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HomeMy WebLinkAboutR03-157 Mortgage Credit Certficate Program® • Commissioner moved adoption f the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO Resolution No. 2003- /~ ~ A RESOLUTION AUTHORIZING PARTICIPATION IN A REGIONAL MORTGAGE CREDIT CERTIFICATE PROGRAM AND DELEGATING AUTHORITY TO ISSUE SUCH CERTIFICATES TO EAGLE COUNTY WHEREAS, Section 18(2) of Article XIV of the Constitution of the State of Colorado provides that nothing in the Constitution shall be construed to prohibit the ~ State or any of its political subdivisions from cooperating or contracting with one another or with the government of the United States to provide any function, service or facility lawfully authorized to each of the cooperating or contracting units; and WHEREAS, Part 2 of Article 1 of Title 29 of the Colorado Revised Statutes, as amended, authorizes and enables governments of the State of Colorado to .cooperate or contract with one another to provide any function, service, or facility lawfully authorized to each of the cooperating or contracting units, but only if such cooperation or contracts are authorized by each party thereto with the approval of its legislative body or other authority having the power to so approve; and WHEREAS, Section 25 of the Internal Revenue Code of 1986, as amended (the "Code"), permits state and local governments to elect to exchange all or any part of their authority to issue tax-exempt single-family mortgage revenue bonds for the authority to issue mortgage credit certificates ("MCCs"); and WHEREAS, MCCs can benefit home buyers by assisting them in obtaining a mortgage, and WHEREAS, the County of Eagle ("County") desires to participate in a regional Mortgage Credit Certificate (MCC) Program with Eagle County, Garfield County, Grand County, Routt County and Summit County (together, the "Participating Counties") for the purpose of promoting affordable home ownership, and WHEREAS, Section 146 of the Code restricts the amount of tax-exempt private activity bonds, including single family mortgage revenue bonds, which may be issued in the State (the "State Ceiling"), including bonds for which the issuer has elected to instead, issue MCCs, and \\\DC - 65064/0004 -1840783 v1 • WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private Activity Bond Ceiling ,Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised ' Statutes, providing for the allocation of the State Ceiling among governmental units in the State, ' and WHEREAS, Eagle County has applied on behalf of the Participating Counties for an allocation from the State Ceiling; and WHEREAS, Eagle County is willing to issue MCCs for and on behalf of the Participating , Counties pursuant to such allocation. ~ , NOW, THEREFORE, BE IT RESOLVED BY THE COUNTY OF EAGLE, , COLORADO:' ~~ THAT, the County authorizes and directs its chairman of the Boazd of County Commissioners to execute an Intergovernmental Agreement with the Participating Counties ("Agreement") under which the County agrees, among other things, to delegate to Eagle County, ~ , the authority to elect to issue MCCs on its behalf for residences located in the County. ' THAT, the County elected officials and staff members shall take such other steps or actions necessary', or reasonably required to carry out the terms and intent of this Resolution and the associated Agreement. THAT, if any section, pazagraph, 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. THAT, ~ all actions not inconsistent with the provisions of this Resolution heretofore taken by elected officials and staff of the County directed towazd the MCC program and the intergovernmental agreement hereby aze ratified, approved and confirmed. THAT, this Resolution shall be in full force and effect upon its adoption. THAT, this Resolution is necessary for the health, welfaze and safety of the citizens. MOVED, READ AND ADOPTED by the Boazd of County Commissioners of the Co of Eagle, State of Colorado, at its regulaz meeting held the _ <<~~_ day of 2003. \\~nc . eso6aioooa - leames of ,~ ATTEST: ~" B erk to the Board of County Commissioners ;..~ :..~ - °~ OUNTY OF EAGLE, STATE OF ~ , OLORADO, By and Through Its * * OARD OF CO CONIMISSIONERS c°c+osno° ~.~~ ~ airman Commissioner ~~C~~%~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Commissioner ~~~ ~ Commissioner This resolution passed by o~~~i~~C,~6ote of the Board of County Commissioner of the County of Eagle, State of Colorado. ~~~nc - ssoeeioooa - ~aao~es ~~