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HomeMy WebLinkAboutR97-150 Morrgage Credit Certificatel Commissioner Z n2 moved adoption of the following Res lution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO AUTHORIZING THE CHAIRMAN OF THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO TO FILE A MORTGAGE CREDIT CERTIFICATE ELECTION IN AN AMOUNT NOT TO EXCEED $5,000,000.00 WITH THE INTERNAL REVENUE SERVICE; AUTHORIZING THE CHAIRMAN TO THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO TO CERTIFY TO THE EXECUTIVE DIRECTOR OF THE COLORADO DEPARTMENT OF LOCAL AFFAIRS THAT EAGLE COUNTY HAS IMPLEMENTED A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM; AUTHORIZING THE BOARD TOGETHER WITH THE COLORADO HOUSING AND FINANCE AUTHORITY TO IMPLEMENT A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM AND DEVELOP PROGRAM GUIDELINES RELATING THERETO; AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN RELATED DOCUMENTS AND CERTIFICATES; RATIFYING CERTAIN ACTION HERETOFORE TAKEN; AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH RESOLUTION NO. 97 - 160 WHEREAS, Eagle County, Colorado ( "County ") is a political subdivision of the State of Colorado ( "State "), duly organized and existing pursuant to the laws and the Constitution of the State; and WHEREAS, Section 25 of the Internal Revenue Code of 1986, as amended ( "Code ") and the proposed and temporary regulations promulgated thereunder that are found at Sections 1.25 -IT et seq. ( "Regulations ") permit state and local governments to elect to exchange all or any part of their authority to issue tax - exempt single family mortgage revenue bonds for the authority to issue mortgage credit certificates ( "MCCs "); and WHEREAS, pursuant to the Code and the Regulations, individuals who qualify for an MCC receive an income tax credit for a specified percent of interest on the mortgage loan they incur to finance the acquisition, qualified rehabilitation or qualified improvements of their principal residence; and WHEREAS, in order for the income tax credit allowed under the Code and the Regulations to be available, an MCC must constitute a qualified MCC and must be issued under a qualified MCC program ( "MCC Program "); and WHEREAS, pursuant to Resolution No. 97 -06 ( "Intent Resolution "), adopted by the Board of County Commissioners ( "Board ") of the County on January 13, 1997, the County indicated its desire to develop and implement an MCC Program designed to provide individuals who qualify for an MCC an income tax credit for a specified percent of interest on the mortgage loan they incur to finance the acquisition, qualified rehabilitation or qualified improvements of their principle residence; and WHEREAS, pursuant to the Intent Resolution, the Eagle County Board of County Commissioners prepared and submitted an 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 Code and from the statewide Balance for "private activity bonds" for 1997 pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, which allocation has been awarded to the County for the purposes of its MCC Program in the amount of $5,000,000.00; and WHEREAS, the Board will, pursuant to this Resolution authorize the Chairman to the Board, together with the Colorado Housing and Finance Authority ( "CHFA ") to develop and implement the MCC Program. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: Section 1. Authorization to File MCC Election. The Chairman is hereby authorized to file with the Internal Revenue Service ( "IRS ") an MCC election pursuant to Section 1.25 4T for the Regulations utilizing an amount not to exceed $5,000,000.00 of its 1997 volume allocation of the State's private activity bond Statewide Balance. Such election shall be irrevocable. 3 Section 2. Authorization to Certify MCC Program. The Chairman is hereby authorized to certify, pursuant to Section 24- 32- 1703(14) of the Colorado Private Activity Bond Ceiling Allocation Act to the executive director of the Colorado Department of Local Affairs that the County has implemented an MCC Program. Section 3. Authorization to Implement MCC Program. The Board, together with CHFA, is hereby authorized to implement an MCC Program and develop program guidelines relating thereto. The County has been presented with a form of Agreement ( "Administration Agreement ") among the County and CHFA under which CHFA agrees to administer the MCC Program on behalf of the County. Section 4. Authorization of County Representatives to Take Action in Connection Herewith. The officers of the County shall take all action necessary as reasonably required to effectuate the provisions of this Resolution and the implementation and development of the MCC Program, including, without limitation, the execution and delivery of the Administration Agreement, any certificates or documents to be delivered in connection therewith or that are necessary to comply with the Code, the Regulations and other applicable federal or State law. Section 5. Ratifications, Invalid, etc. Provisions Disregarded. All actions heretofore taken by the County in connection with the MCC Program are hereby ratified and affirmed. If any section, paragraph, clause of provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity of unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. THAT, this Resolution is necessary for the public health, safety and welfare of the citizenry of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the C— day of x4,-,AQ , 1997. COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its ATTEST: y� = =BOARD OF COUNTY COMMISSIONERS 0 �oeon ro ,•- By: Clerk to the Board of Johnnette Phil ips, County Commissioners Chairman 2 es E. Jo nson, r , ommissioner �1�Pr/kr, Z4 George, A. Ga es, Commissioner Commissioner seconded adoption of the fore- going resolution. The roll having been called, the vote was as follows: Commissioner Phillips (1,we- Commissioner Johnson Commissioner Gates This Resolution passed by (_?_0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. mta \r \mccprog.res 97 -03