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HomeMy WebLinkAboutR82-071 Finance Mortgage Loans to Mesa CountySTATE OF COLORADO ) SS. COUNTY OF EAGLE ) The Board of County Commissioners of Eagle County, Colorado, met in regular session on SPntamhPr L , 1982, at Coimlissioners' _8:-U _.m. . at 24ggtin- e, , 5-5p Bxoadcraz in Eagle, Colorado, in full conformity with the law and the ordi- nances and rules of Eagle County. Upon roll call, the following were found to be present, constituting a quorum: Present: Chairman: Dale F. Grant Other Commissioners: Keith Troxel Dan Williams Absent: constituting all the members of the Board. There were also present: County Clerk: Johnette Phillip_ County Treasurer: Not present County Attorney: Beth Whittier Thereupon, the following proceedings, among others, were had and taken. Commissioner Troxel introduced the following resolu- tion, the text of which is as follows: RESOLUTION TRANSFERRING TO MESA COUNTY, COLORADO THE ALLO- CATION OF EAGLE COUNTY, COLORADO UNDER SECTIONS 29 -4 -803 AND SECTION 29 -4 -805 OF COLORADO REVISED STATUTES 1973, AS AMENDED, TO FINANCE MORTGAGE LOANS TO PROVIDE MORE ADEQUATE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND MIDDLE- INCOME FAMILIES AND PERSONS WITHIN MESA COUNTY AND EAGLE COUNTY AND ELSEWHERE WITHIN THE STATE OF COLORADO; ACCEPTING THE DELEGATION OF THE AUTHORITY TO ISSUE REVENUE BONDS TO FINANCE THE MORTGAGE LOANS WITHIN EAGLE COUNTY; AND AUTHO- RIZING THE EXECUTION AND DELIVERY BY EAGLE COUNTY OF AN ALLOCATION TRANSFER AGREEMENT AND A DELEGATION AGREEMENT. WHEREAS, Eagle County, Colorado ( "Eagle County ") and Mesa County, Colorado ( "Mesa County ") are each authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Project Act "), to finance, refinance, acquire, own, lease, improve and dis- pose of properties to the end that more adequate residential housing facilities for low- and middle- income families and persons may be provided, which promote the public health, welfare, safety, conve- nience and prosperity; and WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980, codi- fied as Section 103A of the Internal Revenue Code of 1954, as amended (the "Federal Act "), restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority and local governmental units in the State of Colorado (the "State ") to finance single - family mortgages to an amount not exceeding the State ceiling; and WHEREAS, the Federal Act authorizes the states to provide a formula for allocating the respective state ceilings among the gov- ernmental units in such states in a manner different from the federal allocation formula, and the State of Colorado has provided for such an alternate formula for allocation by the enactment into law of -2- t: Senate Bill No. 112, codified as Part 8 of Article 4 of Title 29 of Colorado Revised Statutes 1973, as amended (the "Allocation Act "); and WHEREAS, the Allocation Act authorizes governmental units in the State to transfer all or a part of their allocations provided for in the Allocation Act to any other entity otherwise authorized to issue bonds to finance single- family mortgages and to accept trans- fers of such allocations; and WHEREAS, the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended, provide, in effect, that any county or municipality may by resolution or ordi- nance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act; and WHEREAS, Eagle County and Mesa County deem it necessary and advisable that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low- and middle- income families and persons (the "Mortgage Loans ") in order to increase the supply of money available for mortgages so that families and persons of low- and middle- income may finance the pur- chase of residential housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle- income families and persons within both Eagle County and Mesa County and elsewhere within the State; and WHEREAS, Eagle County desires to transfer to Mesa County its allocation under Section 29 -4 -803 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State; and WHEREAS, Eagle County desires to delegate to Mesa County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under -3- Section 29 -4 -805 of the Allocation Act and to transfer to Mesa County its allocation under Section 29 -4 -805 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Eagle County and Mesa County and elsewhere within the State; and WHEREAS, Eagle County desires to delegate to Mesa County its power under the Project Act to issue revenue bonds to finance Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle - income families and persons within Eagle County; and WHEREAS, Mesa County desires to accept such transfers and delegation and to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State; and WHEREAS, economies of time and expense will result from one governmental unit financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within both Eagle County and Mesa County and elsewhere within the State; and WHEREAS, it is necessary to evidence such transfers and the acceptance of such transfers by the Allocation Transfer Agreement attached hereto as Exhibit A (the "Allocation Transfer Agreement ") which will be executed and delivered by Eagle County and Mesa County; and WHEREAS, it is necessary to evidence such delegation and the acceptance of such delegation by the Delegation Agreement attached hereto as Exhibit B (the "Delegation Agreement ") which will be executed and delivered by Eagle County and Mesa County. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO: Section 1. In order to insure the financing of Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Eagle County at the earliest possible date, which will promote the public health, welfare, safety, convenience and prosperity of the inhabitants of Eagle County, it is deemed necessary and advisable that the Allocation Transfer Agreement and the Delegation Agreement be approved, executed and delivered by and on behalf of Eagle County. Section 2. The form, terms and provisions of the Allocation Transfer Agreement and the Delegation Agreement hereby are approved and the Chairman of the Board of County Commissioners of Eagle County and the County Clerk hereby are authorized and directed to execute and deliver the Allocation Transfer Agreement and the Delegation Agreement. Section 3. The Chairman of the Board of County Commissioners and the County Clerk hereby are authorized and directed to take such other steps or actions as may be required to carry out the terms and intent of this resolution, the Allocation Transfer Agreement and the Delegation Agreement. Section 4. Nothing contained in this resolution, in the Allocation Transfer Agreement or in the Delegation Agreement shall obligate Eagle County, except to the extent described in the Allocation Transfer Agreement and in the Delegation Agreement, nor constitute the debt or indebtedness of Eagle County within the mean- ing of the Constitution or statutes of the State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability of Eagle County or a charge against its general credit or taxing powers. Section 5. 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, -5- t paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. Section 6. All action (not inconsistent with the provi- sions of this resolution) heretofore taken by the Board of County ..ommissioners and the officers of Eagle County directed toward the authorization of the Allocation Transfer Agreement and the Delegation Agreement hereby is ratified, approved and confirmed. Section 7. This resolution shall be in full force and effect upon its passage and approval. PASSED, ADOPTED AND APPROVED this day 1982. (SEAL) Attest: t.v/K-7,16 County -C�erk Q. Chairman of the Board of County Commissioners A motion to adopt the foregoing resolution was then duly made by Commissioner TToxPI and duly seconded by Commissioner rr;ii;am� The question being upon the passage and adoption of the resolution, the roll was called with the following result: Those Voting Aye: Keith Troxel Dan Williams Dale Grant Those Voting Nay: NONE Those Absent: NONE -7- y A motion to adopt the foregoing resolution was then duly made by Commissioner TToxPI and duly seconded by Commissioner rr;ii;am� The question being upon the passage and adoption of the resolution, the roll was called with the following result: Those Voting Aye: Keith Troxel Dan Williams Dale Grant Those Voting Nay: NONE Those Absent: NONE -7- Thereupon, the presiding officer declared the motion car- ried and the resolution duly passed and adopted. After other action or business not related to the foregoing resolution, on motion duly made, seconded and adopted, the meeting thereupon adjourned. (SEAL) Attest: Count�.Gl rk I MI '41 Chairman of the Board of" County Commissioners STATE OF COLORADO ) SS. COUNTY OF EAGLE ) I, Johnette Phillips , the duly qualified and acting County Clerk of Eagle County, Colorado (the "County "), do hereby certify: 1. The foregoing pages numbered -1- to -8 -, inclusive, are a true, perfect and complete copy of the record of proceedings of the Board of County Commissioners of the County had and taken at a lawful meeting of the Board of County Commissioners held at 550 _Broadway , Eagle, Colorado on September 7F 1982 at 10 :45 as recorded in the regular official book of the proceed- ings of the County kept in my office so far as the proceedings relate to the resolution therein set forth, the proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at the meeting as therein shown. 2. All members of the Board of County Commissioners were duly notified of the meeting, pursuant to law. IN WITNESS WHEREOF, I have hereunt set my hand and affixed the seal of the County this �f day off s 1982. (SEAL) r Cou�t-�y— erk $ 8 l 1 This Delegation Agreement is between Eagle County, Colorado ( "Eagle County ") and Mesa County, Colorado ( "Mesa County "). Among the matters of mutual inducement which have resulted in the execution of this Delegation Agreement are the following: (a) Eagle County and Mesa County are each authorized by the County and Municipality Development Revenue Bond Act, constitut- ing Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Project Act "), to finance, refinance, acquire, own, lease, improve and dispose of properties to the end that more adequate resi- dential housing facilities for low- and middle- income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity. (b) The Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended, provide, in effect, that any county or municipality may by resolution or ordinance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act. (c) It is deemed necessary and advisable for Eagle County and Mesa County to make available a program for the origination and servicing of mortgage loans for residential housing facilities for low- and middle- income families and persons (the "Mortgage Loans ") in order to increase the supply of money available for mortgage loans so that families and persons of low- and middle- income can finance the purchase of residential housing facilities at less than the prevail- ing market interest rate, thereby providing more adequate residential housing facilities for low- and middle- income families and persons in Eagle County and Mesa County and elsewhere within the State. (d) It is deemed necessary and advisable for the provision of more adequate residential housing facilities for low- and middle - income families and persons and the promotion of the public health, welfare, safety, inconvenience and prosperity of the inhabitants of Eagle County and Mesa County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (e) The Board of County Commissioners of Eagle County has indicated its willingness to delegate to Mesa County its powers under the Project Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Eagle County. (f) The Board of County Commissioners of Mesa County has indicated its willingness to accept the delegation by Eagle County of Eagle County's powers to finance Mortgage Loans to provide more ade- quate residential housing facilities for low- and middle- income fami- lies and persons within Eagle County. (g) Neither the execution and delivery of this Delegation Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Delegation Agreement conflicts with or results in a breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to which Eagle County or Mesa County is now a party or by which Eagle County or Mesa County is bound, or constitutes a default under any of the foregoing. r •• MR" Pursuant to the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended: (a) The Board of County Commissioners of Eagle County j hereby delegates to Mesa County all authority of Eagle County to finance and otherwise take action and exercise power under the Project Act on behalf of Eagle County with respect to the financing -2- 1 � of Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within v Eagle County. Eagle County covenants that prior to January 1, 1983, it will not issue any bonds, notes or securities to finance mortgage loans to provide more adequate residential housing facilities for low- and middle - income families or persons within Eagle County or delegate its powers under the Project Act to another county or munic- ipality to finance mortgage loans to provide more adequate residen- tial housing facilities for low- and middle- income families and per- sons within Eagle County. (b) The Board of County Commissioners of Eagle County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Delegation Agreement. • W. I • FWzI W3 W Ir4- - • . • •. -WIW U " Pursuant to the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes 1973, as amended: (a) The Board of County Commissioners of Mesa County hereby accepts the delegation granted to it by Eagle County, subject to the terms and conditions herein contained. (b) The Board of County Commissioners of Mesa County agrees that it will finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County. (c) The Board of County Commissioners of Mesa County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Delegation Agreement. -3- r (a) This Delegation Agreement is hereby declared irrevoca- ble during the term of the financing agreements to be entered into by Mesa County and the financial institutions which will originate and service the Mortgage Loans, and this Delegation Agreement shall ter- minate upon the termination of such financing agreements. (b) This Delegation Agreement shall automatically termi- nate on January 1, 1983 if Mesa County has not prior to that date issued its revenue bonds under the Project Act for the purpose of financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County. (c) Nothing contained in this Delegation Agreement shall obligate Mesa County to finance Mortgage Loans in any particular amount or to use any particular percentage of the proceeds of its revenue bonds to finance Mortgage Loans to provide more adequate res- idential housing facilities located in Eagle County, and Mesa County is hereby authorized to finance only such Mortgage Loans as shall be agreed upon by Mesa County and the financial institutions which will originate and service the Mortgage Loans. (d) This Delegation Agreement shall not constitute the debt or indebtedness of Mesa County or Eagle County within the mean- ing of the Constitution or statutes of the State nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of Mesa County or Eagle County. IN WITNESS WHEREOF, the parties hereto have entered into this Delegation Agreement this day of , 1982. MESA COUNTY, COLORADO (SEAL) Attest: County Clerk (SEAL) Attest: / Coun y Clerk l -5- By Chairman of the Board of County Commissioners EAGLE COUNTY, COLORADO(� By Chairman of the Board'of ounty Commissioners M • • MWOJ This Allocation Transfer Agreement is between Eagle County, Colorado ( "Eagle County ") and Mesa County, Colorado ( ".Mesa County ".). W I T N E S S E T H: 1. Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Allocation Transfer Agreement are the following: (a) Eagle County and Mesa County are each authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes 1973, as amended (the "Project Act "), to finance, refinance, acquire, own, lease, improve and dispose of properties to the end that more adequate resi- dential housing facilities for low- and middle- income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity. (b) The Mortgage Subsidy Bond Tax Act of 1980, codified as Section 103A of the Internal Revenue Code of 1954, as amended (the "Federal Act ".) , restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority and local governmental units in the State of Colorado (the "State ") to finance single - family mortgages to an amount not exceeding the State ceiling. (c) The Federal Act authorizes the states to provide a for- mula for allocating the respective state ceilings among the govern- mental units in such states in a manner different from the federal allocation formula, and the State of Colorado has provided for such an alternate formula for allocation by the enactment into law of j 3 4 Senate Bill No. 112, codified as Part 8 of Article 4 of Title 29 of Colorado Revised Statutes 1973, as amended (the ",Allocation Act ".). (d) The Allocation Act authorizes governmental units in the State to transfer all or part of their allocations provided for in the Allocation Act to any other entity otherwise authorized to issue bonds to finance single- family mortgages and to accept transfers of such allocations. (e) It is deemed necessary and advisable by Eagle County and Mesa County that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low and middle- income families and persons (the "Mortgage Loans ",) in order to increase the supply of money available for mortgage loans so that families and persons of low- and middle- income may finance the purchase of residential housing facilities at less than the pre- vailing market interest rate, thereby providing more adequate resi- dential housing facilities for low- and middle - income families and persons within both Eagle County and Mesa County and elsewhere within the State. (f) It is deemed necessary and advisable by Eagle County and Mesa County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (g) The Board of County Commissioners of Eagle County has indicated its willingness to transfer to Mesa County Eagle County's allocation under Section 29 -4 -803 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State. (h) The Board of County Commissioners of Eagle County has further indicated its willingness to delegate to Mesa County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Section 29 -4 -805 of the Allocation Act and to transfer its allocation under -2- Section 29 -4 -805 of the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State. (i) The Board of County Commissioners of Mesa County has indicated its willingness to accept such transfers and to finance the Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State. (j) Neither the execution and delivery of this Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and con- ditions of this Allocation Transfer Agreement conflicts with or results in a breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to which Eagle County or Mesa County is now a party or by which Eagle County or Mesa County is bound, or constitutes a default under any of the foregoing. 2. TranSfQrs by Eagle County. Pursuant to the Allocation Act: (a) Eagle County transfers to Mesa County its allocation under Section 29 -4 -803 of the Allocation Act and under Section 29 -4 -805 of the Allocation Act and delegates to Mesa County the authority to act on its behalf in the issuance of qualified mort- gage bonds pursuant to the authority granted under Section 29 -4 -805 of the Allocation Act, to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State, subject to the terms and conditions herein contained. Eagle County covenants that prior to January 1, 1983 it will not issue any bonds, notes or other securities under the Project Act to finance mortgage loans to provide more adequate residential housing facilities for low- and -3- 0 middle- income families or persons within Eagle County or transfer any portion of its allocation under Section 29 -4 -803 or Section 29 -4 -805 of the Allocation Act to another governmental unit to finance mort- gage loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Eagle County. (b) Eagle County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Allocation Transfer Agreement. 3. Acceptance of Transfers by Mesa County. Pursuant to the Allocation Act: (a) Mesa County hereby accepts the transfers to it by Eagle County of the allocation of Eagle County under Section 29 -4 -803 and Section 29 -4 -805 of the Allocation Act, and hereby accepts the dele- gation by Eagle County of the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under Section 29 -4 -805 of the Allocation Act, subject to the terms and conditions herein contained. (b) Mesa County agrees that it will use its best efforts to issue revenue bonds under the Project Act, in one or more series, to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County, and elsewhere within the State. (c) Mesa County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Allocation Transfer Agreement. (a) This Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by Mesa County and the financial institutions which will originate and service the Mortgage Loans, and this Allocation Transfer Agreement shall terminate upon the termination of such agreements. 0 (b) This Allocation Transfer Agreement shall automatically terminate on January 1, 1983 if Mesa County has not prior to that date issued its revenue bonds under the Project Act for the purpose of financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle- income families and persons within Mesa County and Eagle County and elsewhere within the State. (c) Nothing contained in this Allocation Transfer Agreement shall obligate Mesa County to finance Mortgage Loans in any particu- lar amount or to use any particular percentage of the proceeds of its revenue bonds to finance Mortgage Loans to provide more adequate res- idential housing facilities located in Eagle County, and Mesa County is hereby authorized to finance only such Mortgage Loans as shall be agreed upon by Mesa County and the financial institutions which will originate and service the Mortgage Loans. (d) This Allocation Transfer Agreement shall not constitute the debt or indebtedness of Eagle County or Mesa County within the meaning of the Constitution or statutes of the State or the home rule charter of any political subdivision thereof nor give rise to a pecu- niary liability or a charge against the general credit or taxing powers of Eagle County or Mesa County. -5- IN WITNESS WHEREOF, the parties hereto have te5ed into this Allocation Transfer Agreement this _'7_z;:1_71ay of-, , 1982. (SEAL) Attest: (SEAL) Attest: County, .erk County Clerk EAGLE COUNTY, COLORADO By __4 J` � Chairman of the Board of County Commissioners MESA COUNTY, COLORADO M Chairman of the Board of County Commissioners