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HomeMy WebLinkAboutR19-050 Colorado Housing and Finance Authority - Bond Allocation • Commissioner S6* moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 2019 - U"J RESOLUTION 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 ("Eagle County") 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 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 2019 State Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to September 15, 2019 (the "2019 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 families within the County and elsewhere in the State, it is necessary or desirable to provide for the utilization of all or a portion of the 2019 Allocation; and 1 WHEREAS, Eagle County has determined that the 2019 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 County Commissioners of Eagle County (the "Board") have determined to assign $2,909,918 of its 2019 Allocation to the Authority, which assignment is to be evidenced by an Assignment of Allocation between the County of Eagle and the Authority(the "Assignment of Allocation"). NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The assignment to the Authority of $2,909,918 of Eagle County's 2019 Allocation 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 be and hereby are authorized to make such technical variations, additions or deletions in or to such Assignment of Allocation as they shall deem necessary or appropriate and not inconsistent with the approval thereof by this resolution. 3. The Board be and hereby is authorized to execute and deliver the Assignment of Allocation on behalf of Eagle County and to take such other steps or actions as may be necessary, useful or convenient to effect the aforesaid 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. 2 f�111 MOVED, READ AND ADOPTED this v` day of vt.,`x , 2019. Assignor:) COUNTY OF EAGLE, STATE OF 40,02 cat. COLORADO, By and Through Its 04 �a BOARD OF COUNTY COMMISSIONERS ATTEST: , cow`, By: Clerk to the Board o eranne,McQueeney V1%-1*. ,� �„ Com,Cou �issioners .•.it i4101/ / /0/ Ka y C =ndler-Henry Co • ;• s' Matt Scheme_.__ Commissioner 44.4-4 Commissioner (111-K1r.AN.MJYl. - seconded adoption of the foregoing resolution. The roll having been called,the vote was as follows: Commissioner McQueeney n 'N Commissioner Chandler-Henry - M Commissioner Scherr This Resolution passed by / b vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 3 chfa® assignment of allocation - county Multifamily Housing Facility Bonds/Single Family Mortgage Revenue Bonds This Assignment of Allocation (the "Assignment"), dated'this day of 2019, is between the County of Eagle Colorado (the "Assignor" or the "Jurisdiction") and Colorado Housing and Finance Authority(the "Assignee"). WITNESSETH:, , WHEREAS, the Assignor and the Assignee are 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, the Assignor and the Assignee are 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 finance such projects and for certain other purposes (the "State Ceiling"); 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 Assignee and other governmental units in the State, and further providing for the assignment of allocations from such other governmental units to the Assignee; and WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation Act,the Assignor has an allocation of the 2019 State Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to September 15, 2019, (the "2019 Allocation"); and WHEREAS, the Assignor has determined that, in order to increase the availability of adequate affordable rental housing for low- and moderate-income persons and families within the Jurisdiction, Colorado and elsewhere in the State, it is necessary or desirable to provide for the utilization of all or a portion of the 2019 Allocation; and WHEREAS, the Assignor has determined that the 2019 Allocation, or a portion thereof, can be utilized most efficiently by assigning it to the Assignee to issue Private Activity Bonds for the purpose of financing one or more multifamily 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"), and the Assignee has expressed its willingness to attempt to issue Revenue Bonds with respect to the 2019 Allocation assigned herein; and WHEREAS, the Board of County Commissioners of the Assignor has determined to assign to the Assignee all or a portion of its 2019 Allocation, and the Assignee has agreed to accept such assignment, which is to be evidenced by this Assignment. NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows: 1. The Assignor hereby assigns to the Assignee $ 2,909,918 of its 2019 Allocation [the "Assigned Allocation"], subject to the terms and conditions contained herein. The Assignor represents that it has received no monetary consideration for said assignment. 2. The Assignee hereby accepts the assignment to it by the Assignor of the Assigned Allocation, subject to the terms and conditions contained herein.The Assignee agrees to use its best efforts to issue and sell Revenue Bonds in an aggregate principal amount equal to or greater than the Assigned Allocation, in one or more series, and to make proceeds of such Revenue Bonds available from time to time for a period of two (2) years from the date of this Assignment to finance multifamily rental housing projects located in the Jurisdiction,or to issue Revenue Bonds for the purpose of providing single-family mortgage loans to low-and moderate income persons and families in the Jurisdiction. 3.The Assignor hereby consents to the election by the Assignee, if the Assignee in its discretion so decides,to treat all or any portion of the Assigned Allocation as an allocation for a project with a carryforward purpose or to make a mortgage credit certificate election, in lieu of issuing Revenue Bonds. 4. The Assignor and Assignee each agree that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Assignment. 5. Nothing contained in this Assignment shall obligate the Assignee to finance any particular multi-family rental housing project located in the Jurisdiction or elsewhere or to finance single- family mortgage loans in any particular amount or at any particular interest rate or to use any particular percentage of the proceeds of its Revenue Bonds to provide mortgage loans or mortgage credit certificates to finance single-family housing facilities in the Jurisdiction, provided that any Revenue Bond proceeds attributable to the Assigned Allocation shall be subject to paragraph 2 above. 6.This Assignment is effective upon execution and is irrevocable. 2 • IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment on the date first written above. County of Eagle , Colorado By: Name: Title: COLORADO HOUSING AND FINANCE AUTHORITY By: Name: Title: 3