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HomeMy WebLinkAboutR99-013 Revenue Bonds - Riverview Apartments Project~, ~,~`r Coa~issioner moved adoption of the llowing Resolution: BOARD OF COUNTY CONIl~IISSIONERS COUNTY 08 EAGLE, STATE OF COLORADO RESOLUTION NO. 99 - ~_ DECLARING INTENT PERTAINING TO THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS TO FINANCE CERTAIN RESIDENTLAL RENTAL FACILITIES AND PRESCRIBING OTHER MATTERS RELATING THERETO. WHEREAS, Eagle County, Colorado (the "County"), is a duly created political subdivision of the State of Colorado and is authorized by the County and Municipality Development Revenue Bond Act (the "Act") to issue revenue bonds to pay the costs of financing, acquiring, equipping, rehabilitating and improving residential rental facilities for low-and middle-income families or persons and to loan the proceeds of said revenue bonds to a corporation or partnership to be organized (the "Borrower") to finance such costs (the "Costs") relating to the Riverview Apartments located in the County (the "Project"); and WHEREAS, the County's ability to issue tax-exempt bonds to finance the Project for the Borrower is subject to the limitations set forth in the Colorado Private Activity Bond Ceiling Allocation Act (the "Bond Allocation Act"); and WHEREAS, the County has been advised that none of the Costs to be reimbursed from proceeds of the Bonds were incurred by the Borrower more than 60 days prior to the date of this Resolution, other than preliminary expenditures including architectural, engineering, surveying, soil testing, reimbursement bond issuance, and similar costs up to an amount not in excess of 20% of the expected aggregate issue price of the Bonds; and proceeds of the Bonds will be allocated to the reimbursement of Costs not later than 18 months after the later of: (a) the date the Costs are paid; or (b) the date the Project is placed in service, but in no event more than 3 years after the date the Costs are paid. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY AS FOLLOWS: Section 1. Declaration of Intent. County hereby declares its intent to finance the Costs by the issuance of tax-exempt bonds in one or more series (the "Bonds") in the estimated aggregate -1- u~e_,.~.u,,.., principal amount of up to $5,000,000, such Bonds to be issued under the Act and to be subject to such terms and conditions as the Boazd of County Commissioners may approve by further resolution. The County reasonably expects that certain Costs incurred by the Borrower before the issuance of the Bonds will be reimbursed with proceeds of the Bonds. The Costs shall be costs of a type that aze properly chazgeable to capital account (or would be so chazgeable with a proper election) under gen,;ral federal income tax principles; other than the Bonds, it is not expected that the Costs will be financed by obligations of the Borrower or the County. Section 2. County Findings. The County hereby finds that the Project constitutes a "project" for purposes of the Act and the assistance it may give will further the public purposes of the Act and that the Project will result in more adequate residential housing facilities for low-and middle-income persons in the County. Section 3. Resolution as "Official Intent." This Resolution is adopted pursuant to Treasury Regulation Section 1.150-2(e) promulgated under the Internal Revenue Code of 1986, as amended, and constitutes an "official intent" within the meaning of such section. Section 4. No Debt on Financial Obligations. Nothing contained in the Bonds or this Resolution shall constitute the debt or indebtedness of the County within the meaning of any limitation of the Constitution or Statutes of the State of Colorado, nor give rise to a pecuniary liability of the County or a chazge against its general credit or taxing powers. Neither shall the E onds, including interest thereon, constitute the debt or multiple-fiscal yeaz direct or indirect fa:~ancial obligation of the County within the meaning of any limitation of the Constitution of the State of Colorado. The Bonds shall be payable solely from and secured by a pledge of revenues derived from and payable by the Borrower pursuant to financing agreements with the County. Section 5. No Planning Approval. etc. By the passage of this Resolution, the County does not intend to approve, nor is it approving hereby, any matters relating to construction, rehabilitation, licensing, subdivision, zoning, planning or landscaping of the Project. Approval of such matters must be obtained under normal procedures of the County. Section 6. Full Authority: No Action to Contest. For purposes of the Act (§ 29-3-122 C.R.S., as amended), this Resolution shall constitute authorization for the issuance of the Bonds for the Project, and in accordance with the Act, no action may be brought questioning the legality or validity of any contract, agreement, proceedings, or Bonds following the passage of 30 days from the effective date of this Resolution. Section 7. Incidental Action. An application shall be submitted for allocation from the statewide balance pursuant to the Bond Allocation Act. The Chair of the Boazd of County Commissioners and the County Clerk and Recorder and other appropriate officers of the County are hereby authorized and directed to take or approve the taking of such actions as may be necessary or -2- utac..,,,y,.~.o, appropriate in order to preserve the ability of the County and the Company to finance capital expenditures in accordance with this Resolution. Section 8. Effective Date: Repeal. This Resolution shall take effect immediately upon its adoption, and resolutions or portions thereof inconsistent herewith are hereby repealed. MOVED, READ AND ADOPTED by the Board of County Commissioners.ofthe County of Eagle, State of Colorado, at its regulaz meeting held the ~~C !~ day of January, 1999. ATTEST: Clerk to the £AC CE~ ~*L~i Lpp +D~ of County Commissioner COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS w By: Johnnette Phillips Chairman Tom C. Stone Commissioner Commissioner ~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Phillips Commissioner Stone Commissioner Johnson This Resolution passed by ~ - ~ vote of the Board of County Commis- sioners of the County of Eagle, State ~f Colorado. -3-