HomeMy WebLinkAboutR99-108 eagle riverview bondsEAGLE COUNTY, COLORADO
RESOLUTION NO. 99- / 08
RESOLUTION APPROVING THE ISSUANCE BY EAGLE
RIVERVIEW AFFORDABLE HOUSING CORPORATION OF
MULTIFAMILY HOUSING PROJECT REVENUE BONDS,
SERIES 1999, IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $7,300,000; AUTHORIZING A PROJECT
AGREEMENT; AND AUTHORIZING INCIDENTAL ACTION.
WHEREAS, Eagle Riverview Affordable Housing Corporation (the
"Corporation ") has been duly organized under the provisions of the Colorado Nonprofit
Corporation Act, Articles 20 through 29 of Title 7, Colorado Revised Statutes, as amended, for
the purpose of acquiring interests in real property and to construct, install and operate certain
improvements in Eagle County (the "County"); and
WHEREAS, the Corporation proposes to acquire and rehabilitate real and
personal property, buildings and improvements, to provide dwelling accommodations at rentals
within the means of individuals or families of low or moderate income (the 'Project'), known as
the Riverview Apartments; and
WHEREAS, in order to finance the Project, the Corporation intends to enter into a
Trust Indenture dated as of July 1, 1999 (the "Indenture ") and to issue its Multifamily Housing
Project Revenue Bonds, Series 1999A, in an aggregate principal amount not to exceed
$5,750,000, and its Multifamily Housing Project Subordinate Revenue Bonds, Series 1999B and
Series 1999C, in an aggregate principal amount not to exceed $1,550,000 (collectively, the
"Series 1999 Bonds "); and
WHEREAS, the County and the Corporation propose to execute and deliver a
Project Agreement dated as of July 1, 1999 (the 'Project Agreement'), under the terms of which
the Corporation is responsible to operate the Project, and title to the Project shall vest in the
County upon the end of the term of the Project Agreement; and
WHEREAS, proposed forms of the Indenture (including the forms of the Series
1999 Bonds contained therein) and the Project Agreement have been presented before the Board
of County Commissioners at this meeting.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS FOLLOWS:
1. Approval of the Project Agreement The terms of the proposed Project
Agreement in substantially the form presented at this meeting are hereby approved.
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2. Issuance of the Series 1999 Bonds The Series 1999 Bonds and the
issuance thereof by the Corporation for the purpose of financing the Project are, in all respects,
hereby approved. The Series 1999 Bonds shall be issued solely as fully registered bonds without
coupons in the denominations as provided in the Indenture. The Series 1999 Bonds shall bear
interest payable at the rates and times and will mature in the amounts and on the dates set forth in
the Indenture, as finally executed.
The Series 1999 Bonds shall be issued and secured as set forth in the Indenture,
and the forms, terms and provisions of the Series 1999 Bonds and the provisions for their
execution, authentication, payment, registration, transfer, exchange, redemption and number
shall be as set forth in the Indenture.
3. County Action All actions taken by the Commissioners and other
officials of the County toward organizing the Corporation, acquiring the Project and obtaining
funds to finance the Project are hereby ratified as confirmed. The Chairman of the Board of
County Commissioners and the County Clerk and Recorder are hereby authorized and directed to
execute and deliver such documents and to take all action necessary or reasonably required by
the terms of the Project Agreement to carry out, give effect to and consummate the transactions
contemplated hereby and thereby, including the execution and delivery of the Project Agreement
in substantially the form presented at this meeting, with such variations or revisions thereto
deemed necessary by the Chairman, and the transfer or loan to the Corporation of federal funds
for the Project received from the Colorado Division of Housing. Execution of the Project
Agreement by the Chairman shall be deemed to be final approval by the County of the issuance
of the Series 1999 Bonds and all the provisions contained in the Project Agreement.
4. No Indebtedness of the County No provision of this Resolution or of
the Project Agreement, the Indenture, the Series 1999 Bonds or any other instrument
executed in connection therewith, shall be construed as creating an obligation on the part
of the County to pay the principal of, premium, if any, or interest on the Series 1999 Bonds,
nor as creating an indebtedness or financial obligation on the part of the County within the
provisions or limitations of any statutory or constitutional provision of the laws of the State
of Colorado.
5. Title to Project The County hereby determines that it will accept title to
the Project, including any additions thereto, when all the Series 1999 Bonds are fully paid and
discharged in accordance with the Project Agreement and the Indenture.
6. Amendment of Corporation Bylaws An amendment to Section 6.6 of the
Corporation's Bylaws to except contracts, transactions and other financial arrangements between
the Corporation and the County from the definition of "Conflicting Interest Transactions," is
hereby approved.
7. Amendment of Lake Creek Articles of Incorporation A resolution of the
Board of Directors of Lake Creek Affordable Housing Corporation ( "Lake Creek ") adopted
Tune 4, 1999, approving an amendment to the articles of incorporation of Lake Creek in order to
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permit Lake Creek to assist the Corporation by transferring or lending certain available funds, is
hereby approved.
8. Severability If any provision of this Resolution should be held invalid,
the invalidity of such provision shall not affect any of the other provisions of this Resolution, the
intention being that the various provisions hereof are severable.
9. Other Actions The appropriate officers of the County are hereby
authorized to execute and deliver for and on behalf of the County, any or all additional
certificates, acknowledgments, documents and other papers and to perform all other acts they
may deem necessary or appropriate in order to implement and carry out the matters authorized in
this Resolution and in any resolution of the Corporation.
10. Effective Date: Repealer This Resolution shall take effect immediately
upon its passage, and all acts, orders, resolutions, or parts thereof, taken by the County in conflict
with this Resolution are hereby repealed or modified to the extent of such conflict.
ADOPTED AND APPROVED this 28th day of June, 1999.
[SEAL]
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Attest: *c°roas90
County Clerk anff Recorder
EAGLE COUNTY, COLORADO
By: -
Chairman,
Board of County Commissioners
By:
County Commiss over
By: ono,
County Commissioner
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The motion to adopt the foregoing Resolution was duly seconded by
Commissioner '00'x put to a vote and carried upon the,� following vote:
Those voting YES:
,07n- s7�
Those voting NO:
Those absent: �Gt/YYLPJO 9 G 1p/1�yt GYTlI 9--L—
Thereupon the Chairman declared the motion carried and the Resolution duly
passed and adopted. After consideration of other business to come before the Board, the meeting
was adjourned.
[SEAL]
v a hairman, Board of County Commiss criers
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Attest:
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County Clerk an Re der
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STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
I, Sara J. Fisher, the duly appointed, qualified and acting County Clerk and
Recorder of Eagle County, Colorado, do hereby certify that the foregoing pages numbered 1
through 5, inclusive, constitute a true and correct copy of the Record of Proceedings of the Board
of County Commissioners of Eagle County, Colorado, adopted at a regular meeting of the Board
held at the regular meeting place thereof in Eagle, Colorado, on Monday, the 28th day of June,
1999, as recorded in the official Record of the Proceedings of the County kept in my office,
insofar as said proceedings relate to the Resolution contained therein; that said proceedings were
duly had and taken; that the meeting was duly held; and that the persons were present at said
meeting as therein shown.
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CERTIFIED RECORD OF PROCEEDINGS
OF THE BOARD OF COUNTY COMMISSIONERS
OF EAGLE COUNTY, COLORADO
APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING PROJECT REVENUE BONDS
SERIES 1999
BY EAGLE RIVERVIEW AFFORDABLE HOUSING CORPORATION
STATE OF COLORADO )
) ss.
COUNTY OF EAGLE )
The Board of County Commissioners of Eagle County, Colorado, met in regular
session at the County Administration Building in Eagle, Colorado, on Monday, the 28th day of
June, 1999.
The following Commissioners were present:
Johnnette Phillips
J Tom Stone
The following Commissioners were absent:
The following persons were also present:
Jack Gardner of Hogan & Hartson
Thereupon, Commissioner (.� introduced and moved the adoption of the
following Resolution, which was read by title, copies thereof having been made available to the
Board and the public prior thereto:
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