HomeMy WebLinkAboutR23-059 Authorizing Assignment to the Colorado Housing and Finance Authority of a Private Activity Bond Allocation DocuSign Envelope ID:4843E0B3-B231-4E79-887F-003B2EB5A965
Commissioner McQueeney moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2023 - 059
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
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 2023 State Ceiling for the issuance of a specified principal amount
of Private Activity Bonds prior to September 15, 2023 (the "2023 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 2023 Allocation; and
WHEREAS, Eagle County has determined that the 2023 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-
DocuSign Envelope ID:4843E0B3-B231-4E79-887F-003B2EB5A965
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")has determined
to assign $3,335,558 of its 2023 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 of County Commissioners of Eagle
County, Colorado as follows:
1. The assignment to the Authority of$3,356,558 of Eagle County's 2023 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 affect 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.
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DocuSign Envelope ID:4843E0B3-B231-4E79-887F-003B2EB5A965
MOVED, READ AND APPROVED by the Board of County Commissioners of the County of
Eagle, State of Colorado, at its regular meeting held the 12th day of September, 2023.
COUNTY OF EAGLE, STATE OF
DocuSignedQLORADO, By and Through Its
ol„,,04,,,,, BOARD OF COUNTY COMMISSIONERS
ATTEST: goto°
CDocuSigned by:
P,/�un,a. 02t5 'tt,tn, By:
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Clerk to the 44Board of Kathy Chandler-Henry
County Commissioners County Co mmissioners Chair
[ duxvn ADo-cuSignedby:
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Matt Scherr
Commissioner
DocuSigned by:
CA4A 1 F ue47A.
Jeannec eney
Commissioner
Commissioner scherr seconded adoption of the foregoing resolution. The roll having
been called,the vote was as follows:
Commissioner Chandler-Henry Absent
Commissioner Scherr Ave
Commissioner McQueeney 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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