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Home My WebLink AboutR09-090 Assignment to CO Housing and Finance AuthorityCommissioner~~ ~~Z.-~-'~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2009- V APPROVAL AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF EAGLE COUNTY PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT WHEREAS, Eagle County is authorized and empowered under the laws of the State of Colorado (the "State") to issue revenue bonds for the purpose of financing qualified residential rental projects for low- and inoderate-income persons and families; and WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), restricts the amount of tax-exempt bonds ("Private Activity Bonds") which may be issued in the State to finance such projects and for certain other purposes; and 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 (the "Allocation Act"), providing for the allocation of the State Ceiling among the Colorado Housing and Finance Authority (the "Authority") and other governmental units in the State, and further providing for the assignment of such allocations from slich other governmental units to the Atithority; and WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation Act, Eagle County has an allocation of the 2009 State Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to September 15, 2009 (the "2009 Allocatioi~"); and WHEREAS, Eagle County has determined that, in order to increase the availability of adequate affordable housing for low- and moderate-income persons and fai~~ilies within the Eagle Leunty- and elsewhere in the Sia~~, it is necessary or desirable to provide for the utilization of all or a partion of the 2009 Allocation; and legal\bondcapU~omeownA2008reassgn.doc WHEREAS, Eagle County has determined that the 2009 Allocation, or a portion thereof, can be utilized most efficiently by assigning it to the Authority to issue Private Activity Bonds far the ptlrpose of financing one or more multi-family rental hottsing projects for low- and moderate-income persons and families; and WHEREAS, the Board of County Commissioners of Eagle County has determined to assign $2,363,940 of its 2009 Allocation to the Authority, which assignment is to be evidenced by an Assignment of Allocation between Eagle County and the Authority (the "Assignment of Allocation"). NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Eagle County as follows: l. The assignment to the Authority of $2,363,940 of Eagle County's 2009 Allocation be and hereby is approved. 2. The form and substance of the Assignment of Allocation be and hereby are approved; provided, however, that the Eagle County Attorney be and hereby is authorized to make such technical variations, additions or deletions in or to such Assignment of Allocation as he shall deem necessary or appropriate and not inconsistent with the approval thereof by this resolution. 3. The Eagle County Attorney be and hereby is authorized to execute and deliver the Assignment of Allocation on behalf of Eagle County and to take such other steps or actions as may be necessary, useful or convenient to effect the aforesaid assignment in accordance with the intenC of this resolution. 4. If any section, paragraph, 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 resolLltion. 5. This resohition shall be in full force and effect upon its passage and approval. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the _ day of September, 2009. ~ lega I\bondcap\homeown\2008 reassgn. doc COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its BOARD OF COUNTY COMMISSIONERS ATTEST: BY: Clerk to the Board of Count Commissi~ner~ {Qi ~ ; ~ ~' ' __.____-_.- i 0 ~ u i ~ ~p~` Sara J. BY: ~i ~G Commissioner W~--~ `i ~.~-. seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Sara J. Fisher ~"'^ " Commissioner Peter F. Runyon " Commissioner Jon Stavney ~ ~ This Resolution passed by 6 vote of the Board of Cotmty Commissioners of the County of Eagle, State of Colorado. 3 le~al\bondcap\homeown\2008reassgn. doc TERM SHEET ~ ~ 1) Requested hearing date: August 25, 2009 or September 1, 2009. Per Colorado Revised Statutes rules, PAB Volume Cap must be Lised, carriedforward, or assigned before September 15 of a given calendar year. 2) Requestin~ department: Housing and Development 3) Title: RESOLUTION FOR APPROVAL AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF EAGLE COUNTY PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT AND ASSIGNMENT OF ALLOCATION 4) Staff submitting: Jill Klosterman, Assistant Director of Housing & Development 5) Purpose: On December 22, 2008, Eagle County was notified that Private Activity Bond Volume Capacity ("Volume Cap") of $2,363,640 had been allocated to Eagle County. Eagle County must use, carryforward, or relinquish its Volume Cap prior to September 15, 2009. As Eagle County has not yet utilized its Volume Cap, staff recommends that Eagle County assign its Volume Cap to CHFA for a multifamily use. This assignment will allow Eagle County to utilize the Volume Cap to finance a multifamily project in the near fiiture should a suitable project come up. Should a multifamily project not arise, CHFA could use the Volume Cap to finance single family mortgages. CHFA would attempt to generate this level of mortgages in Eagle County. Finally, the assignment of the Volume Cap to CHFA gives Eagle County the ability to have some amount of control over where the Volume Cap is used in addition to the ability to use the Volume Cap for its own potential multifamily project. 6) Schedule: All agreements must be executed and submitted to CHFA prior to September 15, 2009. 7) Financial considerations: The assignment of Volume Cap to CHFA will not have any immediate financial considerations to Eagle County. 8) Other: ~~zl~~t ~i~ ~ .APPE~OVED A O FORM ~~p ~~ ~. Eagle ~ounty Attorney's Office ~ ~`~~ tag,s County Commissione-- ~~' ~ffi~e ~~~ ~~ ~~:~~ ,