''project'' for plUpOSes of the Act in that it consists ofland, buildings, and necessary real and personal properties suitable for residential facilities for low- and middle-income families orpersons and intended for use as the sole place of residence by the owners or intended occupants; and (b) The MCC Program will promote the public PUIposes of the Act and the public health, safety, welfare, convenience and prosperity of the inhabitants of Colorado. Section 2. Authorization of Bond FinancingIMCC Program. The County hereby declares its intent to issue its Single Family Mortgage Revenue Bonds (the "Bonds'), the interest on which is to be excluded from gross income for federal income tax purposes, up to a maximum aggregate principal amountof$5,OOO,OOO. Such Bonds, ifissued, shall (a) be issued in compliance with the Act and the Code, (b) be subject to such teIll1S and conditions as the County, by subsequent resolution approves, and (c) not constitute the debt or financial obligation of the County for any purpose, nor pledge the faith and credit or taxing powers of the County, but shall be payable solely fiwn the revenues derived trom payments to be made in respect of the MCC Program. In lieu of the issuance of the Bonrls, the County intends to elect to issue, and hereby approves the issuance of Mortgage Credit Certificates under a Qualified Mortgage Credit Certificate Program within the meaning of Section 25 of the Code, after receipt of an allocation for "private activity bonds" pursuant to the Allocation Act The County further intends that the MCC Program be administered for the County by the Colorado Housing and Finance Authority ("CHFA"). This Resolution expresses the County's expectations as of the date hereofwith respect to the implementation of the MCC Program. Future events or e:draonlinary circumstances beyond the control of the COlDlty may result in the Project being financed in a manner other than as described herein, and nothing contained herein constitutes an irrevocable commitment by the County to implement the MCC Program. Section 3. Authorization of County Representatives to Take Action in Connection Herewith. The Chairman of the Board of County Commissioners, the County Clerk and the Eagle County Housing Director are hereby authorized and directed to take all action necessary to accomplish the purposes of this Resolution, including the preparation and submission of a PAB Allocation Application in the amolDlt of$5,000,OOO and the negotiation and execution of agreements in connection with the implementation of the MCC Program, including the negotiation and execution of an agreement with CHFA for the administration of the MCC Program. Section 4lnvnlid Provisions Disregarded. If any provision of this Resolution shall be judicially determined to be invalid or unenforceable, such detemrination shall not affect the remaining provisions hereof, the intention being that the provisions hereof are severable. Section 5. EffecIJ've Date. This Resolution shall take effect immediately upon its adoption. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meetirJg held the I':') day of i'-';, ''''\H ,.>. ,2005. COUNTY OF EAGLE, STATE OF COWRADO, Byand Through Its ATIEST: BO COUNTY COMMISSIONERS C BY~ By: - ~~ ClerkmtheBo f County ern ~F.R:YOn . Commissiouer Tome. Stone Commissioner Commissioner !llA1<1;"1I seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Am M. Menconi /-1'(1' Commissioner Peter F. Runyon Hi(r: Commissioner Tom C. Stone This resolution passed by ], t, vote of the Board of County Commissionen; of the County of Baile, State of Colorado. . , ~ ce=.;QLJN]Y CERTIFICATE OF EAGLE COUNTY, COLORADO RELATING TO MORTGAGE CREDIT CERTIFlCA n: ELECTION I, the undersigned, Am Mencon~ Chainnan of the Board of County Cornmissione:rn of Eagle County. Colorado (the "Issuer"), do hereby certify, pursuant to Section 24-32-1703(14), C.R.S., that on the date hereof, the Issuer filed II Mortgage Credit Certificate Election (the "Election") for II regional mortgage credit certificate program, attached hereto as Exhibit A, in the amount of$5,000,000.00 with the Internal Revenue Service as required by Temporary Treasury Regulation Section 1.25-4T(c) utilizing $5,000,000.00 of its 2005 volume allocation of the slate ceiling, and that such EJection sha11 not be revoked by the Issue r. Further, please be advised that pursuant to Temporary Treasury Regulation Section 1.25- 4T(d), the Issuer has not, to date, issued any issues of qualified mortgage bonds during this calendar year and has surrendered $1 ,877,080.00 of its 2005 volume allocation to the statewide balance.. IN WITNESS WHEREOF, r have hereunto set my hand, this Iq day of December, 2005. < ill Chairman of the Board of County Commissioners '-'lI(._.__.,......., I ( EXillBIT A :\IORTGAGE CREDIT CERTIFICATE ELECTION A. (l) Name ofIssuer I Eagle COlUlty, Colorado I (2) Address of Issuer P.O. Box 850 I (3) TI:N ofIssuer Eagle. Colorado 81631 I 84,6000762 B. The Issuer's A licableLimit $5,OOO,OOO~ .-J C. Aggregate Amount ofPri\'ate Activity , 0, I Bonds Subject 10 Ptivate Aclivitv Bond I Volume C~n Issued in 2005 to D~te D. Aggregate amount surrendered to the $1,877,080 Stalewide balance in 2005. E. Date and AmOlUlt of Previous Elections None in200S. F. Amount of Qualified Mortgage Bonds $5,000,000 thallheIssuerEleClsNo(loIssue. Under penalties of perjury, r declare that r have examined this election induding accompanying documents and to the best of my knowledge and belief, it is Ime, correct and complete. Chairman of Board of , December 1,3 .2005 County Commissioners Si Date Title "'This amount consists of$5,000,000.00 offhe Issuer's 2005 volwne allocation from the stalewidcbalance. December 19,2005 Eagle County, Colorado $5,000,000 J hereby certify that the above amount was allocated to the respective local government for the purpose of issuing Private Activity Bonds in 2005 under the state ceiling imposed by the tax RefOlmActofJ986. Michael L Beasley, Executive Director . \\ \,e.- I j \,0. "J O~ ~ ,>,.1 '('~ \ \~ '" I S\"'" . , , CERTIFICATE OF THE EXECUTIVE DIRECfOR OF THE DEPARTMENT OF LOCAL AFFAIRS OF THE STATE OF COLORADO RELATING TO IMPLEMENTATION OF A MORTGAGE CREDIT CERTIFICATE PROGRAM I, the undersigned, t.lichael L Beasley, Executive Director of the Department of Local Affairs of the State of Colorado, do hereby certif y,pursuanttoS ection24-32_ ] 703(14). CR.S., and in reliance upon the Certificate of Eagle County, Colorado Relating to Mortgage Credit Certificate Election dated December 19, 2005, that I have detemJined that a qualified mortgage credit certificate program (the "Program") has been implemented by Eagle County, Colorado. Further, pursuant to Temporary Treasury Regulation Section !.25-4T(d), I hereby certify, based on the facts and circumstances as of the date hereof, that the Program meets the requirements of Section 146(d) of the Internal Revenue Code of 1986. as amended (relating to volume allocation) and the regulations there under, The County has not, as of thedatehereof,exceeded its applicable volume allocation limit for calendar year 2005, IN WITNESS WHEREOF, I have hereunto set my hand this_day of Decembel',2005, STATE OF COLORADO By: Michael L Beasley Executive Director, Department of Local Affairs, State of Colorado I Februar...I,2006 L.l>el!"",'F'~'", '-1 BoardofC"ull!yCommissjon.rs Eagle Counly. COlor"do 5110 Broadway Eagle,Colomd081631_0J79 Ms.KTGazunis,HousingD]rector Eagle Coun(y Hon,ing Departmenl P.o.Bo~ 179 Eagle, Colorado 81631 Re: EagleC"unly. Colo",do Mongage CreditCertificate Program Dear Board "fCoumy Commi"io"",", and Ms. G.",nis: PursWUlllOSeclion25(f)oflhellltcmaIRevenueCodeofI986.asamended(lhe''Code") ond Section 1.25-4T(c)(2) of I"" lncomeTox Regubuons(the "Regulation,"), E.1g1e Coun!}'. CoJomdo (Ihe "MCC issuer") elected wilh the Internal Re,'enue Service ("IRS") nol to issue qlL'l]ified mortgage hood, in lieu of the !>fee l'8uer implementing iis qualified mongage credit certificate program (llle "Pmgram")pursuam to the pro'i,ions of Section 25 of the Code and Section' 1.25-1Tlhrough 1.25-8T of lhe Regulations. TheExeculiveDirecloroflf1eCoJorado Deparrment ofLocaJAJlairs, PUrsWUlt to Seclion 24-32-1703(t4), CR,S., has d eterminedthal. qualified mongage credit cenificate program ha., been intplemented by lhe MCC J"uor. Pu,"uant1<J R""ointi"n2005-128,II>eMCC l"uerb.., ei""led "'utiiiw $5,000.000 0 fit'2005 "olumealiucalionofl/resla.teceiiingnnderSeclion l4{ioftheCodeforlI>eProgram, Coiorado Housing and Finance Authoril)' ("CHFA") has agreed to ",,",'e as program administrator f"r the MCC J"uer ""d 10 issue MCC's On behalf or lhe MCC Issuer ""d in the MCC Is,uer's name in an amounl n"llo exceed $6.25(1,000,00 (the "Maximum Amount"; the uni"ued b"nd amOUnt multiplied by 25% as permilled by IRC ~25(d}(2)), The M....imum Amounl will only be a,"~abJe for the issuance of MCC's reJaling lO lhe Progrnm unliJ DecemOOr 31. 2007. CHFA I"" also agreed to rd"LIe MCC, in connection will> refinancing tran,.clions undertl>e circumstance, and in accordance with lherequiremenrs'etlol1h in llteC ndeandthe Regulations. Thi, ielter agreement i, intended to define CHFA', dUlies and obiigation8 to the MCClssuerwilhrespectu1lItePr"gram. 'l11iS ieneragrcement wili supe"""" ""y prior oral or wrilten agreements between the MCC Issuer""d CHFA re!aling to the PnJW41IL CHFA has previ"uosiy provided 10 the MCC 18,"", a copy of ic, SeHer', Guide (the "Guide"). CHFA ,hall udmini'ler the Program PU[8U""1 to the terms and provisions of the Guide, CHFA .hall provide to the MCC 1,,"er any and aJI amendments and "uppiemen18 lO lhe Guide. L\I_W,\L\Ho""'";a",,"'.S""ici"i\MC(~lo,OOjaim[.DOC Board "fCounly Commis.,iOllers. ,~ ~,e Counly r.--.-.-- I Febru3n'l-.2otJti_ ..!'.I_~ "'J~,"",~_._ "'#' Whenever p,,<sibie, CHFA ,h.ll u"" its besl effom 1U identify the Program os being a cooperative effort betwcon lhe MCCls<uerand CHFA. CHFA shall On IJehatf{lf [he MCC Issue"Tundcr1;lke ", foilowing dUlies ~ ""ponsibililiesinadmini"teringandimpiemcnlingtheProgram: Mackctlngarul1'cainlng , Wilh the priOTwriuen 'JlProval of the MCC 1."ue[. is.'uepre", reJea<e'and notices pcrtnining to lhe Program, The MCC ls"uer ""'n'es the righl 10 market lhe Program and, withrhepriorwnrlenappro,alofCHFA.lOi,,,ueitsuwnpre,,,re!easesandoffieialnotieesIi-{lm rime 10 !ime aboul lhe Program, , A"isr the MCC I"'uerin indi'idu.lmarkeringpreSfnta[io"-,abuU'lhe Pro gmm. ; COndLlCl MCC !raining Sfmin.rs fOT panicip.ring lenders identified by !he MCC Issuer and repreSfnlalivesofrheMCC ls,ue'r. , As,istandanswerqueSl;unsofindh'idualiendersandreprescntativesoflheMCC [ssuer [h.rperrain 10 lheProgram as the need ari",s. , Pro>'ideageneralint()rnl31iun"heelabourlheProgram. , POSl MCC Mnintum Amoun! availability daily On the CHFA web,ite, , CH<'A shall a"empt "' fully ulili", ", "'me;mum Amounl prior "' o.cember 3L 2007. , M.il nulice> 10 all holders of MCCs advising lhem uf the opponuuit}' to reissue MCc"pursuanr ro the Program, Tile MCC lssu", shall .Iso ha"e [he righl to markel the reissuance of MCC, and, wilh the prior. wriuen appro,'a! of CHFA. to i,,,ue its OWn pres.< rc!easesandoffici.lnoli""sfrnnt rime to lime, CHFA will ""0 provide ge'nera! infOlmaUO" abuulreis<ua"ceofMCC'{lnitswebsile. , M.rke[ing,trainingandinforlllll.lionmaleria!swillhe""aPlcdl{llheMCC1."uer's iocale, as d"em,incd appropriale by CHFA. General AdmlnistrafiveDnlies , Provide the Guide andf{lrm, h) participating tender". , Maintainb)'censu,u-aC[. ifawlieable. lhe folJowing demogr"l'hic and househ old informati{ln, and suehotllerdem{lgraphieand h{luseh{lld information "-, may he requC5lcd in wriling from lime 10 tirne by lhe MCC Issuer. LIl-~GAL\l-I"mcF","""" S"n'kin!"MCI.:\E"I:k2(l(15agmWOC BnardofCuunlyCummi,,,ioners,l ~.eCoullly !""';;";']"~"";~~'-=.- Il'eh""""1.2(~ ---. u Page 3 . Househuldsize: o. Income; " Race: , Loan Amounl; " Purcha>ePriee: , under;ilJld , Age, ; D.'tribute the Mung.ge Credit Cenificale Affid.,'it upon re~uesl, ",,'i.w lhc dn"umenlS ree.ived lor program compliance. "nd issue the MCC~ .nd Rei"ued MCCs in the name oflhe MCC '"uer 10 cligible horrowers. , Answer ~u.slion, from individuat bOITOWLTI, lende" and '"pres.mati,'., nfthe I MCC Issuer lhat pertain {(Ii"uanceandreissuallecofMCCs, , Update the Guide lorcfleclatl regulalOry and S""ulory change,. U~eb,"leffort' lO kcep Program in compliance with all federal and,ta{e laws. LoanProcessing , Trackfund,availabiJilyandi"uecommilment' , Review!1lc,foreHgibiliry, ;. Handlcallcompli.llcequestioll5andis,u"" , 1"uc in the mune of the MCC Issuer the MCC'" "nd rci"ued MCCs 10 e1igibic oorrnwer" ,. The applicable Avcrage Area Purchase Price and Income Limits to he used to d.lermine borrowcT eligibilily will be established by the MCC IsSUL'- 'ubjecl to applicabI.I.w, Reporting , Prepare)'ear-endrcconcilingandb"lancing. , File form ~8.JO",required b)' lh. IRS. ; Handle firslycar maiI;ngof indi,'idual IRS Fonn 8:\96 10 each bOlTowerwith explanation. U:\LE.(lAL\j-lom"Fi""""o-S''''id"!\J,tCC\E>l<lolOU,~""r}()(' Board of Coumy Commissioner<. L~." Counly (D;j;;:;~'J;"~.,., ] IFebrv.ry1.2~_ _.____ - --. Page 4 , Reponin "'riling W the.\:lCC l5,uer "-'rtque'lfd Program mili,.lion and),1CCs issuedandrei"ue<J, , Confer with represemalives of the MCC!ssuecperiodicallytoupJalctheMCC !ssueronlheslatu,oflheProgram. CHFA shall charge each horrow~'[ in ~le Prugram a reasonable admini'trali,," feo equal to $SOO,OOfortheissu""eeofanMCCanda,eparateadmini,nalivcfoeequaJw$500.00f"cthe reissuancc [)f an MCC. CHFA will pay .11 of the cu,1:; of admini'tering and marketing lhe Prog.-am ,,,oullined in this letter, f11eMCCI"uecagreeslopayforanyp.idadvertisemenlsor ,pecialprom[)!ionalmatcriaI51halilr<:quesISthatarenolcunlemplateJbylhe auachedmarkeling plan, CHFA and lhc MCC Issuer hereby.gree 10 h"ld each other harmless with respect to lhe onJenaking,conlainu:fherein. Thi, letter agreement ,hall be in full force and dfccl until all of the MCCs i"ued or rd"ueJpursuanlkJtheProgr.mh",'ebocneanceleJ. Any pmvi,ion of lhi, letter .gr-cemenl m.y be delcled or modilied at any lime al lhe option of the MCC Issuer Wilh lhe prior wrineu consenl uf CHFA. MCC J"u~r a~ 10 orovidc CHFA with f1ve (5) bu,ine" Jav, orior wrillcn uOlk~ of any chane", in "mlITam ooramel<:r>and feal""-,,. This leuer agreemenl shall be govemed by the l.w,ofdleStaleofColllrudo. Any n[)lice or communkalion lo be given W the .\:ICC l"uer may be given hy delivering the same in wriling 10: Eagle Counly, Housing DeparlJru:nt, P,O, B[), 179. Eagle, Colorado 8163t. with.copy 10 Eagle Counly Attorney',Office. P.O, Box 85U, Eagle. CO 816 Jt,andif to CHFA, by delivering the same in wriling t[): Colonillu Housing and Finance AUlhorily, 198t Blake Street, Denver, Colorado ~0202-1272. (303) 297.7306. FAX: (303) 297..Q947. AW;nlion: Non,," Andersen. Home Finane<: Division, This letter agreemenl i, being executed s"lely for the benefll"fthe MCC Issuer.od CHFAandn[)otherperson,partuership,associ.lionorcorpurationshall.equirt or hove any righl hereunJerby virtueheITof, TI",rightsaudohlig.tionSOfcilherparlyunderdli,lctteragr-cemem shaJinOlbeas,iglledwilhoUldlepri[)rwriuenapprova![)flheparti"herelO. lfany pmvisionoflhi,leueragreemem shall be held ordeemed to be or ,hall, in fa Cl.be inv.lid. in"perative or un~'Tlforceablc "S applied in any pmioular C."e in any jurisdicli"n or jUri'dicuon"orinaJijurisdiolion'hecauseile"nfJicISwithanyprovi'iom of.nycou"itution, slalulf,rule ofpuhlic policy. [)cforanyotherreason.suchcircum,tooo esshall nol have the effect ofrenderinglhcprovisioninqueSlioninvalid,in"per.liveorunenforccable In any olherca.<e ur circulllSLance,orofrendt:ringany[)therproviSi[)norprovi,ion,oflhi,lenerinvalid,inoper.'iv'e orunenf[)ITeablel[)aoye~lemwhatever, IHLEGAL\Jl"m""in..ce ser,';",gIMCCIE,gle:!ooj'gmCf>OC ( ( Bt....ru ofCounll Commissioners. C~.~ CounlY (~.~:J~:~,\_ _~_; I f.ebruarvl.2C106_ Page 5 This letter agr.;emem may be execuled in lWO Or more counterparts. each of which snail Co~"il"le an original bul all of which, when laken lOgcther. shall "onstituLe but one leUer of agreement TheMCC !ssU"'aoknowledgcsitha, bcon repr~'.nledbyco"ru;elrcgardjngc(lmpliancc with. slaLe and federal laws applicable 10 implemenl.tion oflhc Program. including determination of appropriate purchase price and income limits for the Progn,m. Th~ MCC r.""or has not relied on CHFA or;ts counscl with re'p""1 to such impJemcnl.tion. Vcrytruly}'ours. COLORADO HOUSING AND FINANCE AUTHORITY By: Mil"'l A. Ale~"TIder. Execu!;,-. Director ACCEPTED AND AGREED TO AS OF TIlli DATE SErFORTH ABOVE: EAGLE COUNTY"" /,/::.-_ <, l' ~// ;; / <(:/W.. By: "'>:..------; Y. -" / / , /, ./ Tille: ,'< l"'ILEGALll-!omeFI"""c<'Sof'ii"'og\MCCIE.gl<lU05agm,,[lOC