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Home My WebLink AboutR08-110 Assignment to the CO Housing and Finance AuthorityCommissioner , moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2008- V APPROVAL AUTHORIZING~.AS IGNMENT TO THE COLORADO HOi1S~fN0 ~1 FINANCE _ ._ AUTHORITY OF ~~P'I~IVAT'~A.CT~VI"I'I'' _ °- BOND ALLOCATION OF~E G w ~, r ~ ~" ~ "~~' -~~ ~ ~.0'[~Irl~'Y PU~SUAIV't' TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT 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 financing qualified residential rental projects for low- and moderate-income persons and families; and WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), restricts the amount oftax-exempt bonds ("Private Activity Bonds") which maybe issued in the State to finance such projects 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 ather 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 2008 State Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to September 15, 2008 (the "2008 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 Eagle County and elsewhere in the State, it is necessary or desirable to provide for the utilization of all or a portion of the 2008 Allocation; and legal\bondcap\homeown\2008reassgn. doc •F WHEREAS, Eagle County has determined that the 2008 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; and WHEREAS, the Board of County Commissioners of Eagle County has determined to assign $2,162,995 of its 2008 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 Boazd of County Commissioners of Eagle County as follows: 1 • The assignment to the Authority of $2,162,995 of Eagle County's 2008 Allocation be and hereby is approved. 2• The fora and substance of the Assi approved; provided, however, that the Eagle County Atto ey bleoand hereby is authorized to make such technical variations, additions or deletions m or to such Assignment of Allocation as he shall deem necessary or appropriate and not inconsistent with the approval thereof by this resolution. 3• The Eagle County Attorney 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, pazagraph, 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 by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the 9`h day of September, 2008. COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its BOARD OF COUNTY COMMISSIONERS legal~bondcaplhomeown\2008reassgn.doc ATTEST: BY: Teak J. Simon`fon Clerk to the Board of County Commissioners Peter~F. Runyon, Chairman Commissioner G~G.~Y~~ seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Peter F. Runyon Commissioner Sara J. Fisher ~ Commissioner Arn M. Menconi This Resolution passed by - vote of the Boazd of County Commissioners of the County of Eagle, State of Colorado. legal`,bondcap\homeown`Z008reassgn. doc ASSIGNMENT OF ALLOCATION ,'Multi-Family Housing Facility Bonds This Assignment of Allocation (the "Assi 2008, is between Eagle Coun gnment")' dated this __ day of Colorado Housing and Finance Authori tY Colorado (the Assignor") and the ty (the Assignee ). WITNESSETH: WHEREAS, the Assignor and the Assignee are authorized and empowered the laws of the State of Colorado (the "State") to issue revenue bonds for the under financing qualified residential rental projects for !ow- and moderate-incom pose of families; and a persons and WHEREAS, the Internal Revenue Code of 1986, as amended the " restricts the amount oftax-exempt bonds ("Private Activity Bonds") which ma Code"), in the State to finance such projects and for certain other y be issued and purposes (the State Ceiling"); WHEREAS, Pursuant to the Code, the Colorado legislature adopted the Co Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title lorado Revised Statutes (the "Allocation Act" 24, Colorado among the Assignee and other governmental lutits in t]~e Statea~On of the State Ceiling the assignment of allocations from such other gOVernmental ~~ to the As •Providing for s~gnee; and WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Al Act, the Assignor has an allocation of the 2008 State Ceiling for the • location specified principal amount of Private Activity Bonds prior to September 1 ssuance of a "2008 Allocation"); and S, 2008, the WHEREAS, the Assignor has determined that, in order to increase the av of adequate affordable rental housing for low- and moderate-income ~ ailability within Eagle County, Colorado and elsewhere in the State, it is necess ons and families provide for the utilization of all or a portion of the 2008 Allocation; ands or desirable to WHEREAS, the Assignor has determined that the 2008 Allocation or thereof, can be utilized most efficiently by assigning it to the Assi ee Activity Bonds for the ~ a Portion purpose of financing one or more multi-famil trent 1 housin e projects for low- and moderate-income persons and families ("Revenue B Assignee has expressed its willingness to attempt to issue Revenue Bond °nds" 8 the 2008 Allocation; and )~ and the s with respect to C.''DocumenU and Settingshwettsteinli.ocal SettingslTemporary Internet Fileslo(„K61~pp8 Assign ofAiiocation MF.doc WHEREAS, the Board of County Commissioners of the Assignor has determined to assign to the Assignee $2,162,995 of its 2008 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 $2,162,995 of its 2008 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 $2,162,995 of Assignor's 2008 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 $2,162,995, in one or more series, and to make proceeds of such Revenue Bonds available from time to time to finance multi- family rental housing projects located in Eagle County, or elsewhere in the State of Colorado. 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 assignment set forth herein as an allocation for a project with a carryforward purpose. 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 Eagle County, Colorado or elsewhere. C. This Assignment is effective upon execution and is irrevocable. C:~Documents and Settings~SwettsteinlLocal SettingslTemporary lntemet Files10LK61 ~21~8 Assign of Allocation MF.doc on the date firstt wn en abo ~OF, the parties hereto have duly executed this Assignment ATTEST: BY: 1~4 Teak ~. Sim t~` Clerk to the Board of ~.'OUnty COmmissionp, COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its BOARD OF COUNTY COMMISSIONERS u~ Peter F. Runyon, COLORADO HOUSING AND FINANCE AUTHORITY [SEAL] ATTEST: By: Assistant Secretary By: Executive Director 3 C:`Documents and Settingslswettsteinl~ocal SettingslTempomry Internet Files10LK6112008 Assign ofAllocation MF.doc