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HomeMy WebLinkAboutR98-092 Lake Creek Affordable Housing Corporation Bonds • • EAGLE COUNTY, COLORADO RESOLUTION NO. 98- 9Q RESOLUTION APPROVING THE ISSUANCE BY LAKE CREEK AFFORDABLE HOUSING CORPORATION OF MULTIFAMILY HOUSING PROJECT REVENUE REFUNDING BONDS, SERIES 1998, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $27,990,000; AUTHORIZING AN AMENDED AND RESTATED PROJECT AGREEMENT; AND AUTHORIZING INCIDENTAL ACTION. WHEREAS, Lake Creek 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 has previously issued its Multifamily Housing Project Revenue Bonds, Series 1993A, 1993B and 1993C (the "Prior Bonds ") to acquire and construct 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 Lake Creek Affordable Housing Project; and WHEREAS, in order to refund the Prior Bonds through exchange and redemption, the Corporation intends to enter into a First Supplemental Trust Indenture dated as of August 1, 1998, supplementing a Trust Indenture dated as of July 1, 1993 (together, the "Indenture ") and to issue its Multifamily Housing Project Revenue Refunding Bonds, Series 1998A, in an aggregate principal amount not to exceed $25,915,000, and its Multifamily Housing Project Subordinate Revenue Refunding Bonds, Series 1998B, in an aggregate principal amount not to exceed $2,075,000 (collectively, the "Series 1998 Bonds "); and WHEREAS, the County and the Corporation propose to execute and deliver an Amended and Restated Project Agreement dated as of August 1, 1998 (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 1998 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: 2 \\\DE_ 70145/300 - 0042986.02 • • 1. Approval of the Project Agreement. The terms of the proposed Project Agreement in substantially the form presented at this meeting are hereby approved. 2. Issuance of the Series 1998 Bonds. The Series 1998 Bonds and the issuance thereof by the Corporation for the purpose of refunding through exchange and redemption of the Prior Bonds are, in all respects, hereby approved. The Series 1998 Bonds shall be issued solely as fully registered bonds without coupons in the denominations as provided in the Indenture. The Series 1998 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 1998 Bonds shall be issued and secured as set forth in the Indenture, and the forms, terms and provisions of the Series 1998 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. The Chairman of the Board of County Commissioners (the "Chairman ") of the County 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. Execution of the Project Agreement by the Chairman shall be deemed to be final approval by the County of the issuance of the Series 1998 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 1998 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 1998 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 1998 Bonds are fully paid and discharged in accordance with the Project Agreement and the Indenture. 6. 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. 7. 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, documents and other papers and to perform all other acts they may deem necessary 3 \\\DE_ 70145/300 - 0042986.02 • . or appropriate in order to implement and carry out the matters authorized in this Resolution and in any resolution of the Corporation. 8. 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 3rd day of August, 1998. EAGLE COUNTY, COLORADO APP' :O 40 11P. Chairman, Board of County Commissioners BY= :mil� Countift ommissioner B Yd , County Commissioner [SEAL] Attest: c. AC r -� 1 J1 t �� L _ C ()LOPA0° County Clerk an. 4 ecorder 4 \ \\DE - 70145/300 - 0042986.02 • • T motion to adopt the foregoing Resolution was duly seconded by Commissioner , put to a vote and carried upon the following vote: Those voting YES: t Those voting NO: Those absent: 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] 410 C airman, Board % County ..mmissioners Ov LA, v V 4 `,, Attest: * ; f C O C OF AD / '- County Clerk and ecorder 5 \\\DE_ 70145/300 - 0042986.02 • • 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 3rd day of August, 1998, commencing at the hour ofj[};tkcq,m., 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. WITNESS my hand and seal as of this day of August, 1998. [SEAL] / SAC :L ... 0 AN F c� It / / _ a • , i V� County Clerk and • ecorder H * ,,,,; * Eagle County, Colorado CDL UA ADO • . 5 6 \ \\DE - 70145/300 - 0042986.02 • • CERTIFIED RECORD OF PROCEEDINGS OF THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY. COLORADO APPROVING THE ISSUANCE OF MULTIFAMILY HOUSING PROJECT REVENUE REFUNDING BONDS, SERIES 1998 BY THE LAKE CREEK AFFORDABLE HOUSING CORPORATION II \\\DE_ 70145/300 - 0042986.02 II ' 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 3rd day of August, 1998, at the hour of /(l ; 44,,sq.m. The following Commissioners were present: s s ese : t g P aim -2.o E . C . ' • ' ? • b aA0 The following Commissioners were absent: The following persons were also present: c iaixtfriL L E. T a/ Thereupon, Commissioner � ti4,6 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: 1 \\\DE_ 70145/300 - 0042956.02