HomeMy WebLinkAboutR10-106 Assignment to the CO Housing & Finance Authority of Private Activity Bond Allocation Commissioner moved adoption
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• of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2010- /0
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 moderate - 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 such other governmental units to the Authority; and
WHEREAS, pursuant to an allocation under Section 24 -32 -1706 of the Allocation
Act, Eagle County has an allocation of the 2010 State Ceiling for the issuance of a
specified principal amount of Private Activity Bonds prior to September 15, 2010 (the
"2010 Allocation "); and
WHEREAS, Eagle County has determined that, in order to increase the
availability of adequate affordable housing for low- and moderate - income persons and
families within the Eagle County and elsewhere in the State, it is necessary or desirable to
provide for the utilization of all or a portion of the 2010 Allocation; and
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WHEREAS, Eagle County has determined that the 2010 Allocation, or a portion
thereof, can be utilized most efficiently by assigning it to the Authority to issue Private
Activity Bonds for the purpose of financing one or more multi - family rental housing
projects for low- and moderate - income persons and families; and
WHEREAS, the Board of County Commissioners of Eagle County has
determined to assign $2,431,980 of its 2010 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:
1. The assignment to the Authority of $2,431,980 of Eagle County's 2010
Allocation be and hereby is approved.
2. The Chair of the Eagle County Board of County Commissioners is
authorized to execute the Assignment of Allocation (Multi - Family Housing Facility
Bonds).
3. 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.
4. 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 intent of this resolution.
5. 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 resolution.
6. This resolution shall be in full force and effect upon its passage and
approval.
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MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the 7th day of September,
2010.
COUNTY OF EAGLE, STATE OF
COLORADO, by and Through Its
BOARD OF COUNTY COMMISSIONERS
ATTEST: 4 ,1 0 r1114 4 \ ob.
BY: i + . te r /: :
Teak J. Simonton 'ote ' . a J. Fishe it
'
&.
Clerk to the Board of 1
County Commissioners BY: ��1
tav y, C . • issio
BY:
Peter F. Runyon, 'ommission=
Commissioner seconded adoption of the foregoing resolution.
/ P g g
The roll having been called, the IRO as as follows:
Commissioner Sara J. Fisher
Commissioner Jon Stavney /
Commissioner Peter F. Runyon r
This Resolution passed by '/?) vote of the Board of County
Commissioners of the County Eagle, Ea le, State of Colorado.
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