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HomeMy WebLinkAboutR00-165 mortgage credit certificate electionr Commissioner moved adoption of the follov4ng Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO AUTHORIZING THE CHAIRMAN OF THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO TO FILE A MORTGAGE CREDIT CERTIFICATE ELECTION IN AN AMOUNT NOT TO EXCEED $2,895,334.00 WITH THE INTERNAL REVENUE SERVICE IN ADDITION TO THAT APPROVED IN RESOLUTION NUMBER 2000 -113; AUTHORIZING THE CHAIRMAN TO THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO TO CERTIFY TO THE EXECUTIVE DIRECTOR OF THE COLORADO DEPARTMENT OF LOCAL AFFAIRS THAT EAGLE COUNTY HAS IMPLEMENTED A QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM; TO BE ADMINISTERED UNDER THE QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAM IMPLEMENTED PURSUANT TO RESOLUTION NUMBER 2000 -113; AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN RELATED DOCUMENTS AND CERTIFICATES; RATIFYING CERTAIN ACTION HERETOFORE TAKEN; AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH RESOLUTION NO. 2000 - 14� WHEREAS, Eagle County, Colorado ( "County") is a political subdivision of the State of Colorado ( "State "), duly organized and existing pursuant to the laws and the Constitution of the State; and WHEREAS, Section 25 of the Internal Revenue Code of 1986, as amended ( "Code ") and the proposed and temporary regulations promulgated thereunder that are found at Sections 1.25 - IT et seq. ( "Regulations ") permit state and local governments to elect to exchange all or any part of their authority to issue tax- exempt single family mortgage revenue bonds for the authority to issue mortgage credit certificates ( "MCCs "); and WHEREAS, pursuant to the Code and the Regulations, individuals who qualify for an MCC receive an income tax credit for a specified percent of interest on the mortgage loan they incur to finance the acquisition, qualified rehabilitation or qualified improvements of their principal residence; and WHEREAS, in order for the income tax credit allowed under the Code and the Regulations to be available, an MCC must constitute a qualified MCC and must be issued under a qualified MCC program ( "MCC Program "); and C 0 WHEREAS, pursuant to Resolution No. 2000 -11 ( "Intent Resolution" ), adopted by the Board of County Commissioners (`Board ") of the County on January 10, 2000, the County indicated its desire to develop and implement an MCC Program designed to provide individuals who qualify for an MCC an income tax credit for a specified percent of interest on the mortgage loan they incur to finance the acquisition, qualified rehabilitation or qualified improvements of their principle residence; and WHEREAS, pursuant to the Intent Resolution, the Eagle County Board of County Commissioners prepared and submitted an application to the executive director of the Colorado Department of Local Affairs to obtain an allocation from the State Ceiling for "private activity bonds" pursuant to Section 146 of the Code and from the statewide Balance for "private activity bonds" for 2000 pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, which allocation has been awarded to the County for the purposes of its MCC Program in the amount of $2,000,000.00; and WHEREAS, pursuant to Resolution No. 2000 -113, Eagle County implemented a qualified MCC Program; and WHEREAS, on November 3, 2000 the Division of Local Affairs notified the Board of County Commissioners that Eagle County had been awarded an allocation of $2,895,334.00 in Private Activity Bond allocation from the state wide balance. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: Section 1. Authorization to File MCC Election. The Chairman is hereby authorized to file with the Internal Revenue Service ( "IRS ") an MCC election pursuant to Section 1.25 -4T for the Regulations utilizing an amount not to exceed $2,895,334.00 of its 2000 volume allocation of the State's private activity bond Statewide Balance, which is in addition to the $2,000,000.00 that was implemented under Resolution No. 2000 -113. Such election shall be irrevocable. Section 2. Authorization to Certify MCC Program. The Chairman is hereby authorized to certify, pursuant to Section 24- 32- 1703(14) of the Colorado Private Activity Bond Ceiling Allocation Act to the executive director of the Colorado Department of Local Affairs that the County has implemented an MCC Program. Section 3. Authorization to Implement MCC Program. The Board, together with CHFA, has implemented an MCC Program under which the election authorized by this resolution shall be administered. Section 4. Authorization of County Representatives to Take Action in Connection Herewith. The officers of the County shall take all action necessary and reasonably required to effectuate the provisions of this Resolution and the implementation and development of the MCC Program authorized by Resolution No. 2000 -113, including, without limitation, the execution and delivery of any certificates or documents that are necessary to comply with the Code, the Regulations and other applicable federal or State law. Section 5. Ratifications, Invalid, etc. Provisions Disregarded. All actions heretofore taken by the County in connection with the MCC Program are hereby ratified and affirmed. If any section, paragraph, clause of provision of this Resolution shall for any reason be held to be invalid or unenforceable, the invalidity of unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Resolution. THAT, this Resolution is necessary for the public health, safety and welfare of the citizenry of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Copimissioners of the M of Eagle, St to of Colorado, at its regular meeting held the, day of 2000. �. lerk to the Boa o f County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its BOARD OF COUNTY COMMISSIONERS Tom C. Stone, Chairman Michael C Gallagher, Commissioner - y Johnnette Phillips, ossioner C ) C" Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vot as as follows: Commissioner Tom C. Stone Commissioner Johnnette Phillips Commissioner Michael C. Gallagher This Resolution passed by iU�c���J/ vote of the Board of County Commissioners of the County of Eagle, State of Colorado. GAJacIde \Reso\MCC change 2000.wpd