HomeMy WebLinkAboutECHDA24-11 Assignment of Allocation
ASSIGNMENT OF ALLOCATION
THIS ASSIGNMENT (the “Assignment”), dated as of September 10, 2024, is between
the COUNTY OF EAGLE, COLORADO, a body corporate and politic (the “Assignor”), and the
EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY, a body corporate and
politic duly organized and existing under the laws and constitution of the State of Colorado (the
“Assignee”).
RECITALS
A. The Assignee intends to finance qualified residential rental projects, including but
not limited to the Eagle Villas resyndication project (the “Project”).
B. The Project will be designed to qualify as a “project” within the meaning of the
Housing Authorities Law, Title 29, Article 4, Part 2, Colorado Revised Statutes, as amended (the
“Act”).
C. The Assignee intends to provide for the issuance of its multifamily housing
revenue bonds, notes or other obligations, in one or more series (the “Proposed Bonds”),
pursuant to the provisions of the Act for the purpose of financing the Project.
D. The Assignee has requested that the Assignor assign to the Assignee all of the
Assignor’s 2024 allocation, in the amount of $3,478,699 (the “2024 Allocation”) under the bond
ceiling for the State of Colorado and its issuing authorities (the State Ceiling”) computed under
Section 146(d) of the Internal Revenue Code of 1986, as amended (the “Code”) as provided for
the Assignor as a “designated local issuing authority” under part 17 of article 32 of title 24,
Colorado Revised Statutes, as amended (the “Allocation Act”), for use in connection with the
financing of the Project.
E. Subject to the terms and conditions set forth herein, the Assignor desires to assign
to the Assignee, and the Assignee desires to accept, the 2024 Allocation from the State Ceiling.
ASSIGNMENT
In exchange for the agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. The Assignor hereby assigns and transfers to the Assignee all of the Assignor’s
2024 Allocation, in an amount equal to $3,478,699, from the State Ceiling for private activity
bonds. The Assignor and the Assignee understand that such assigned allocation shall
automatically be relinquished to the “Statewide Balance” as defined under the Allocation Act
unless (a) the Proposed Bonds are issued by the Assignee before September 15, 2024, or
(b) Section 24-32-1706(3)(c) of the Allocation Act, pertaining to the carryforward of the assigned
allocation, applies.
Docusign Envelope ID: F233237F-7960-4885-8ADE-50EFFD4C73A2
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2. The Assignor represents that it has received no monetary consideration for the
assignment set forth above.
3. The Assignee hereby:
(a) accepts the assignment of $3,478,699 of the Assignor’s 2024 Allocation
from the State Ceiling described above; and
(b) agrees to abide by each of the terms and conditions of this Assignment and
applicable provisions of the Allocation Act in connection with the use of such allocation.
4. The Assignor hereby consents to the election by the Assignee, if the Assignee in
its discretion so decides, to treat all or any portion of the assignment set forth herein as an
allocation for a project with a carryforward purpose within the meaning of the Allocation Act.
5. This Assignment shall not constitute the debt or indebtedness or financial
obligation of the Assignor within the meaning of the constitution or statutes of the State of
Colorado, nor give rise to a pecuniary liability or charge against the general credit or taxing
power of the Assignor.
6. This Assignment may be simultaneously executed in several counterparts, each of
which shall be an original and all of which shall constitute but one and the same instrument. To
the fullest extent permitted by applicable law, facsimile or electronically transmitted signatures
shall be treated as original signatures for all purposes hereunder.
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Docusign Envelope ID: F233237F-7960-4885-8ADE-50EFFD4C73A2
(Signature page to Assignment of Allocation - 2024)
IN WITNESS WHEREOF, the Assignor and the Assignee have caused this Assignment of
Allocation to be executed to be effective as of the date and year first written above.
COUNTY OF EAGLE, COLORADO,
as Assignor
By: _______________________________
Matt Scherr, Chair
ATTEST:
By: _______________________________
Kim Bell Williams, Secretary
EAGLE COUNTY HOUSING AND
DEVELOPMENT AUTHORITY,
as Assignee
By: _______________________________
Matt Scherr, Chair
56570397.1
Docusign Envelope ID: F233237F-7960-4885-8ADE-50EFFD4C73A2
____________________
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Jeanne McQueeney, Vice Chair
Jeanne McQueeney, Vice Chair
