HomeMy WebLinkAboutR16-069 Housing and Finance Bond Allocation Commissioner 11-1b.-4.--4. moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. - Ol
APPROVAL AUTHORIZING ASSIGNMENT TO THE
COLORADO HOUSING AND FINANCE
AUTHORITY OF A PRIVATE ACTIVITY
BOND ALLOCATION OF EAGLE COUNTY COLORADO
PURSUANT
TO THE COLORADO PRIVATE ACTIVITY
BOND CEILING ALLOCATION ACT
WHEREAS, Eagle County Colorado 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, Eagle County is authorized and empowered under the laws of the
State of Colorado (the "State") to issue revenue bonds for the purpose of providing
single-family mortgage loans to 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 provide such mortgage loans 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 2016 State Ceiling for the issuance of a
specified principal amount of Private Activity Bonds prior to September 15, 2016. (the
"2016 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
APP '/ED AS TO FORM
By:
agle County Attorney's Office
By:
Eagle County Commissioners' Office
families within Eagle County and elsewhere in the State, it is necessary or desirable to
provide for the utilization of all or a portion of the 2016 Allocation; and
WHEREAS, Eagle County has determined that the 2016 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 or to issue Private Activity
Bonds for the purpose of providing single-family mortgage loans to low- and moderate-
income persons and families ("Revenue Bonds") or for the issuance of mortgage credit
certificates; and
WHEREAS, the Board of Commissioners of Eagle County has determined to
assign its 2016 Allocation of $2,641,550 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 Commissioners of
Eagle County as follows:
1. The assignment to the Authority of the County's 2016 Allocation of
$2,641,550 be and hereby is approved.
2. The form and substance of the Assignment of Allocation be and hereby are
approved; provided, however, that the Board of Commissioners of Eagle County be and
hereby is authorized to make such technical variations, additions or deletions in or to such
Assignment of Allocation as it shall deem necessary or appropriate and not inconsistent
with the approval thereof by this resolution.
3. The Board of Commissioners of Eagle County be and hereby is authorized
to execute and deliver the Assignment of Allocation on behalf of Eagle County and to
such other steps or actions as may be necessary, useful or convenient to effect the
assignment in accordance with the intent of this resolution.
4. 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.
5. This resolution shall be in full force and effect upon its passage and
approval.
PASSED, ADOPTED AND APPROVED this Ob day of 14146A) f , 2016
COUNTY OF EAGLE, STATE OF
400ete COLORADO, By and Through Its
I z
BOARD OF COUNTY COMMISSIONERS
ATTEST:
w _' # By: • .
Clerk to t7• Board of oR0 fanne McQueeney Aiip
County Commissioners Chai
. Ryan
% s Toner it.."
athy Ch Idler-Henry
Co missioner
Commissioner CM- Dt. .it.• Q-fc c.,dbieconded adoption of the foregoing resolution.
The roll having been called, the vote was as follows:
Commissioner McQueeney 141A "
Commissioner Ryan 5414 K
Commissioner Chandler-Henry 14..t,4 a
This resolution passed by 6 vote of the Board of County
Commissioners of the County of Eagle, State of Colorado