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HomeMy WebLinkAboutR18-049 Colorado Private Activity Bond Ceiling Allocation Act V Commissioner 11-4w'r---t moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE,STATE OF COLORADO RESOLUTION NO. 2018- o 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;gnd 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 2018 State Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to September 15, 2018 (the "2018 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 Eagle County and elsewhere in the State, it is necessary or desirable to provide for the utilization of all or a portion of the 2018 Allocation;and WHEREAS, Eagle County has determined that the 2018 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 Commissioners of Eagle County has determined to assign $2,831,220 of its 2018 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 Commissioners of Eagle County, Colorado (the"Board") as follows: 1. The assignment to the Authority of $2,831,220 of Eagle County's 2018 Allocation be and hereby is approved. 2. The form and substance of the Assignment of Allocation be and hereby are approved; provided, however, that the Board of Commissioners be and hereby are authorized to make such technical variations, additions or deletions in or to such Assignment of Allocation as they shall deem necessary or appropriate and not inconsistent with the approval thereof by this resolution. 3. The Board be and hereby is authorized to execute and deliver the Assignment of Allocation on behalf of Eagle County and to take such other steps or actions as may be necessary, useful or convenient to effect the aforesaid assignment in accordance with the intent of this resolution . 4. If any section, paragraph, clause, or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this resolution. 5. This resolution shall be in full force and effect upon its passage and approval. 2 et TU PASSED,ADOPTED AND APPROVED this t day of , 2018. ASSIGNOR: COUNTY OF EAGLE, STATE OF AtikeLeca, COLORADO, By and Through Its gr 17 BOARD OF COUNTY COMMISSIONERS 0 A 1TEST: • 1.)$t—z—i, I L 4 I‘NLA 0* By: Clerk to the Board of etogN9 Kat• ha•7_Henripir County Commissioners ' air A0.1041an H. Ryan ,Co • issripiii ad / a.nne McQu- V ommissioner Commissioner W QVVI-e--ig-s-N seconded adoption of the foregoing resolution. The roll having been called,the vote was as follows: Commissioner Chandler-Henry Commissioner Ryan Commissioner McQueeney f" This resolution passed by vote of the Board of County Commissioners of the County of Eagle, State of Colorado 3 •