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HomeMy WebLinkAboutC19-267 Certificate of Assignment of Private Activity BondCERTIFICATEOFEAGLECOIJNTY,COLORADOCONCERMNGASSIGNMENTOfPRIVATEACTIVITYBONDVOLUMECAPALLOCATIONI,BryanR.Treu,theundersigned,herebycertifythatIamthedulychosen,qualifiedandCountyAttorneyofEagleCounty,Colorado(the“County”),andthat:I.TheCountyisalegallyandregularlycreated,established,organized,andexistingcountyundertheConstitutionandlawsoftheStateofColorado,itsfullcorporatenamebeing“EagleCounty,Colorado.”2.TheCountyhasbeenpreviouslynotifiedthat,pursuanttoSection24-32-1706oftheColoradoPrivateActivityBondCeilingAllocationAct,Part17ofArticle32ofTitle24,ColoradoRevisedStatutes(the“AllocationAct”),ithasanallocationoftheStateceiling(asdefinedintheAllocationAct)for2019intheamountof$2,909,918(the“2019Allocation”).3.AttachedheretoasExhibitAisatrueandcorrectcopyofaresolutionandtherelatedminutesthereto(the“Resolution”)authorizingtheassignmenttotheColoradoHousingandFinanceAuthority(the“Authority”)ofalloraportionofthe2019Allocationinanamountequalto$2,909,918(the“AssignedAllocation”),andauthorizingtheexecutionanddeliveryofanAssignmentofAllocationdatedasofJuly30,2019(the“AssignmentofAllocation”)betweentheCountyandtheAuthorityinconnectiontherewith,whichResolutionwasdulyadoptedbytheBoardofCountyCommissionersoftheCounty(the“Board”)atameetingthereofheldonJuly30,2019,atwhichmeetingaquorumwaspresentandactingthroughoutandwhichResolutionhasnotbeenrevoked,rescinded,repealed,amendedormodifiedandisinfullforceandeffectonthedatehereof.4.ThemeetingoftheBoardatwhichactionhasbeentakenwithrespecttotheAssignmentofAllocationwasaregularmeetingproperlycalledandopentothepublicatalltimes.5.WithrespecttotheAssignedAllocation,theCountyhasnotheretofore:(a)issuedprivateactivitybonds;(b)assignedtheAssignedAllocationtoanother“issuingauthority,”asdefinedintheAllocationAct;(c)madeamortgagecreditcertificateelection;or(d)treatedtheAssignedAllocationasanallocationforaprojectwithacarryforwardpurpose,asdefinedintheAllocationAct.6.TheAssignmentofAllocation,attachedheretoasExhibit3,isintheformpresentedtoandapprovedbytheBoardatthemeetingthereofheldonJuly30,2019.7.Onorbeforethedatehereof,counterpartsoftheAssignmentofAllocationwereofficiallyexecutedbytheChairoftheBoardofCountyCommissionersandtheCountyClerkoftheCounty.Onthedateofsuchsigning,suchpersonswerethedulysworn,qualifiedandactingofficersoftheCountyauthorizedtoexecutetheAssignmentofAllocationandholdingtheofficesoftheChairoftheBoardofCountyCommissionersandCountyClerk,respectively. 8.TheCountyhasauthorizedtheexecution,deliveryanddueperformanceoftheAssignmentofAllocation,andtheexecutionanddeliveryoftheAssignmentofAllocationandthecompliancebytheCountywiththeprovisionsthereof,willnot,tothebestofmyknowledge,conflictwithorconstituteonthepartoftheCountyabreachoforadefaultunderanyexistingColoradolaw,Countyresolution,courtoradministrativeregulation,decreeororderoranyagreementorotherinstrumenttowhichtheCountyissubjectorbywhichitisbound.9.Tothebestofmyknowledge,theredoesnotexistanyaction,suit,proceedingorinvestigationpending,orthreatenedagainsttheCounty,contesting(a)thecorporateexistenceoftheCounty,(b)thetitleofitspresentofficersoranyofthemtotheirrespectiveoffices,incLuding,withoutlimitation,themembersoftheBoard,(c)thevalidityoftheAssignmentofAllocationor(d)thepoweroftheCountytoexecute,deliverorperformtheAssignmentofAllocation.10.NoreferendumpetitionhasbeenfiledconcerningtheResolution;andtothebestofmyknowledgenoneisbeingcirculatedorplannedforcirculation.WITNESSmyhandandthesealoftheCountythisJuly30,2019.(SEAL)CountyAttorney2 EXHIBITARESOLUTIONA-i Commissioner51(tJ4-movedadoptionofthefollowingResolution:BOARDOFCOUNTYCOMMISSIONERSCOUNTYOFEAGLE,STATEOfCOLORADORESOLUTIONNO.2019-_______RESOLUTIONAUTHORIZINGASSIGNMENTTOTHECOLORADOHOUSINGANDFINANCEAUTHORITYOFAPRIVATEACTIVITYBONDALLOCATIONOfEAGLECOUNTY,COLORADOPURSUANTTOTHECOLORADOPRIVATEACTIViTYBONDCEILINGALLOCATIONACTWHEREAS,EagleCounty,Colorado(“EagleCounty”)isauthorizedandempoweredunderthelawsoftheStateofColorado(the“State”)toissuerevenuebondsforthepurposeoffinancingqualifiedresidentialrentalprojectsforlow-andmoderateincomepersonsandfamilies;andWHEREAS,EagleCountyisauthorizedandempoweredunderthelawsoftheStatetoissuerevenuebondsforthepurposeofprovidingsingle-familymortgageloanstotow-andmoderate-incomepersonsandfamilies;andWHEREAS,theInternalRevenueCodeof1986,asamended(the“Code”),restrictstheamountoftax-exemptbonds(“PrivateActivityBonds”)whichmaybeissuedintheStatetoprovidesuchmortgageloansandforcertainotherpurposes;andWHEREAS,pursuanttotheCode,theColoradolegislatureadoptedtheColoradoPrivateActivityBondCeilingAllocationAct,Part17ofArticle32ofTitle24,ColoradoRevisedStatutes(the“AllocationAct”),providingfortheallocationoftheStateCeilingamongtheColoradoHousingandfinanceAuthority(the“Authority”)andothergovernmentalunitsintheState,andfurtherprovidingfortheassignmentofsuchallocationsfromsuchothergovernmentalunitstotheAuthority;andWHEREAS,pursuanttoanalLocationunderSection24-32-1706oftheAllocationAct,EagleCountyhasanallocationofthe2019StateCeilingfortheissuanceofaspecifiedprincipalamountofPrivateActivityBondspriortoSeptember15,2019(the“2019Allocation”);andWHEREAS,EagleCountyhasdeterminedthat,inordertoincreasetheavailabilityofadequateaffordablehousingforlow-andmoderate-incomepersonsandfamilieswithintheCountyandelsewhereintheState,itisnecessaryordesirabletoprovidefortheutilizationofalloraportionofthe2019Allocation;and WHEREAS,EagleCountyhasdeterminedthatthe2019Allocation,oraportionthereof,canbeutilizedmostefficientlybyassigningittotheAuthoritytoissuePrivateActivityBondsforthepurposeoffinancingoneormoremulti-familyrentalhousingprojectsforlow-andmoderate-incomepersonsandfamiliesortoissuePrivateActivityBondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderateincomepersonsandfamilies(“RevenueBonds”)orfortheissuanceofmortgagecreditcertificates;andWHEREAS,theBoardofCountyCommissionersofEagleCounty(the“Board”)havedeterminedtoassign$2,909,918ofits2019AllocationtotheAuthority,whichassignmentistobeevidencedbyanAssignmentofAllocationbetweentheCountyofEagleandtheAuthority(the“AssignmentofAllocation”).NOW,THEREFORE,BEITRESOLVEDbytheBoardasfollows:1.TheassignmenttotheAuthorityof$2,909,918ofEagleCounty’s2019Allocationbeandherebyisapproved.2.TheformandsubstanceoftheAssignmentofAllocationbeandherebyareapproved;provided,however,thattheBoardbeandherebyareauthorizedtomakesuchtechnicalvariations,additionsordeletionsinortosuchAssignmentofAllocationastheyshalldeemnecessaryorappropriateandnotinconsistentwiththeapprovalthereofbythisresolution.3.TheBoardbeandherebyisauthorizedtoexecuteanddelivertheAssignmentofAllocationonbehalfofEagleCountyandtotakesuchotherstepsoractionsasmaybenecessary,usefulorconvenienttoeffecttheaforesaidassignmentinaccordancewiththeintentofthisresolution.4.Ifanysection,paragraph,clause,orprovisionofthisresolutionshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabilityofsuchsection,paragraph,clause,orprovisionshallnotaffectanyoftheremainingprovisionsofthisresolution.5.Thisresolutionshallbeinfullforceandeffectuponitspassageandapproval.2 all1MOVED,READANDADOPTEDthis‘IdayofJil,2019.Assignor:____COUNTYOFEAGLE,STATEOFCOLORADO,ByandThroughItsBOARDOFCOUNTYCOMMISSIONERSAT[EST:-OV7__By:/JC4-,1CktoardneMcQueene/KayC•ndler-HenryMattScherf_—CommissionerCommissionerJ4w-3..MA1.—adoptionoftheforegoingresolution.Therollhavingbeencalled,thevotewasasfollows:CommissionerMcQueeney-CommissionerChandler-Henry_______________CommissionerScherr______________ThisResolutionpassedby___________________voteoftheBoardofCountyCommissionersoftheCountyofEagle,StateofColorado.3 3chfa®assignmentofallocation-countyMultifamilyHousingFacilityBonds/SingleFamilyMortgageRevenueBondsThisAssignmentofAllocation(the“Assignment”),daetlthisdayof_______________2019,isbetweentheCountyofEagleColorado(the‘Assignor”orthe“Jurisdiction”)andColoradoHousingandFinanceAuthority(the‘Assignee”).WITNESSETH:,WHEREAS,theAssignorandtheAssigneeareauthorizedandempoweredunderthelawsoftheStateofColorado(the“State’)toissuerevenuebondsforthepurposeoffinancingqualifiedresidentialrentalprojectsforlow-andmoderate-incomepersonsandfamilies;andWHEREAS,theAssignorandtheA’ssigneareauthorizedandempoweredunderthelawsoftheStateofColorado(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,theAssignorhasanallocationofthe2019StateCeilingfortheissuanceofaspecifiedprincipalamountofPrivateActivityBondspriortoSeptember15,2019,(the“2019Allocation”);andWHEREAS,theAssignorhasdeterminedthat,inordertoincreasetheavailabilityofadequateaffordablerentalhousingforlow-andmoderate-incomepersonsandfamilieswithintheJurisdiction,ColoradoandelsewhereintheState,itisnecessaryordesirabletoprovidefortheutilizationofalloraportionofthe2019Allocation;andWHEREAS,theAssignorhasdeterminedthatthe2019Allocation,oraportionthereof,canbeutilizedmostefficientlybyassigningittotheAssigneetoissuePrivateActivityBondsforthepurposeoffinancingoneormoremultifamilyrentalhousingprojectsforlow-andmoderateincomepersonsandfamiliesortoissuePrivateActivityBondsforthepurposeofprovidingsinglefamilymortgageloanstolow-andmoderate-incomepersonsandfamilies(“RevenueBonds”),andtheAssigneehasexpresseditswillingnesstoattempttoissueRevenueBondswithrespecttothe2019Allocationassignedherein;and IWHEREAS,theBoardofCountyCommissionersoftheAssignorhasdeterminedtoassigntotheAssigneealloraportionofits2019Allocation,andtheAssigneehasagreedtoacceptsuchassignment,whichistobeevidencedbythisAssignment.NOW,THEREFORE,inconsiderationofthepremisesandthemutualpromiseshereinaftersetforth,thepartiesheretoagreeasfollows:1.TheAssignorherebyassignstotheAssignee$2.909.918ofits2019Allocation[the“AssignedAllocation”],subjecttothetermsandconditionscontainedherein.TheAssignorrepresentsthatithasreceivednomonetaryconsiderationforsaidassignment.2.TheAssigneeherebyacceptstheassignmenttoitbytheAssignoroftheAssignedAllocation,subjecttothetermsandconditionscontainedherein.TheAssigneeagreestouseitsbesteffortstoissueandsellRevenueBondsinanaggregateprincipalamountequaltoorgreaterthantheAssignedAllocation,inoneormoreseries,andtomakeproceedsofsuchRevenueBondsavailablefromtimetotimeforaperiodoftwo(2)yearsfromthedateofthisAssignmenttofinancemultifamilyrentalhousingprojectslocatedintheJurisdiction,ottoissueRevenueBondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderateincomepersonsandfamiliesintheJurisdiction.3.TheAssignorherebyconsentstotheelectionbytheAssignee,iftheAssigneeinitsdiscretionsodecides,totreatalloranyportionoftheAssignedAllocationasanallocationforaprojectwithacarryforwardpurposeortomakeamortgagecreditcertificateelection,inlieuofissuingRevenueBonds.4.TheAssignorandAssigneeeachagreethatitwilltakesuchfurtheractionandadoptsuchfurtherproceedingsasmayberequiredtoimplementthetermsofthisAssignment.5.NothingcontainedinthisAssignmentshallobligatetheAssigneetofinanceanyparticularmulti-familyrentalhousingprojectlocatedintheJurisdictionorelsewhereortofinancesingle-familymortgageloansinanyparticularamountoratanyparticularinterestrateortouseanyparticularpercentageoftheproceedsofitsRevenueBondstoprovidemortgageloansormortgagecreditcertificatestofinancesingle-familyhousingfacilitiesintheJurisdiction,providedthatanyRevenueBondproceedsattributabletotheAssignedAllocationshallbesubjecttoparagraph2above.6.Thi5Assignmentiseffectiveuponexecutionandisirrevocable.2 INWITNESSWHEREOF,thepartiesheretohavedulyexecutedthisAssignmentonthedatefirstwrittenabove.Countyof_Eagle,ColoradoBy:_________________________________Name:___________________________Title:____________________________________COLORADOHOUSINGANDFINANCEAUTHORITYBy:___________________________________Name:____________________________Title:__________________________________3 EXHIBITBASSIGNMENTOFALLOCATIONB-I chfa,assignmentofallocation-countyMultifamilyHousingFacilityBonds/SingleFamilyMortgageRevenueBondsThisAssignmentofAllocation(the“Assignment”),dated_________________________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,theAssignorhasanallocationofthe2019StateCeilingfortheissuanceofaspecifiedprincipalamountofPrivateActivityBondspriortoSeptember15,2019,(the“2019Allocation”);andWHEREAS,theAssignorhasdeterminedthat,inordertoincreasetheavailabilityofadequateaffordablerentalhousingforlow-andmoderate-incomepersonsandfamilieswithintheJurisdiction,ColoradoandelsewhereintheState,itisnecessaryordesirabletoprovidefortheutilizationofalloraportionofthe2019Allocation;andWHEREAS,theAssignorhasdeterminedthatthe2019Allocation,oraportionthereof,canbeutilizedmostefficientlybyassigningittotheAssigneetoissuePrivateActivityBondsforthepurposeoffinancingoneormoremultifamilyrentalhousingprojectsforlow-andmoderateincomepersonsandfamiliesortoissuePrivateActivityBondsforthepurposeofprovidingsinglefamilymortgageloanstolow-andmoderate-incomepersonsandfamilies(“RevenueBonds”),andtheAssigneehasexpresseditswillingnesstoattempttoissueRevenueBondswithrespecttothe2019Allocationassignedherein;andCl9-266 WHEREAS,theBoardofCountyCommissionersoftheAssignorhasdeterminedtoassigntotheAssigneealloraportionofits2019Allocation,andtheAssigneehasagreedtoacceptsuchassignment,whichistobeevidencedbythisAssignment.NOW,THEREFORE,inconsiderationofthepremisesandthemutualpromiseshereinaftersetforth,thepartiesheretoagreeasfollows;1.TheAssignorherebyassignstotheAssignee$2,909,918ofits2019Allocation[the“AssignedAllocation”],subjecttothetermsandconditionscontainedherein.TheAssignorrepresentsthatithasreceivednomonetaryconsiderationforsaidassignment.2.TheAssigneeherebyacceptstheassignmenttoitbytheAssignoroftheAssignedAllocation,subjecttothetermsandconditionscontainedherein.TheAssigneeagreestouseitsbesteffortstoissueandsellRevenueBondsinanaggregateprincipalamountequaltoorgreaterthantheAssignedAllocation,inoneormoreseries,andtomakeproceedsofsuchRevenueBondsavailablefromtimetotimeforaperiodoftwo(2)yearsfromthedateofthisAssignmenttofinancemultifamilyrentalhousingprojectslocatedintheJurisdiction,ottoissueRevenueBondsforthepurposeofprovidingsingle-familymortgageloanstolow-andmoderateincomepersonsandfamiliesintheJurisdiction.3.TheAssignorherebyconsentstotheelectionbytheAssignee,iftheAssigneeinitsdiscretionsodecides,totreatalloranyportionoftheAssignedAllocationasanallocationforaprojectwithacarryforwardpurposeortomakeamortgagecreditcertificateelection,inlieuofissuingRevenueBonds.4.TheAssignorandAssigneeeachagreethatitwilltakesuchfurtheractionandadoptsuchfurtherproceedingsasmayberequiredtoimplementthetermsofthisAssignment.5.NothingcontainedinthisAssignmentshallobligatetheAssigneetofinanceanyparticularmulti-familyrentalhousingprojectlocatedintheJurisdictionorelsewhereortofinancesinglefamilymortgageloansinanyparticularamountoratanyparticularinterestrateortouseanyparticularpercentageoftheproceedsofitsRevenueBondstoprovidemortgageloansormortgagecreditcertificatestofinancesingle-familyhousingfacilitiesintheJurisdiction,providedthatanyRevenueBondproceedsattributabletotheAssignedAllocationshallbesubjecttoparagraph2above.6.ThisAssignmentiseffectiveuponexecutionandisirrevocable. INWITNESSWHEREOF,thepartiesheretohavedulyexecutedthisAssignmentonthedatefirstwrittenabove.Countyof_Eagle,ColoradoTitle:___________________________COLORADOHOUSINGANDFINANCEAUTHORITYBy:____________________________Name:__________________________Title:____________________________3