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HomeMy WebLinkAboutR93-075 formation and organization of Lake Creek Affordable Housing Corporatione ) o i C-.-"i Commissioner moved adoption of the followihg Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 93- 7S APPROVING THE FORMATION AND ORGANIZATION OF THE LAKE CREEK AFFORDABLE HOUSING CORPORATION, THE ISSUANCE OF UP TO $23,000,000 AGGREGATE PRINCIPAL AMOUNT OF LAKE CREEK AFFORDABLE HOUSING CORPORATION MULTIFAMILY HOUSING PROJECT REVENUE BONDS, SERIES 1993A, THE ISSUANCE OF UP TO $955,000 AGGREGATE PRINCIPAL AMOUNT OF LAKE CREEK AFFORDABLE HOUSING CORPORATION MULTIFAMILY HOUSING PROJECT SUBORDINATE REVENUE BONDS, SERIES 1993B, THE ISSUANCE OF UP TO $1,665,000 AGGREGATE PRINCIPAL AMOUNT OF LAKE CREEK AFFORDABLE HOUSING CORPORATION MULTIFAMILY HOUSING PROJECT SUBORDINATE REVENUE BONDS, SERIES 1993C, THE EXECUTION AND DELIVERY OF A PROJECT AGREEMENT; AUTHORIZING INCIDENTA ACTIONS.; AND REPEALING INCONSISTENT ACTIONS. WHEREAS, the Lake Creek Affordable Housing corporation (the "Corporation ") has been duly organized pursuant to the provisions of the Colorado Nonprofit Corporation Act, Articles 20 through 29 of Title 7, Colorado Revised Statutes, as amended; and WHEREAS, as set forth in its Articles of Incorporation, the Corporation is organized and. shall be operated exclusively on behalf of and for the benefit of Eagle County, Colorado (the "County ") and in furtherance of such purposes has the authority to issue its own bonds; and WHEREAS, the Corporation has proposed to acquire and construct a 270 -unit multifamily residential rental apartment project to be constructed on a 28 -acre site (the "Project') within the County; an WHEREAS, to provide the funds needed for the acquisition and construction of the Project, the Corporation intends to enter into a Trust Indenture dated as of July 1, 1993 (the "Indenture ") and issue up to $23,000,000 aggregate principal amount of its w bd m i N 0 tai � oa F- 0 C] N 0 0 �J 0 c+ w R! N FJ w pql a fZ° b rn � 0 0 H 0 o m F y tP ' 0 zn cn' � 0 ¢7 N C-4 rn WHEREAS, the Lake Creek Affordable Housing corporation (the "Corporation ") has been duly organized pursuant to the provisions of the Colorado Nonprofit Corporation Act, Articles 20 through 29 of Title 7, Colorado Revised Statutes, as amended; and WHEREAS, as set forth in its Articles of Incorporation, the Corporation is organized and. shall be operated exclusively on behalf of and for the benefit of Eagle County, Colorado (the "County ") and in furtherance of such purposes has the authority to issue its own bonds; and WHEREAS, the Corporation has proposed to acquire and construct a 270 -unit multifamily residential rental apartment project to be constructed on a 28 -acre site (the "Project') within the County; an WHEREAS, to provide the funds needed for the acquisition and construction of the Project, the Corporation intends to enter into a Trust Indenture dated as of July 1, 1993 (the "Indenture ") and issue up to $23,000,000 aggregate principal amount of its w bd m i N 0 tai � oa F- 0 C] N 0 0 �J 0 c+ w R! N FJ w pql a fZ° b rn � 0 0 H 0 o m F y tP ' 0 Multifamily Housing Project Revenue Bonds, Series 1993A (the "Series 1993A Bonds ") , up to $955, 000 aggregate principal amount of its Multifamily Housing Project Subordinate Revenue Bonds, Series 1993B (the "Series 1993B Bonds ") and up to $1,665,000 aggregate principal amount of its Multifamily Housing Project Subordinate Revenue Bonds, Series 1993C (the "Series 1993C Bonds)" (collectively, the "Bonds "); and WHEREAS, the Corporation further intends to execute and deliver a Deed of Trust, Security Agreement, and Assignment of CID Rents and Leases dated as of July 1, 1993 to the Public Trustee of the County in order to create a lien on the Project for the benefit of its owners of the Bonds; and WHEREAS, in order for the interest on the Bonds to be excluded from gross income for federal income tax purposes, the Bonds must be issued in accordance with Revenue Ruling 63 -20, 1963 -1 (the "Revenue Ruling 63 -20 and WHEREAS, in order to evidence compliance with requirements of Revenue Ruling 63 -20, the County has been requested to enter into a Project Agreement dated as of July 1, 1993 (the "Project Agreement ") with the Corporation; and . NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COI.,ORADO: Section 1. APPROVAL OF FORMATION AND ORGANIZATION OF CORPORATION The formation and organization of the Corporation as reflected in its Articles of Incorporation and Bylaws presented to this meeting (copies of which shall be filed with the records of the County) is hereby approved. Section 2. APPROVAL OF PROJECT AGREEMENT The form of the Project Agreement presented at this meeting (a copy of which shall be filed with the records of the County), including the County's agreement to accept title to the Project upon retirement of all of the Bonds, is hereby approved and the Chairman of the Board of County Commissioners of the County (the "Chairman ") is .hereby authorized to execute and deliver, and the County Clerk and Recorder of the County (the "Clerk ") is hereby authorized to attest, such Project Agreement in substantially such form and upon the terms and conditions set forth herein and therewith, with such changes as such officers shall approve (including changes in dates and amounts necessary to conform the Project Agreement to the final terms as approved by the Corporation) such approval to be evidenced by their execution thereof. 510276 B -614 P -201 07/20/93 11:23A PG 2 mow! 2 g L' s f Section 3. ISSUANCE OF BONDS The issuance of the Bonds by the Corporation as described herein and in the Indenture is hereby approved and the Chairman and the Clerk of the county ar hereby authorized and directed to execute and deliver such other documents, and to take such other action as may be necessary or appropriate in order to effectuate the delivery of. the aforesaid Project Agreement, the performance of the County's obligations hereunder, the issuance and sale of the bonds. Notwithstanding any other provision of this Resolution, the County Manager is hereby authorized to make or approve such revisions in the Project Agreement as, in the opinion of the County Attorney, may be necessary or convenient to carry out or assist in carrying out the purposes of this Resolution. Section 4. BONDS SHALL NOT CONSTITUTE A FINANCIAL LIABILITY The Bonds shall never constitute the debt or indebtedness of the County within the meaning of any provision of limitation of the Colorado Constitution, or Colorado Statutes, and shall not constitute or give rise to a financial liability of the County or a charge against its general credit or taxing powers. Section 5. REPEALER All acts, orders, resolutions, or parts thereof, taken by the County in conflict with this Resolution are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution, or part thereof, heretofore repealed. Section 6. RESOLUTION IRREPEALABLE This Resolution is, and shall constitute, a legislative measure of the County, and after the Bonds are issued and outstanding, this Resolution shall constitute a contract between the County and the owner or owners of the Bonds, and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 7. SEVERABILITY If any paragraph, clause or provision of this Resolution is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. Section 8. EFFECTIVE DATE This Resolution shall take effect immediately upon its passage. 510276 B -614 P -201 07/20/93 11:23A PG 3 OF 4 r 3 C / MOVED, READ AND ADOPTED by the Board of Count mmissioners of the County of Eagle, State of Colorado, this T ),9 day of July, 1993. ATT T: A Commissioner foregoing reso] follows: Commissioner George A. Gates :he as Commissioner Johnnette Phillips 4 bs-- -t Commissioner James E. Johnson, Jr. G' _ This Resolution passed by —V vote of the Board of County Commissioners of the County of Eagle, State of Colorado. lake. crk 510276 B -614 P -201 07/20/93 11:23A PG 4 OF 4 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: r t; orgejrA. Cates, Chairman Johnnette Phillips, Commissioner 4