HomeMy WebLinkAboutR12-032 Continuation of Interfund Loan Commissioner T " L" moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2012 - 0 2 -
RESOLUTION AUTHORIZING A CONTINUATION OF AN INTERFUND LOAN TO
THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY IN AN
AMOUNT UP TO ONE MILLION DOLLARS ($1,000,000) AND PROVIDING FOR
REPAYMENT OF SAID LOAN
WHEREAS, Eagle County Housing and Development Authority ("ECHDA") is a body
corporate and politic, authorized pursuant to C.R.S. 29 -4 -501, whose purpose is the development
of housing for the residents of Eagle County; and
WHEREAS, ECHDA is serving as the developer of the substantial rehabilitation of
Riverview Apartments, using over fifteen million dollars ($15,000,000) from various funding
sources including low income tax - credit equity, a loan from the U.S. Department of Housing and
Urban Development, and a grant from the Colorado Department of Local Affairs; and
WHEREAS, the majority of the tax - credit equity will not be paid into the transaction
until late 2011; and
WHEREAS, a short -term loan in the amount of five hundred thousand dollars was
authorized by Resolution No. 2010 -89 dated August 3, 2010 and another short -term loan in the
amount of five hundred thousand dollars was authorized by Resolution No. 2011 -005; and
WHEREAS, it is anticipated that the Eagle County Housing and Development Authority
will continue to need the use of the funds previously loaned from the Eagle County General Fund
through Resolution No. 2010 -89 and Resolution No. 2011 -005 to fund its operations even after
the tax - credit equity is paid; and
WHEREAS, the Eagle County General Fund has sufficient funds to continue said loan
pursuant to the terms set forth in this resolution.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Eagle County Finance Director is hereby authorized and directed to continue
the inter -fund loan from the General Fund to the Eagle County Housing and Development
Authority of one million dollars ($1,000,000) to provide for its operational needs through
December 31, 2012. ECHDA may draw upon an amount up to $1,000,000 through December 31,
2012, and may make multiple requests to draw upon said amount as required. Any amount
loaned pursuant to this Resolution shall bear interest at the rate of three percent (3 %) per annum.
Any or all of this loan may be repaid at any time with no prepayment penalty.
THAT, the Board shall review this inter -fund loan annually and may require the ECHDA
to repay the entire loan balance due and owing with interest at three percent (3 %) at any time.
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, at its regular meeting held the i- > day of
2012.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
ATTEST: o. FAG o
c
BY: * ` *
Teak J. Simonton c° LORP ° ' - F. Runyon, ft; air
Clerk to the Board of I I
r wri County Commissioners BY:
1°2k---t : �� Jo,1 Sta ney, Commissioner
BY: Ws t •
Sara J. Fisher, •mmissioner
Commissioner t t 4kt.4z- seconded adoption of the foregoing resolution. The roll having
been called, the vote was as follows:
Commissioner Peter F. Runyon
Commissioner Jon Stavney I •
Commissioner Sara J. Fisher l -v.
5 l U
P
This Resolution passed by vote of the Board of County Commissioner of the
County of Eagle, State of Colorado.
