No preview available
HomeMy WebLinkAboutR03-134 County Qualified Mortgage Credid Certificate Program C] Commissioner ~~~~~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO Resolution No. 2003- APPROVING A COUNTY QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM AND AUTHORIZING REPRESENTATIVES OF THE COUNTY TO TAKE ACTION INCIDENTAL THERETO WHEREAS, Eagle County, Colorado (the "County") desires to implement a Qualified Mortgage Credit Certificate Program (the "MCC Program") to further the purposes of the Colorado County and Municipality Development Revenue Bond Act (the "Act"), which purposes include the financing of properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided; and WHEREAS, no public official of the County has a personal financial interest in or will personally and financially benefit from the financing of the MCC Program or has other conflicts of interest relating to the financing of the MCC Program; and WHEREAS, in order to implement the MCC Program it is necessary that the County make application (the "PAB Allocation 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 Internal Revenue Code of 1986, as amended (the "Code"} and from the Statewide Balance for "private activity bonds" for 2003 pursuant to the Colorado Private Activity Bond Ceiling Allocation Act (the "Allocation Act") in the amount of $22,500,000; and WHEREAS, to satisfy certain requirements of the PAB Allocation Application, the County desires that this Resolution constitute its declaration of "official intent" to implement the MCC Program. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS FOLLOWS: • • Section 1. Approval of the MCC Program: Findings The County hereby approves the implementation of a MCC Program and makes the following findings in connections therewith: (a) The MCC Program constitutes a "project" for purposes of the Act in that it consists of land, buildings, and necessary real and personal properties suitable for residential facilities for low- and middle-income families or persons and intended for use as the sole place of residence by the owners or intended occupants; and (b) The MCC Program will promote the public purposes of the Act and the public health, safety, welfare, convenience and prosperity of the inhabitants of Colorado. Section 2. Authorization of Bond Financing/MCC Program. The County hereby declares its intent to issue its Single Family Mortgage Revenue Bonds (the "Bonds"), the interest on which is to be excluded from gross income- for federal income tax purposes, up to a maximum aggregate principal amount of $22,500,000. Such Bonds, if issued, shall (a) be issued in compliance with the Act and the Code, (b) be subject to such terms and conditions as the County, by subsequent resolution approves, and (c) not constitute the debt or financial obligation of the County for any purpose, nor pledge the faith and credit or taxing powers of the County, but shall be payable solely from the revenues derived from payments to be made in respect of the MCC Program. In lieu of the issuance of the Bonds, the County intends to elect to issue, and hereby approves the issuance of Mortgage Credit Certificates under a Qualified Mortgage Credit Certificate Program within the meaning of Section 25 of the Code, after receipt of an allocation for "private activity bonds" pursuant to the Allocation Act. The County further intends that the MCC Program be administered for the County by the Colorado Housing and Finance Authority ("CHFA"). This Resolution expresses the County's expectations as of the date hereof with respect to the implementation of the MCC Program. Future events or extraordinary circumstances beyond the control of the County may result in the Project being financed in a manner other than as described herein, and nothing contained herein constitutes an irrevocable commitment by the County to implement the MCC Program. Section 3. Authorization of County Representatives to Take Action in Connection Herewith. The Chairman of the Board of County Commissioners, the County Clerk and the Eagle County Housing Director are hereby authorized and directed to take all action necessary to accomplish the purposes of this Resolution, including the preparation and submission of a PAB Allocation Application in the amount of $22,500,000 and the negotiation and execution of agreements in connection with the • implementation of the MCC ,::Program, including the negotiation and execution of an agreement with CHFA for the administration of the MCC Program. ~_~ Section 4 Invalid, etc. Provisions Disregardea~ If any provision of this Resolution shall be judicially determined to be invalid or unenforceable, such determination shall not affect the remaining provisions hereof, the intention being that the provisions hereof are severable. Section 5. Effective Date. This Resolution shall take effect immediately upon its adoption. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Ea le, State of Colorado, at its regular meeting held the /~ day of 2003. ATTEST: ~ ~~~ co~ ~ ~ ~ _ ~ _ ;~ A By: K Clerk to the Boar of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Tom C. tone Commissioner ~ ~ ~ Commissioner vti?,.~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Michael L. Gallagher Q~,p Commissioner Tom C. Stone ~- Commissioner Arn M. Menconi This resolution passed by ~ _ vote of the Board of County Commissioner of the County of Eagle, State of Colorado.