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HomeMy WebLinkAboutR03-022 Loan from Eagle County to Mountain Glen Housing Corporation<~, ~' Commissioner ~~moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2003-~02 IN THE MATTER OF A t.OAN FROM EAGLE COUNTY, COLORADO TO MOUNTAIN GLEN HOUSING CORPORATION WHEREAS, Eagle County, Colorado (the "County") is a political subdivision of the State of Colorado (the "State"), duly organized and existing pursuant to the laws and the Constitution of the State; and WHEREAS, Mountain Glen Housing Corporation, a Colorado non-profit corporation, (the "Corporation") is desirous of maintaining affordable housing for the citizens of the County; and WHEREAS, the County has previously authorized a loan with interest at a rate of 4 percent (4%) interest per annum to the Corporation to help with costs associated with providing affordable housing and to help County citizens with housing needs; and WHEREAS, the County has allocated the funds to the Corporation to assist with matters relating to Mountain Glen Housing Project; and WHEREAS, this Resolution ratifies and approves former Board action of the transfer of the monies to the Corporation for the sole purpose of assisting the Mountain Glen Housing Project with associated costs and expenses; NOW THEREFORE, BE TT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the County hereby authorizes and ratifies a loan to the Corporation for the sole purpose of assisting the Mountain Glen Housing Project with project costs and expenses. THAT the Board authorizes the Chairman of the Eagle County Board of County Commissioners to execute any and all documents, instruments, papers or other forms necessary for the making of the loan. 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 ~ r r County of Eagle, State of Colorado, at its regular meeting held th%~~day of 003. COUNTY OF EAGLE, STATE OF COLORADO By and Through its BOARD OF COUNTY ~tip,Gd,F ~lO`~~~ to the Board of County Commissioners Commissioner ~ seconded adoption of the foregoing Resolution. having been called, the ote was as follows: The roll Commissioner Gallagher ~~~ Commissioner Stone Commissioner Menconi ~~';e This Resolution passed bye; to f the Board of County Commissioners of the County of Eagle, State of Colorado. G:\WM\Reso for Bd, Residual Receipts Note.wpd 1Vdicfiael L. Gallagher, Chaim