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HomeMy WebLinkAboutR04-117 Reissued Mortgage Credit Certifcation Program • Commissioner;' '� r ° moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2004 - RESOLUTION CONCERNING APPROVAL AND AUTHORIZATION OF THE REISSUED MORTGAGE CREDIT CERTIFICATE PROGRAM WHEREAS, Eagle County, Colorado ( "County ") is a political subdivision of the State of Colorado ( "State "), duly organized and existing pursuant to the laws and the Constitution of the State; and WHEREAS, pursuant to Resolution No. 2000 -011 dated January 10, 2000, the Board of County Commissioners of the County of Eagle, State of Colorado (the "Board ") implemented 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, pursuant to Section 25(e)(4) of the Internal Revenue Code of 1986, as amended (the "Code) and Section 1.25 -3(p) of the Income Tax Regulations (the "Regulations "), Eagle County, Colorado (the "MCC Issuer ") is authorized to reissue mortgage credit certificates which were originally issued pursuant to a qualified mortgage credit certificate program pursuant to the provisions of Section 25 of the Code and Sections 1.25 -1T through 1.25 -8T of the Regulations; and WHEREAS, Colorado Housing and Finance Authority ( "CHFA ") has agreed to serve as program administrator for the MCC Issuer and to reissue mortgage credit certificates ( "MCC's ") on behalf of the MCC Issuer and in the MCC Issuer's name in compliance with the Code and the Regulations (the "Reissued Mortgage Credit Certificate Program" or "RMCC Program "); and WHEREAS, the RMCC Program is an extension of Eagle County's existing Mortgage Credit Certificate Program, and will allow qualifying current and previous MCC holders to refinance their mortgage loan without losing their tax credit benefit or possibly regain their tax credit if they already refinanced; and WHEREAS, the Reissued Mortgage Credit Certificate Program requires the County's approval in the form of a Resolution and execution of the Reissued Mortgage Credit Certificate Program Agreement prior to CHFA offering the RMCC Program to Eagle County residents; and • • WHEREAS, the County desires to approve and authorize the Reissued Mortgage Credit Certificate Program. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the County hereby approves and authorizes the Reissued Mortgage Credit Certificate Program. THAT, the County acknowledges that CHFA is currently serving as program administrator for the issuance of MCC's pursuant to the MCC Program and nothing in this Resolution is intended to supersede or modify any agreement between CHFA and the MCC Issuer with regard to the MCC Program. THAT, CHFA shall administer the Reissued Mortgage Credit Certificate Program pursuant to the terms and provisions of the Reissued Mortgage Credit Certificate Program Agreement between Eagle County and CHFA dated this day of November, 2004. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the residents of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this : t.' `' day of November, 2004. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its TEST: i BOARD OF COUNTY COMMISSIONERS �.. Y1-'4 __ __ f- 9/./; t:-., ,-; 'I . ,. P .I .A (\ t - 13 t1- "Q- 6 0 Clerk to the Board C. °' C. Stone L' LI I t County Commissioners %Loafs airman ak i vi di adibidi t a l % Michael L. allagher / Commissioner Arn M. Menconi Commissioner 2 • r • Commissioner S j JJ _ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Tom C. Stone 4 Y� Commissioner Michael L. Gallagher A yg Commissioner Arn M. Menconi ,BSsNT This Resolution passed by 2 Z. vote of the Board of Count / - County Commissioners of the County of Eagle, State of Colorado. 3