HomeMy WebLinkAboutECHDA25-05 2025 Private Activity Bond Volume Cap AllocationCERTIFICATE OF THE COUNTY OF EAGLE, COLORADO
CONCERNING ASSIGNMENT OF
2025 PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION
TO THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY
I, the undersigned, hereby certify as of March 11, 2025 that I am a duly chosen,
qualified and acting officer of the County of Eagle, Colorado (the “Assignor”), and that:
1. The Assignor is a public body corporate and politic and political
subdivision, duly organized and existing under the constitution and laws of the State of
Colorado.
2. The Assignor 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
Title 24, Colorado Revised Statutes (the “Allocation Act”), it has an allocation of a portion of the
State ceiling (as defined in the Allocation Act) for 2025 in the amount of $3,551,789.
3. Attached hereto as Exhibit A is a true and correct copy of
Resolution No. 25-023 (the “Resolution”) authorizing the assignment to the Eagle County
Housing and Development Authority (the “Authority”) of all of such allocation of the 2025 State
ceiling in the amount of $3,551,789 (the “Assigned Allocation”), and authorizing the execution
and delivery of an Assignment of Allocation dated as of March 11, 2025 (the “Assignment of
Allocation”) between the Assignor and the Authority in connection therewith, which Resolution
was duly adopted by the Board of County Commissioners of the Assignor (the “Governing
Body”) at a meeting thereof held on March 11, 2025, 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and acting throughout and which Resolution has not been revoked, rescinded, repealed, amended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 Governing Body 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 Assignor 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 Governing Body at the meeting thereof held on March
11, 2025.
7. On or before the date hereof, an Authorized Officer of the Assignor
officially executed the Assignment of Allocation.
8. The Assignor has authorized the execution, delivery and due performance
of the Assignment of Allocation, and the execution and delivery of the Assignment of Allocation
and the compliance by the Assignor with the provisions thereof, will not, to the best of my
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knowledge, conflict with or constitute on the part of the Assignor a breach of or a default under
any existing Colorado law, Assignor resolution, court or administrative regulation, decree or
order or any agreement or other instrument to which the Assignor is subject or by which it is
bound.
9. To the best of the undersigned’s knowledge, there does not exist any
action, suit, proceeding or investigation pending, or threatened against the Assignor, contesting
(a) the corporate existence of the Assignor, (b) the title of its present officers or any of them to
their respective offices, including, without limitation, the members of the Governing Body,
(c) the validity of the Assignment of Allocation or (d) the power of the Assignor to execute,
deliver or perform the Assignment of Allocation.
10. No referendum petition has been filed concerning the Resolution; and to
the best of my knowledge none is being circulated or planned for circulation.
WITNESS my hand as of the date first written above.
ASSIGNOR: COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its BOARD OF
COUNTY COMMISSIONERS
By: ______________________________
Jeanne McQueeney, Chair
Attest:
By: _________________________________
Becky Close
Clerk and Recorder
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EXHIBIT A
RESOLUTION
Commissioner ____________________ moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2025-_____
A RESOLUTION AUTHORIZING THE ASSIGNMENT OF
THE COUNTY’S PRIVATE ACTIVITY BOND
ALLOCATION FOR 2025 TO THE EAGLE COUNTY
HOUSING AND DEVELOPMENT AUTHORITY;
PROVIDING OTHER DETAILS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, pursuant to the Private Activity Bond Ceiling Act, constituting Title 24,
Article 32, Part 17, Colorado Revised Statutes (the “Allocation Act”), the County of Eagle,
Colorado (the “County”) has received a direct allocation of the State of Colorado’s Private
Activity Bond Ceiling for the year 2025 (the “2025 Allocation”) in the amount of $3,551,789;
and
WHEREAS, the Eagle County Housing and Development Authority (the “Authority”)
has requested that the County assign all of the 2025 Allocation equal to $3,551,789 (the
“Assigned Allocation”) to the Authority pursuant to Section 24-32-1706 of the Allocation Act to
be used to issue bonds to finance qualified residential rental projects, including but not limited to
the Eagle Villas resyndication project; and
WHEREAS, the County desires to assign the Assigned Allocation to the Authority; and
WHEREAS, there has been presented to the Board of County Commissioners (the
“Board”) the form of an Assignment of Allocation between the County and the Authority (the
“Assignment”).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, COLORADO THAT:
11. Authorization of Assignment. The County hereby authorizes the
assignment of the Assigned Allocation to the Authority for use as described above.
12. Approval of Assignment of Allocation. The form, terms and provisions of
the Assignment hereby are approved and the officers of the County hereby are authorized and
directed to execute (by manual or electronic signature) and deliver the Assignment, with such
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changes therein as are approved by the officers of the County executing the Assignment. The
execution of the Assignment shall be conclusive evidence of the approval by the County of such
document in accordance with the terms hereof.
13. Further Action. The officers of the County shall take such other steps or
actions necessary or reasonably required to carry out the terms and intent of this resolution and
the Assignment.
14. Ratification. All action not inconsistent with the provisions of this
resolution heretofore taken by the Board and the officers of the County directed toward the
assignment of the Assigned Allocation and the authorization of the Assignment hereby are
ratified, approved and confirmed.
15. Severability. If any section, paragraph, clause or provision of this
resolution shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
remaining provisions of this resolution, the intent being that the same are severable.
16. Repealer. All orders, resolutions, bylaws, ordinances or regulations of the
County, or parts thereof, inconsistent with this resolution are hereby repealed to the extent only
of such inconsistency.
17. Effective Date. This resolution shall be in full force and effect upon its
passage and approval.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of
Eagle, State of Colorado, at its regular meeting held the 11th day of March, 2025.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
ATTEST:
____________________________ By: ________________________
Becky Close Jeanne McQueeney
Clerk and Recorder County Commissioners Chair
________________________
Tom Boyd
Commissioner
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________________________
Matt Scherr
Commissioner
Commissioner _______________ seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner McQueeney _____
Commissioner Boyd _____
Commissioner Scherr _____
This resolution passed by __________ vote of the Board of County Commissioners of the
County of Eagle, State of Colorado
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EXHIBIT B
ASSIGNMENT OF ALLOCATION
ASSIGNMENT OF ALLOCATION
THIS ASSIGNMENT (the “Assignment”), dated as of March 11, 2025, 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 2025 allocation, in the amount of $3,551,789 (the “2025 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 2025 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
2025 Allocation, in an amount equal to $3,551,789, 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
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unless (a) the Proposed Bonds are issued by the Assignee before September 15, 2025, or
(b) Section 24-32-1706(3)(c) of the Allocation Act, pertaining to the carryforward of the
assigned allocation, applies.
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 $3,551,789 of the Assignor’s 2025 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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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, STATE OF COLORADO,
By and Through Its BOARD OF COUNTY
COMMISSIONERS, as Assignor
By: ______________________________
Jeanne McQueeney, Chair
Attest:
By: _________________________________
Becky Close
Clerk and Recorder
EAGLE COUNTY HOUSING AND
DEVELOPMENT AUTHORITY, as Assignee
By: _____________________________
Jeanne McQueeney, President
Attest:
By: __________________________________________
Kimberly Bell Williams
Secretary
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