HomeMy WebLinkAboutR21-066 Housing Private Activity Bond Allocation of Eagle County DocuSign Envelope ID 914B7D7C-0379-482F-84B6-2D3F12A9521F
Commissioner Chandler-Henry moved adoption of the following Resolution:
RESOLUTION AUTHORIZING ASSIGNMENT TO THE
COLORADO HOUSING AND FINANCE
AUTHORITY OF A PRIVATE ACTIVITY
BOND ALLOCATION OF EAGLE COUNTY
PURSUANT TO THE COLORADO PRIVATE ACTIVITY
BOND CEILING ALLOCATION ACT
Resolution No.2021-066
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 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 2021 State Ceiling for the issuance of a
specified principal amount of Private Activity Bonds prior to September 15, 2021 (the
"2021 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 Eagle County and elsewhere in the State, it is necessary or desirable to
provide for the utilization of all or a portion of the 2021 Allocation; and
WHEREAS, Eagle County has determined that the 2021 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
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DocuSign Envelope ID:914B7D7C-0379-482F-84B6-2D3F12A9521F
WHEREAS, the Board of County Commissioners of Eagle County (the "Board")
has determined to assign $3,051,839 of its 2021 Allocation 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 as follows:
1. The assignment to the Authority of $3,051,839 of Eagle County 2021
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 is 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.
MOVED,READ AND ADOPTED this 31st day of August , 2021.
Assignor:
COUNTY OF EAGLE, STATE OF
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DocuSign Envelope ID:914B7D7C-0379-482F-84B6-2D3F12A9521F
c5,c Of E46.‘F COLORADO,By and Through Its
BOARD OF COUNTY COMMISSIONERS
ATTEST: �T
DocuSigned by: ,no "—DocuSigned by:
A i ;on
• A 00 % By: Ault S auxr
F9D62F248896440. Matt Scherr, Chair 81E7B2D718E0473...
Absent
By:
Jeanne McQueeney, Commissioner
p—DocuSigned by:
By: t G r-ikuA V'y
Kathy Chandler4ierrryf Commissioner
Commissioner Scherr seconded adoption of the foregoing resolution.
The roll having been called,the vote was as follows:
Commissioner Scherr Aye
Commissioner McQueeney Absent
Commissioner Chandler-Henry Aye
This Resolution passed by 2/0 vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
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