HomeMy WebLinkAboutR00-138 Mountain Glen Housing revenue bondst
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CERTIFIED RECORD OF PROCEEDINGS
OF THE BOARD OF COUNTY COMMISSIONERS
OF EAGLE COUNTY COLORADO
APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING PROJECT REVENUE BONDS
(GNMA MORTGAGE - BACKED SECURITIES PROGRAM)
SERIES 2000
BY MOUNTAIN GLEN HOUSING CORPORATION
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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 2nd day of
October, 2000.
The following Commissioners were present:
Tom C. Stone
Johnnette Phillips
Michael L. Gallagher
The following Commissioners were absent: 0
The following persons were also present:
Jack Gardner of Hogan & Hartson
Thereupon, Commission introduced and moved the adoption of the
following Resolution, which was read by title, c ies thereof having been made available to the
Board and the public prior thereto:
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EAGLE COUNTY, COLORADO
RESOLUTION NO. 00-
RESOLUTION APPROVING THE ISSUANCE BY MOUNTAIN
GLEN HOUSING CORPORATION OF MULTIFAMILY
HOUSING PROJECT REVENUE BONDS (GNMA
MORTGAGED - BACKED SECURITIES PROGRAM) SERIES
2000, IN AN AGGREGATE PRINCIPAL AMOUNT OF
$10,165,000; AUTHORIZING A PROJECT AGREEMENT, A
FINANCING AGREEMENT, A MORTGAGE, A MORTGAGE
NOTE AND A RESIDUAL RECEIPTS NOTE; AND
AUTHORIZING INCIDENTAL ACTION.
WHEREAS, Mountain Glen 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 proposes to acquire real and personal property and
construct improvements to provide dwelling accommodations at rentals within the means of
individuals or families of low or moderate income (the "Project "), known as the Mountain Glen
Apartments; and
WHEREAS, in order to finance the Project, the Corporation intends to enter into a
Trust Indenture dated as of October 1, 2000 (the "Indenture ") with The Bank of Cherry, N.A., as
Trustee under the Indenture (the "Trustee ") and to issue its Multifamily Housing Project Revenue
Bonds (GNMA Mortgage- Backed Securities Program), Series 2000, in an aggregate principal
amount of $10, 165,000 (collectively, the "Bonds "); and
WHEREAS, the County and the Corporation propose to execute and deliver a
Project Agreement dated as of October 1, 2000 (the "Project Agreement "), under the terms of
which the Corporation is responsible for operating the Project, and title to the Project shall vest
in the County upon the end of the term of the Project Agreement; and
WHEREAS, in order to provide funds for the Project, upon receipt by the Federal
Housing Administration (the "FHA ") of additional credit subsidy and endorsement for insurance
of the Mortgage note (as defined below) by the FHA, PFC Corporation (the "Lender ") will
originate a mortgage loan to the Corporation, such mortgage loan to be insured by the FHA,
WHEREAS, in order to evidence its obligations under the Mortgage Loan, upon
receipt by the FHA of additional credit subsidy and endorsement for insurance of the Mortgage
note (as defined below) by the FHA, the Corporation intends to execute and deliver to the Lender
a promissory note in the amount of $10,165,000 (the "Mortgage Note ") and in order to secut6ht
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obligations under the Mortgage Note the Corporation intends to execute and deliver to the
Lender a mortgage on the Project (the "Mortgage ") for the benefit of the Lender; and
WHEREAS, in order to provide security for the Bonds, the Corporation intends to
enter into a Financing Agreement dated as of October 1, 2000 (the "Financing Agreement ")
among the Corporation, the Lender and the Trustee, pursuant to which the Corporation will direct
the Trustee to use proceeds of the Bonds to purchase from the Lender fully modified mortgage -
backed securities secured by the Government National Banking Association; and
WHEREAS, in order to provide for the payment of JT3 Development Partners
(the 'Developer "), as developer of the Project, concurrent with the execution and delivery of the
Mortgage and the Mortgage Note, the Corporation intends to execute and deliver to the
Developer a Residual Receipts Note in an amount not to exceed $550,000 (the "Residual
Receipts Note ") to be payable solely from certain specified excess funds of the Project as
provided therein; and
WHEREAS, proposed forms of the Indenture (including the form of the Bonds
contained therein), the Financing Agreement, the Mortgage, the Mortgage Note, the Residual
Receipts Note 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:
1. Approval of the Financing Documents The terms of the proposed Project
Agreement, the Mortgage Note and the Residual Receipts Note, in substantially the form
presented at this meeting, and the Corporation entering into the Financing Agreement, the
Indenture and the Mortgage are hereby approved. (The Project Agreement, the Mortgage Note,
the Residual Receipts Note, the Financing Agreement, the Indenture and the Mortgage are
collectively referred to herein as the "Financing Documents. ")
2. Issuance of the Bonds The Bonds and the issuance thereof by the
Corporation for the purpose of financing the Project are, in all respects, hereby approved. The
Bonds shall be issued solely as fully registered bonds without coupons in the denominations as
provided in the Indenture. The Bonds shall bear interest payable at the rates and times and will
mature in the amounts and on the dates set forth below and in accordance with the Indenture, as
finally executed.
Maturity Date
Principal Amount
Interest Rate
July 20, 2020
$ 620,000
5.125%
July 20, 2035
1,280,000
6.700%
July 20, 2035
4,490,000
6.800%
January 20, 2042
3,775,000
6.100%
The Bonds shall be issued and secured as set forth in the Indenture, and the forms,
terms and provisions of the Bonds and the provisions for their execution, authentication,
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payment, registration, transfer, exchange, redemption and number shall be as set forth in the
Indenture.
3. County Action All actions taken by the Commissioners and other
officials of the County toward organizing the Corporation, acquiring the Project and obtaining
funds to finance the Project are hereby ratified as confirmed. The Chairman of the Board of
County Commissioners 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 Financing Documents 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 Bonds and
all the provisions contained in the Financing Documents.
4. No Indebtedness of the County No provision of this Resolution or of
the Financing Documents, the Indenture, the 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 Bonds or to pay the principal of
or interest on the Mortgage Note or the Residual Receipts Note, 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 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, acknowledgments, documents and other papers and to perform all other acts they
may deem necessary or appropriate in order to implement and carry out the matters authorized in
this Resolution and in any resolution of the Corporation.
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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 2nd day of October, 2000.
EAGLE COUNTY, COLORADO
Chairman,
Board of County Commissioners
By: r
Coun Co Ri ioner
By:
OGLZ � [SEAL] ° � Attest:
County Commissi
k)
County Clerk and Kecorder
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The motion to adopt the foregoing Resolution was duly seconded by
Commissioner , put to a vote and carried upon the following vote:
Those voting YES: C/ /i/YY1
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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]
U j_A — rA L,_Z Attest:
a�W-�
Chairman, Board of County Commissioners
County Clerk and
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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 2nd day of October,
2000, 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 thi&)L day of October, 2000.
[SEAL]
yz p C�, wS w'qo yq ;
County Clerk and ecorder
Eagle County, Colorado
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