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HomeMy WebLinkAboutC18-228 Certificate of Assignment of Private Activity BondCERTIFICATE OF EAGLE COUNTY, COLORADO CONCERNING ASSIGNMENT OF PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION I, the undersigned, hereby certify that I am a duly chosen, qualified and County Attorney of Eagle County, Colorado (the "County''), and that: l. The County is a legally and regularly created, established, organized, and existing county under the Constitution and laws of the State of Colorado, its full corporate name being "Eagle County, Colorado." 2. The County has been previously notified that, pursuant to Section 24-32-1706 of the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title24, Colorado Revised Statutes (the "Allocation Act"), it has an allocation of the State ceiling (as defined in the Allocation Act) for 2018 in the amount of $2,831,220 (the "20l8 Allocation"). 3. Attached hereto as Exhibit A is a true and correct copy of a resolution and the related minutes thereto (the "Resolution") authorizing the assignment to the Colorado Housing and Finance Authority (the "Authority'') of all or a portion of the 2018 Allocation in an amount equal to $2,83I,220 (the "Assigned Allocation"), and authorizing the execution and delivery of an Assignment of Allocation dated as of July 24,2018 (the "Assignment of Allocation") between the County and the Authority in connection therewith, which Resolution was duly adopted by the Board of County Commissioners of the County (the "Board") at a meeting thereof held on July 17,2018, at which meeting a quorum was present and acting throughout and which Resolution has not been revoked, rescinded, repealed, amended or modified and is in full force and effect on the date hereof. 4. The meeting of the Board at which action has been taken with respect to the Assignment of Allocation was a regular meeting properly called and open to the public at all times. 5. With respect to the Assigned Allocation, the County has not heretofore: (a) issued private activity bonds; (b) assigned the Assigned Allocation to another "issuing authority," as defined in the Allocation Act; (c) made a mortgage credit certificate election; or (d) treated the Assigned Allocation as an allocation for a project with a carryforward purpose, as defined in the Allocation Act. 6. The Assignment of Allocation, attached hereto as Exhibit B, is in the form presented to and approved by the Board at the meeting thereof held on July 24,2018. 7. On or before the date hereof, counterparts of the Assignment of Allocation were officially executed by the Chair of the Board of County Commissioners and the County Clerk of the County. On the date of such signing, such persons were the duly sworn, qualified and acting officers of the County authorized to execute the Assignment of Allocation and holding the offices of the Chair of the Board of County Commissioners and County Clerk, respectively. G:\Andy\Contract Final Drafls\Resolutions\CHFA Assignment\PAB Assignment - 2018\PAB.Housing.Eagle County Attomey Certificate Form.CLEAN.06l I lS.docx C18-228 8.TheCountyhasauthorized theexecution,deliveryanddueperformanceoftheAssignmentofAllocation,andtheexecutionanddeliveryoftheAssignmentofAllocationandthecompliancebytheCountywiththeprovisionsthereof,willnot,tothebestofmyknowledge,conflictwithorconstituteonthe partoftheCountyabreachoforadefaultunderanyexistingColoradolaw,Countyresolution,courtoradministrativeregulation,decreeororderoranyagreementorotherinstrumenttowhichtheCountyissubjectorby whichitisbound.9.Tothebestofmyknowledge,theredoesnotexistanyaction,suit,proceedingorinvestigationpending,orthreatenedagainsttheCounty,contesting(a)thecorporateexistenceoftheCounty,(b)thetitleofitspresentofficersoranyofthemtotheirrespectiveoffices,including,withoutlimitation,the membersoftheBoard,(c)thevalidityoftheAssignmentofAllocationor(d)thepowerofthe Countytoexecute,deliverorperformtheAssigmentofAllocation.10.NoreferendumpetitionhasbeenfiledconcerningtheResolution;andtothebestofmyknowledgenoneisbeingcirculated or plannedforcirculation.WITNESSmy handandthesealoftheCountythisJuly,2018.(SEAL)BryanTreu,CountyAttorney2G:\Andy\ContractFinalDrafts\Resolutions\CHFAAssignrnent\PABAssignment-2018\PAB.Housing.EagleCountyAttorneyCertificateForm.CLEAN.061I18.docx24 EXHIBITARESOLUTIONA-i Commissioner(_3itc.—”movedadoptionofthefollowingResolution:BOARDOFCOUNTYCOMMISSIONERSCOUNTYOFEAGLE,STATEOFCOLORADORESOLUTIONNO.201$.________RESOLUTIONAUTHORIZINGASSIGNMENTTOTHECOLORADOHOUSINGANDFINANCEAUTHORITYOFAPRIVATEACTIVITYBONDALLOCATIONOFEAGLECOUNTY,COLORADOPURSUANTTOTHECOLORADOPRIVATEACTIVITYBONDCEILINGALLOCATIONACTWHEREAS,Eagle County,Colorado(“EagleCounty”)isauthorizedandempowered underthelawsoftheStateofColorado(the“State’)toissuerevenuebondsforthepurposeoffinancingqualifiedresidentialrentalprojectsforlow-andmoderateincomepersonsandfamilies;pndWHEREAS,EagleCottntyisauthorizedandempoweredunderthelawsoftheStateofColorado(the‘State”)to issuerevenuebondsforthepurposeofprovidingsingle-family mortgageloanstolow-andmoderate-incomepersonsandfamilies;andWHEREAS,theInternalRevenueCodeof1986,asamended(the“Code”),restrictstheamountoftax-exempt bonds(‘PrivateActivityBonds”)which maybeissuedinthe Statetoprovidesuchmortgageloans andforcertainotherpurposes;andWHEREAS,pursuanttotheCode,theColoradolegislatureadoptedtheColoradoPrivateActivityBondCeilingAllocationAct,Part17ofArticle32ofTitle24,ColoradoRevisedStatutes(the“AllocationAct”),providingfortheallocationoftheStateCeilingamongtheColoradoHousingandFinanceAuthority(the“Authority”)andothergovernmentalunitsintheState,andfurther providingfortheassignmentofsuchallocationsfrom suchothergovernmentalunitstotheAuthority;andWHEREAS, pursuanttoanallocation underSection24-32-1706oftheAllocationAct,EagleCountyhasanallocationofthe2018StateCeilingfortheissuanceofaspecifiedprincipalamountofPrivateActivityBondspriortoSeptember15,2018(the“201$Allocation”);andWHEREAS,EagleCountyhasdeterminedthat,inordertoincreasetheavailabilityofadequateaffordablehousingfortow-andmoderate-incomepersonsandfamilieswithinEagleCountyandelsewhereintheState,itisnecessaryordesirabletoprovidefortheutilizationofalloraportionof the2018Allocation;andEXHIBITA WHEREAS,EagleCountyhasdeterminedthatthe2018Allocation,oraportionthereof,canbeutilizedmostefficientlybyassigningittotheAuthoritytoissuePrivateActivityBondsforthepurposeoffinancingoneormoremulti-familyrentalhousingprojectsforlow-andmoderate-incomepersonsandfamiliesortoissuePrivateActivityBondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderateincomepersonsandfamilies(“RevenueBonds”)orfortheissuanceofmortgagecreditcertificates;andWHEREAS,theBoardofCommissionersofEagleCountyhasdeterminedtoassign$2,831,220ofits2018AllocationtotheAuthority,whichassignmentistobeevidencedbyanAssignmentofAllocationbetweenEagleCountyandtheAuthority(the“AssignmentofAllocation’).NOW,THEREFORE,BEITRESOLVEDbytheBoardofCommissionersofEagleCounty,Colorado(the“Board”)asfollows;1.TheassignmenttotheAuthorityof$2,831,220ofEagleCounty’s2018Allocationbeandherebyisapproved.2.TheformandsubstanceoftheAssignmentofAllocationbeandherebyareapproved;provided,however,thattheBoardofCommissionersbeandherebyareauthorizedtomakesuchtechnicalvariations,additionsordeletionsinortosuchAssignmentofAllocationastheyshalldeemnecessaryorappropriateandnotinconsistentwiththeapprovalthereofbythisresolution.3.TheBoardbeandherebyisauthorizedtoexecuteanddelivertheAssignmentofAllocationonbehalfofEagleCountyandtotakesuchotherstepsoractionsasmaybenecessary,usefulorconvenienttoeffecttheaforesaidassignmentinaccordancewiththeintentofthisresolution.4.Ifanysection,paragraph,clause,orprovisionofthisresolutionshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabilityofsuchsection,paragraph,clause,orprovisionshallnotaffectanyoftheremainingprovisionsofthisresolution.5.Thisresolutionshallbeinfullforceandeffectuponitspassageandapproval.2EXHIBITA PASSED,ADOPTEDANDAPPROVEDthisILdayofJV’,201$.ASSIGNOR:ATFEST:44rt4ClerktotheBoardofCountyCommissionersCOUNTYOFEAGLE,STATEOFCOLORADO,ByandThroughItsBOARDOfCOUNTYCOMMISSIONERSBy:KathaIr-HenrairianH.RyanCoipmiss,iorfñ’7L-Liu,4nneMcQuneykommissionerCommissionerI)VL-4t-.--iw-‘-s.secondedadoptionoftheforegoingresolution.Therollhavingbeencalled,thevotewasasfollows:iqThisresolutionpassedby__________________voteoftheBoardofCountyCommissionersoftheCountyofEagle,StateofColoradoCommissionerChandler-HenryCommissionerRyanCommissionerMcQueeney3EXHIBITA EXHIBITBASSIGNMENTOfALLOCATIONB-i chfa.____assignmentofallocation-countyMuftifamilyHousingFacilityBonds/SingleFamilyMortgageRevenueBondsThisAssignmentofAllocation(the“Assignment”),datedthisdayofJuly201$,isbetweentheCountyofEagleColorado(the“Assignor”orthe“Jurisdiction”)andColoradoHousingandFinanceAuthority(the“Assignee”).WITNESSETH:WHEREAS,theAssignorandtheAssigneeareauthorizedandempoweredunderthelawsoftheStateofColorado(the“State”)toissuerevenuebondsforthepurposeoffinancingqualifiedresidentialrentalprojectsforlow-andmoderate-incomepersonsandfamilies;andWHEREAS,theAssignorandtheAssigneeareauthorizedandempoweredunderthelawsoftheStateofColorado(the“State”)toissuerevenuebondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderate-incomepersonsandfamilies;andWHEREAS,theInternalRevenueCodeof1986,asamended(the“Code”),restrictstheamountoftax-exemptbonds(“PrivateActivityBonds”)whichmaybeissuedintheStatetofinancesuchprojectsandforcertainotherpurposes(the“StateCeiling”);andWHEREAS,pursuanttotheCode,theColoradolegislatureadoptedtheColoradoPrivateActivityBondCeilingAllocationAct,Part17ofArticle32ofTitle24,ColoradoRevisedStatutes(the“AllocationAct”),providingfortheallocationoftheStateCeilingamongtheAssigneeandothergovernmentalunitsintheState,andfurtherprovidingfortheassignmentofallocationsfromsuchothergovernmentalunitstotheAssignee;andWHEREAS,pursuanttoanallocationunderSection24-32-1706oftheAllocationAct,theAssignorhasanallocationofthe201$StateCeilingfortheissuanceofaspecifiedprincipalamountofPrivateActivityBondspriortoSeptember15,201$,(the“2018Allocation”);andWHEREAS,theAssignorhasdeterminedthat,inordertoincreasetheavailabilityofadequateaffordablerentalhousingforlow-andmoderate-incomepersonsandfamilieswithintheJurisdiction,ColoradoandelsewhereintheState,itisnecessaryordesirabletoprovidefortheutilizationofalloraportionofthe2018Allocation;andWHEREAS,theAssignorhasdeterminedthatthe2018Allocation,oraportionthereof,canbeutilizedmostefficientlybyassigningittotheAssigneetoissuePrivateActivityBondsforthepurposeoffinancingoneormoremultifamilyrentalhousingprojectsforlow-andmoderateincomepersonsandfamiliesortoissuePrivateActivityBondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderate-incomepersonsandfamilies(“RevenueBonds”),andtheAssigneehasexpresseditswillingnesstoattempttoissueRevenueBondswithrespecttothe2018Allocationassignedherein;andEXHIBITB IWHEREAS,theBoardofCountyCommissionersoftheAssignorhasdeterminedtoassigntotheAssigneealloraportionofits2018Allocation,andtheAssigneehasagreedtoacceptsuchassignment,whichistobeevidencedbythisAssignment.NOW,THEREFORE,inconsiderationofthepremisesandthemutualpromiseshereinaftersetforth,thepartiesheretoagreeasfollows:1.TheAssignorherebyassignstotheAssignee$2.831.220ofits2018Allocation[the“AssignedAllocation”],subjecttothetermsandconditionscontainedherein.TheAssignorrepresentsthatithasreceivednomonetaryconsiderationforsaidassignment.2.TheAssigneeherebyacceptstheassignmenttoitbytheAssignoroftheAssignedAllocation,subjecttothetermsandconditionscontainedherein.TheAssigneeagreestouseitsbesteffortstoissueandsellRevenueBondsinanaggregateprincipalamountequaltoorgreaterthantheAssignedAllocation,inoneormoreseries,andtomakeproceedsofsuchRevenueBondsavailablefromtimetotimeforaperiodoftwo(2)yearsfromthedateofthisAssignmenttofinancemultifamilyrentalhousingprojectslocatedintheJurisdiction,ortoissueRevenueBondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderateincomepersonsandfamiliesintheJurisdiction.3.TheAssignorherebyconsentstotheelectionbytheAssignee,iftheAssigneeinitsdiscretionsodecides,totreatalloranyportionoftheAssignedAllocationasanallocationforaprojectwithacarryforwardpurposeortomakeamortgagecreditcertificateelection,inlieuofissuingRevenueBonds.4.TheAssignorandAssigneeeachagreethatitwilltakesuchfurtheractionandadoptsuchfurtherproceedingsasmayberequiredtoimplementthetermsofthisAssignment.5.NothingcontainedinthisAssignmentshallobligatetheAssigneetofinanceanyparticularmulti-familyrentalhousingprojectlocatedintheJurisdictionorelsewhereortofinancesingle-familymortgageloansinanyparticularamountoratanyparticularinterestrateortouseanyparticularpercentageoftheproceedsofitsRevenueBondstoprovidemortgageloansormortgagecreditcertificatestofinancesingle-familyhousingfacilitiesintheJurisdiction,providedthatanyRevenueBondproceedsattributabletotheAssignedAllocationshallbesubjecttoparagraph2above.6.ThisAssignmentiseffectiveuponexecutionandisirrevocable.2EXHIBITB