HomeMy WebLinkAboutR17-058 Housing - Private Activity Bond Allocation Commissioner 144c- NVlUtAiL'imoved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE,STATE OF COLORADO
RESOLUTION NO. OS 0
RESOLUTION AUTHORIZING ASSIGNMENT TO THE
COLORADO HOUSING AND FINANCE
AUTHORITY OF A PRIVATE ACTIVITY
BOND ALLOCATION OF EAGLE COUNTY COLORADO PURSUANT
TO THE COLORADO PRIVATE ACTIVITY
BOND CEILING ALLOCATION ACT
WHEREAS, Eagle County, Colorado ("Eagle County") is authorized and
empowered under the laws of the State of Colorado (the "State") to issue revenue bonds
for the purpose of financing qualified residential rental projects for low- and moderate-
income persons and families; and
WHEREAS, Eagle County is authorized and empowered under the laws of the
State of Colorado (the "State") to issue revenue bonds for the purpose of providing
single-family mortgage loans to low- and moderate-income persons and families; and
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 to provide such mortgage loans and for certain other purposes; 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 Act"), providing for the allocation of the State Ceiling
among the Colorado Housing and Finance Authority (the "Authority") and other
governmental units in the State, and further providing for the assignment of such
allocations from such other governmental units to the Authority; and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation
Act, Eagle County has an allocation of the 2017 State Ceiling for the issuance of a
specified principal amount of Private Activity Bonds prior to September 15, 2017 (the
"2017 Allocation"); and
WHEREAS, Eagle County has determined that, in order to increase the
availability of adequate affordable housing for low- and moderate-income persons and
families within the County and elsewhere in the State, it is necessary or desirable to
provide for the utilization of all or a portion of the 2017 Allocation; and
WHEREAS, Eagle County has determined that the 2017 Allocation, or a portion
thereof, can be utilized most efficiently by assigning it to the Authority to issue Private
Activity Bonds for the purpose of financing one or more multi-family rental housing
projects for low- and moderate-income persons and families or to issue Private Activity
Bonds for the purpose of providing single-family mortgage loans to low- and moderate-
income persons and families ("Revenue Bonds") or for the issuance of mortgage credit
certificates; and
WHEREAS, the Board of County Commissioners of Eagle County has
determined to assign $2,679,000 of its 2017 Allocation to the Authority, which
assignment is to be evidenced by an Assignment of Allocation between Eagle County and
the Authority (the "Assignment of Allocation").
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Eagle County, Colorado (the "Board")as follows:
1. The assignment to the Authority of $2,679,000 of Eagle County's 2017
Allocation be and hereby is approved.
2. The form and substance of the Assignment of Allocation be and hereby are
approved; provided, however, that the Board be and hereby is authorized to make such
technical variations, additions or deletions in or to such Assignment of Allocation as they
shall deem necessary or appropriate and not inconsistent with the approval thereof by this
resolution.
3. The Board be and hereby is authorized to execute and deliver the
Assignment of Allocation on behalf of Eagle County and to 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
provisions of this resolution.
5. This resolution shall be in full force and effect upon its passage and
approval.
2
.. .
c itV
PASSED, ADOPTED AND APPROVED this 0 day of`AlliLlikr-614-41--2017.
Assignor:
COUNTY OF EAGLE, STATE OF
csil",c% COLORADO,By and Through Its
.4. BOARD OF COUNTY COMMISSIONERS
A'll'EST: fp - , /
itt..e6tr.1 PA- .1519-4w—e_A it il
COO -'v.'
Clerk to the Board of Jillia . Ry. /
County Commissioners C .,;
lep-i:
...
Ka y C it dler-Henry ■
i nCo miss!. r
- al
ane McQuee y
ommissioner
Commissioner Gieele..1 9 I-4t.At- - seconded adoption of the foregoing resolution.
The roll having been called, the vote was as follows:
Commissioner Ryan 1442SIL-...,i
Commissioner Chandler-Henry
Commissioner McQueeney
"L- /
This resolution passed by i 6 vote of the Board of County
Commissioners of the County of Eagle, State of Colorado
3
