HomeMy WebLinkAbout20092409.tiffRESOLUTION
RE: APPROVE AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE
AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY,
COLORADO, PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING
ALLOCATION ACT
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, 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, the
Board of County Commissioners of Weld County, Colorado, has an allocation of the 2009 State
Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to
September 15, 2009 (the "2009 Allocation"), and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, has determined
that, in order to increase the availability of adequate affordable housing for low- and
moderate -income persons and families within Weld County, Colorado, and elsewhere in the State, it
is necessary or desirable to provide for the utilization of all or a portion of the 2009 Allocation, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, has determined
that the 2009 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 providing single-family mortgage loans to
low- and moderate -income persons and families, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, has determined
to assign $6,853,095 of its 2009 Allocation to the Authority, which assignment is to be evidenced by
an Assignment of Allocation between the Board of County Commissioners of Weld County,
Colorado, and the Authority (the "Assignment of Allocation").
2009-2409
FI0049
ASSIGNMENT OF ALLOCATION - COLORADO HOUSING AND FINANCE AUTHORITY
PAGE 2
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, as follows:
1. The assignment to the Authority of $6,853,095 of the Weld County, Colorado, 2009
Allocation be and hereby is approved.
2. The form and substance of the Assignment of Allocation be and hereby are
approved; provided, however, that the Board of County Commissioners of Weld
County, Colorado, be and hereby is authorized to make such technical variations,
additions, or deletions in or to such Assignment of Allocation as it shall deem
necessary or appropriate and not inconsistent with the approval thereof by this
Resolution.
3. The Board of County Commissioners of Weld County, Colorado, be and hereby is
authorized to execute and deliver the Assignment of Allocation on behalf of Weld
County, Colorado, and to take such other steps or actions as may be necessary,
useful, or convenient to effect the aforesaid assignment in accordance with the intent
of this Resolution.
4. If any section, paragraph, clause, or provision of this Resolution shall for any reason
be held to be invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause, or provision shall not affect any of the remaining
provisions of this Resolution.
5. This Resolution shall be in full force and effect upon its passage and approval.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 9th day of September, A.D., 2009.
ATTEST:
Weld County Clerk to th
BY:
Deputy Clerk to the Boar
TO FORM:
APPROVED A
x%. 2
/County Attorney
Date of signature: 9/10.
BOARD OF$QUNTY COMMISSIONERS
WELD CONY. COLORADO
F. Garcia
it
Douglas Rademacher, Pro-Tem
Sean?. Conway
ar- Kirkg7eye%ti
David E. Long
2009-2409
FI0049
CERTIFICATE OF WELD COUNTY ATTORNEY
CONCERNING ASSIGNMENT OF
PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION
I, the undersigned, hereby certify that I am the County Attorney of Weld County,
Colorado (the "County"), and that:
1. The County is a legally and regularly created, established, organized, and existing
county under the Constitution and laws of the State of Colorado, its full corporate name being
"Weld County, Colorado."
2. The County has been previously notified that, pursuant to Section 24-32-1706 of
the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24,
Colorado Revised Statutes (the "Allocation Act"), it has an allocation of the State ceiling (as
defined in the Allocation Act) for 2009 in the amount of $6,853,095.00 (the "2009Allocation").
3. Attached hereto as Exhibit A is a true and correct copy of a resolution and the
related minutes thereto (the "Resolution") authorizing the assignment to the Colorado Housing
and Finance Authority (the "Authority") of all or a portion of the 2009 Allocation in an amount
equal to $6,853,095.00 (the "Assigned Allocation"), and authorizing the execution and delivery
of an Assignment of Allocation, dated as of September 9, 2009 (the "Assignment of
Allocation"), between the County and the Authority in connection therewith, which Resolution
was duly adopted by the Board of County Commissioners of the County (the "Board") at a
meeting thereof held on September 9, 2009, at which meeting a quorum was present and acting
throughout and which Resolution has not been revoked, rescinded, repealed, amended or
modified and is in full force and effect on the date hereof
4. The meeting of the Board at which action has been taken with respect to the
Assignment of Allocation was a regular meeting properly called and open to the public at all
times.
5. With respect to the Assigned Allocation, the County has not heretofore: (a)
issued private activity bonds; (b) assigned the Assigned Allocation to another "issuing
authority," as defined in the Allocation Act; (c) made a mortgage credit certificate election; or
(d) treated the Assigned Allocation as an allocation for a project with a carryforward purpose, as
defined in the Allocation Act.
6. The Assignment of Allocation, attached hereto as Exhibit B, is in the form
presented to and approved by the Board at the meeting thereof held on September 9, 2009.
7. On or before the date hereof, counterparts of the Assignment of Allocation were
officially executed by the Chairman of the Board of County Commissioners and the Clerk to the
Board. On the date of such signing, such persons were the duly sworn, qualified and acting
officers of the County authorized to execute the Assignment of Allocation and holding the
offices of the Chairman of the Board of County Commissioners and Clerk to the Board,
respectively.
M:AESTHER\MONICAACountyAttomeyCert2009 (2).doc
2009-2409
8. The County has authorized the execution, delivery and due performance of the
Assignment of Allocation, and the execution and delivery of the Assignment of Allocation and
the compliance by the County with the provisions thereof, will not, to the best of my knowledge,
conflict with or constitute on the part of the County a breach of or a default under any existing
Colorado law, County resolution, court or administrative regulation, decree or order or any
agreement or other instrument to which the County is subject or by which it is bound.
9. To the best of my knowledge, there does not exist any action, suit, proceeding or
investigation pending, or threatened against the County, contesting: (a) the corporate existence of
the County, (b) the title of its present officers or any of them to their respective offices,
including, without limitation, the members of the Board, (c) the validity of the Assignment of
Allocation or (d) the power of the County to execute, deliver or perform the Assignment of
Allocation.
10. No referendum petition has been filed concerning the Resolution; and to the best
of my knowledge none is being circulated or planned for circulation.
WITNESS my hand this 9th day of September, 2009.
2
M:\RSTHER\MONICA\CountyAttomeyCert2009 (2).doc
Bruce T. Barker, County Attorney
EXHIBIT A
RESOLUTION
A-1
RESOLUTION
RE: APPROVE AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE
AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY,
COLORADO, PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING
ALLOCATION ACT
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, 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, the
Board of County Commissioners of Weld County, Colorado, has an allocation of the 2009 State
Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to
September 15, 2009 (the "2009 Allocation"), and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, has determined
that, in order to increase the availability of adequate affordable housing for low- and
moderate -income persons and families within Weld County, Colorado, and elsewhere in the State, it
is necessary or desirable to provide for the utilization of all or a portion of the 2009 Allocation, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, has determined
that the 2009 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 providing single-family mortgage loans to
low- and moderate -income persons and families, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, has determined
to assign $6,853,095 of its 2009 Allocation to the Authority, which assignment is to be evidenced by
an Assignment of Allocation between the Board of County Commissioners of Weld County,
Colorado, and the Authority (the "Assignment of Allocation").
2009-2409
F10049
ASSIGNMENT OF ALLOCATION - COLORADO HOUSING AND FINANCE AUTHORITY
PAGE 2
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, as follows:
1. The assignment to the Authority of $6,853,095 of the Weld County, Colorado, 2009
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 of County Commissioners of Weld
County, Colorado, be and hereby is authorized to make such technical variations,
additions, or deletions in or to such Assignment of Allocation as it shall deem
necessary or appropriate and not inconsistent with the approval thereof by this
Resolution.
3. The Board of County Commissioners of Weld County, Colorado, be and hereby is
authorized to execute and deliver the Assignment of Allocation on behalf of Weld
County, Colorado, 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.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 9th day of September, A.D., 2009.
ATTEST:
Weld County Clerk to th
BY:
Deputy Clerk to the Boar
APPR
,F,OR
unty Attorney
Date of signature: 91/��09
BOARD OF QUNTY COMMISSIONERS
WELD COAL, COLORADO
Th
F. Gam
d~
it
;, 'nJ' a
Douglas Rademacher, Pro -Tern
can P. Conway
awn irkk° eyl
ii
David E. Long
2009-2409
Fl0049
EXHIBIT B
ASSIGNMENT OF ALLOCATION
B-1
ASSIGNMENT OF ALLOCATION
(Single Family Mortgage Revenue Bonds)
This Assignment of Allocation (the "Assignment"), dated this i i *— day of
Sc.p firi�►� Lrc r� 2009, is between Weld County, Colorado, (the "Assignor") and
the Colorado Housing and Finance Authority (the "Assignee").
W l'l'Nr SSETH:
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 provide such mortgage loans 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 of the Colorado Revised Statutes, the Assignor has an allocation of the 2009 State
Ceiling for the issuance of a specified principal amount of Private Activity Bonds prior to
September 15, the "Allocation"); and
WHEREAS, the Assignor has determined that, in order to increase the availability
of adequate affordable housing for low- and moderate -income persons and families
within Weld County, Colorado, and elsewhere in the State, it is necessary or desirable to
pmvidc for the utilization of all or a portion of the Allocation; and
WHEREAS, the Assignor has determined that the 2009 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 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 2009
Allocation; and
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oo9-075(09
WHEREAS, the Weld County Board of Commissioners of the Assignor has
determined to assign to the Assignee $6,853,095.00 of its 2009 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 $6,853,095.00 of its 20{}9
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
$6,853,095,00 of Assignor's 2009 Allocation, subject to the terms and conditions
contained herein. The Assignee agrees to use its best efforts to issue and sell Revenue
Bonds, in one or more series, and to make proceeds of such Revenue Bonds available
from time to time during the period of two (2) years from the date of this Assignment for
the purchase of mortgage loans in at least the aggregate amount of $6,853,095.00 to
finance single-family housing facilities located in Weld County, Colorado. Unless
otherwise agreed to in writing, the mortgage loans will be subject to all applicable current
requirements of Assignee's mortgage revenue bond program, including Assignee's
income and purchase price limits.
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 they 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 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
to finance single-family housing facilities located in Weld County, Colorado.
6. This Assignment is effective upon execution and is irrevocable.
2
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IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment
on the date first written above.
[SEAL]
/ A'R
AITEST:
By:
Deputy Cler o the
[SEAL]
By:
WELD COUNTY. COLORADO
William F. Garcia, Chair,
Weld County Board of Commissioners
SEP 0 9 2009
By:
COLORADO HOUSING AND FINANCE
AUTIIORITY
By:
Assistant Secretary
Executive Director
3
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Private Activity Bond Utilization Report
For Funding Dates between: 9/15/2008 and 7/31/2009
County: Weld
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August 24, 2009
Private Activity Bond Utilization Report
For Funding Dates between: 9/15/2008 and 7/31/2009
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August 24, 2009
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September 9, 2009
Ann E. Watts
PAB Program Manager
1313 Sherman Street, Room 518
Denver CO 80203
Dear Ms. Watts:
OFFICE OF BOARD OF COMMISSIONERS
PHONE: 970-336-7204
FAX: 970-352-0242
915 le STREET
P.O. BOX 758
GREELEY, COLORADO 80632
Please allow this letter to serve as notice that Weld County is authorizing the assignment of its
unused Private Activity Bond (PAB) allocation of $6,835,095 to CHAFA effective September
15, 2009. Weld County is pleased to have partnered with CHAFA this past year and fords the
work CHAFA is doing in Weld County to be very valuable to our community.
Thank you for your assistance in this matter. If you have questions or need additional
information, please call Monica Mika at 970-356-4000, Extension 4210.
Sincerely,
BOARD AF COMMISSIONERS
William F. Garcia, Chair
cc: Don Warden
Monica Mika
Karen Ilarkins
chfa
financing the places where
people live and work
1981 Blake Street
Denver, Colorado 80202
303.297.chfa (2432)
c: 800.877.chfa (2432)
.._ toll free
303.297.7305
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NOTIFICATION OF ASSIGNMENTS OF
PRIVATE ACTIVITY BOND CEILING
September 14, 2009
VIA HAND DELIVERY
Ms. Ann Watts
Colorado Department of Local Affairs
1313 Sherman Street, Room 518
Denver, Colorado 80203
Dear Ms. Watts:
Pursuant to Section 24-32-1706(2) of the Colorado Private Activity
Bond Ceiling Allocation Act, the Colorado Housing and Finance Authority
("Authority") and the County of Weld ("County") hereby notify you of the
County's assignment to the Authority of $6,853,095 of its 2009 allocation of
the State's private activity bond ceiling.
Enclosed for your records is a copy of the executed Assignment of
Allocation (the "Assignment"). The Assignment includes the County's
representation that it received no monetary consideration for the assignment
and its consent to the Authority's allocation of all or any portion of the
assigned amount to a project with a carryforward purpose.
cc:
Very truly yours,
1
Charles L. Borgman
General Counsel
Esther E. Gesick, County of Weld
Stanley M. Raine, Esq., Sherman & Howard, L.L.C. (Via e-mail)
Enclosures
chfainfo.com
l '.Al .EGALABONDSPABVDrILA Documentsl2009ADOLA-Assign Letter- Weld County.doc
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