HomeMy WebLinkAboutR00-138 Mountain Glen Housing revenue bondst f 1 $ 1 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 \ \\DE - 65064/11 - #94656 v2 _ 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: \ \\DE - 65064/11 - #94656 v2 M < C 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 Y \ \ \DE - 65064/11- #94656 v2 C 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, 2 \ \\DE - 65064/11 - #94656 Q C. i. 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. 3 \ \\DE - 65064111 - #94656 v2 r C "I 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 \\\)E - 65064/11 - #94656 v2 4 t., 7 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 Co C1J- OLX�'1R.t -� 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 5 \\\DE - 65064/11 - #94656 Q 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 6 ft1DE - 65064/11 - #94656 v2