HomeMy WebLinkAbout20082425.tiff 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 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, 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 2008 Allocation, and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, 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 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 $6,219,918.0 of its 2008 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").
2008-2425
FI0047
e C \t. A -K14fiki Ato 0-zit sl %a-o% o8"
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$6,219,918.00 of the Weld County, Colorado,
2008 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 8th day of September, A.D., 2008.
BOARD OF COUNTY COMMISSIONERS
u + tt WELD COUNTY, COLORADO
ATTEST: Lill / • 't^ SCJ Jerks
"1 � Jerks,Nilliam H. , Chair
Weld County Clerk to the4B
("I ,c„ EXCUSED �
/ 7 �� Robert .� n/Pro-Tem
BY:4U7ttii!iiCle Vail
Clerthe Board
Willi .
APP AS TO F /�
David E. Long (�
ney c00 ,,. \C.tg
RI /O8CID 0tglas Igademacher
e of signature:
2008-2425
FI0047
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 2008 in the amount of$6,219,918.00 (the "2008 Allocation").
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 2008 Allocation in an amount
equal to $6,219,918.00 (the "Assigned Allocation"), and authorizing the execution and delivery
of an Assignment of Allocation, dated as of September 8, 2008 (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 8, 2008, 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 8, 2008.
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.
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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 September 8, 2008.
v 2
Aru&T. Barker, County Attorney
2
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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 govemmental 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 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, 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 2008 Allocation,and
WHEREAS, the Board of County Commissioners of Weld County, Colorado, 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 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$6,219,918.0 of its 2008 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").
2008-2425
Fl0047
(P: C o w A -Ku+lheKrn(f of c /O-o'2-os-
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$6,219,918.00 of the Weld County, Colorado,
2008 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 8th day of September, A.D., 2008.
BOARD OF COUNTY COMMISSIONERS
G �1 C 'O WELD COUNTY, COLORADO
ATTEST: jThe CA,/
.}, �� "ei
illiam H. Jerke, Chair
Weld County Clerk to the'B
`‘,„ -' EXCUSED
Robert . %Pro-Tem
BY:
De Clerwo the Board
Willi Garcia
AP AS TO F G1/42 (
David E. Long ((�� /
o ney àiade≥er
e of signature: 9 �
2008-2425
FI0047
EXHIBIT B
ASSIGNMENT OF ALLOCATION
B-1
ASSIGNMENT OF ALLOCATION
(Single Family Mortgage Revenue Bonds)
This Assignment of Allocation (the "Assignment"), dated this 8th day of
September, 2008, is between Weld County, Colorado, (the "Assignor") and the Colorado
Housing and Finance Authority(the"Assignee").
WITNESSETH:
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 2008 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
provide for the utilization of all or a portion of the Allocation; and
WHEREAS, the Assignor has determined that the 2008 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 2008
Allocation; and
C:\Documents and Settings\egesick\Local Settings\Temporary Internet Files\OLK31\2008 HF Assign.DOC C20O3-aga5
ioo y7
WHEREAS, the Weld County Board of Commissioners of the Assignor has
determined to assign to the Assignee $6,219,918.00 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 $6,219,918.00 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
$6,219,918.00 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 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 $6,219,918.00 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.
WELD COUNTY, COLORADO
[SEAL] , � >`1. .
ATTEST: 11R61 ` [ "_ William H. Jerke, Chair,
rWeld County Board of Commissioners
By: SEP 0 8 2008
Deputy Clef o e-a ard'—
y� ��P AGRA,e
J G
•`O ® COLORADO HOUSING AND FINANCE
3s e0 �� ® AUTHORITY
®• e
[SEAL ' •
• By.O1O ATTEST: COL °°P' Executive Director
By:
Assistant Secretary
3
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memorandum
CHFA Private Activity Bond Transfer Advantages for Single
Family Mortgage Uses
chfa
• Private Activity Bond Cap (PAB) set aside for use in the
financing the places where
people live and work transferring community for two years.
• CHFA has funds available every day. The interest rates
adjust daily or weekly so the rate is always competitive and
affordable. CHFA just closed on its largest single family
bond issue in its history - $350 million. Another smaller
bond issue is planned for later this year.
1981 Blake Street . CHFA loans are accessible through more than 70 lenders,
encompassing more that 450 branch offices, over 2,000
Denver,Colorado 80202
loan officers (statewide).
• CHFA borrowers have access to an optional Second
Mortgage at 0% interest, deferred and due on sale. The
Second Mortgage can assist with down payment and closing
costs.
• CHFA loans are easily paired with other down payment
assistance, such as Colorado Housing Assistance
Corporation.
• CHFA borrowers are required to attend homebuyer
education classes. These classes are available through local
non-profits and housing authorities around the state, with
303.297.chfa(2432) more than 50 classes available each month statewide.
Homebuyer education is also available through CHFA's
online confidence based learning program in CHFA
800.877.chfa(2432) University. CHFA pays for homebuyer education for anyone
toll free in Colorado.
• CHFA leverages all PAB with taxable bonds and recycled
303.297.7305 tax-exempt bonds. Every $1 of PAB is used to make $2.70
of new loans for first-time homebuyers. PAB can be
tdd recycled as many as four times.
• CHFA services all its loans in its LoDo location. All functions
of loan servicing are accessible through bi-lingual customer
service representatives.
• CHFA loan information is accessible to the borrowers on
line. Payments can be made by telephone, bank drafts or
through Western Union.
• CHFA has a Customer Care Center available in its LoDo
office for borrowers to make payments in person or
www.chfainfo.com
Ch !� personally discuss their loan or personal situation with a
rcustomer service representative.
financing the m°``'where • CHFA's default rate is 4.75%. Its foreclosure rate is less
people live and work
than 1%. CHFA has experienced a flat default and
foreclosure rate for the past five years.
• CHFA reimburses any Recapture Tax a borrower may have
to pay when they sell their home.
Private Activity Bond Utilization Report
For Funding Dates between: 1/1/2008 and 8/29/2008
chfa County: Weld
MOM al sea
$30,000,000
167 Loans
$20,000,000
$10,000,000
4
$0
CHFA MRB CHFA Taxable
Summary
Type Amount Count
CHFA MRB $22,817,314 167
CHFA Taxable $2,763,766 17
View Details
Averages
Rate Loan Amount Income
6.005 % $139,027.61 $50,365.04
Similar Loans Currently within Pipeline
Type Amount Count
CHFA MRB $6,845,943 56
CHFA Taxable $462,231 4
View Pipeline Details
www.[Malnb.com August 29, 2008 Page 1 of 2
Private Activity Bond Utilization Report
For Funding Dates between: 1/1/2008 and 8/29/2008
chf
a County: Weld
„r—ST
ry -Woof
Notes & Definitions
Note 1: This report includes first mortgage loans only.
Note 2: Loans assigned to a setaside code are excluded from the CHFA MRB and CHFA Taxable
CHFA MRB: All MRB(program type)first mortgage loans excluding loans with an assigned setaside code
Setaside Fund Utilized: Only first mortgage loans with an assigned setaside code
CHFA Taxable: All Tax(program type)first mortgage loans excluding loans with an assigned setaside code
www.crealnfc.com August 29, 2008 Page 2 of 2
Private Activity Bond Utilization Report
For Funding Dates between: 1/1/2008 and 8/29/2008
chfa
For City: Greeley
I—,a„nm.wt
pfl*W rot
$8,000,000
55 Loans
$8,000,000
$4,000,000
$2,000,000
1 Loan
$0 t`
CHFA MRB CHFA Taxable
Summary
Type Amount Count
CHFA MRB $6,332,405 55
CHFA Taxable $148,174 1
View Details
Averages
Rate Loan Amount Income
5.723 % $115,724.62 $43,830.97
Similar Loans Currently within Pipeline
Type Amount Count
CHFA MRB $1,940,806 17
View Pipeline. Details
wwwMglnfo.com August 29, 2008 Page 1 of 2
Private Activity Bond Utilization Report
chfa
Funding Dates between: 1/1/2008 and 8/29/2008
ch(e a For City: Greeley
Fir--
'ROM W tot
Notes & Definitions
Note 1: This report includes first mortgage loans only.
Note 2: Loans assigned to a setaside code are excluded from the CHFA MRB and CHFA Taxable
CHFA MRB: All MRB(program type)first mortgage loans excluding loans with an assigned setaside code
Setaside Fund Utilized: Only first mortgage loans with an assigned setaside code
CHFA Taxable: All Tax(program type)first mortgage loans excluding loans with an assigned setaside code
www.ddalnro.com August 29, 2008 Page 2 of 2
chfa September 15, 2008
financing the places where
people live and work
VIA E-MAIL
Colorado Department of Local Affairs
1313 Sherman Street
Denver. Colorado 80203
1981 Blake Street Attention: Ms. Ann Watts. Room 518
Denver,Colorado 80202
Re: Carryforward of Colorado Housing and Finance Authority
Private Activity Bond Ceiling Allocation
Ladies and Gentlemen:
Under Section 24-32-1705 of the Colorado Private Activity Bond
Ceiling Allocation Act (the "Allocation Act"). the Colorado Housing and
Finance Authority (the "Authority") received an allocation of $113,900.000
of the State of Colorado's 2008 ceiling. 56.500.000 of which has been utilized
in connection with the issuance of private activity bonds, and $12.800.000 of
which has been assigned to College Invest, leaving a balance of$94,600,000.
In addition, the Authority has received transfers of 2008 allocations from
303.297.chfa(2432) designated local issuing authorities totaling $57,592.087.
We have previously provided you with the following Assignments of
800.877.chla(2432) Allocation for:
toll free
City of Englewood 1,368,118
Garfield County 2.253.350
303.297.7305 Larimer County 1,500,000
tdd
City of Loveland 2,566,703
Mesa County 3.563.073
Montezuma County L077.078
City of Westminster 4,502,620
www.chfainfo.com U:\LEGAL\BONDS\PAB\DOLA Documents\2008\0908 Camdonvard Let to DOLA-Updated.DOC
Colorado Department of Local Affairs
Ms. Ann Watts
September 15, 2008
Page 2
Enclosed herewith are the following Assignments of Allocation:
Arapahoe County S 1.148.836
City of Aurora 9,102,113
Delta County 1.303.730
Eagle County 2.162.995
City of Grand Junction 2.194.318
La Plata County 2.040.808
Larimer County 2.216.158
Montrose County 1,653.378
Town of Parker 1.760.690
Pueblo County 2,050,370
Summit County 1.188.470
City of Northglenn 1,515,805
City of Pueblo 4.462,458
Weld County 6.219,918
Town of Castle Rock 1,741,098
Therefore, the Authority's total remaining 2008 allocation. including the transferred amounts, as
of the date hereof is $152.192.087 ($94,600.000 plus $57.592.087). Pursuant to Section 24-32-
1705(3)(c) of the Allocation Act, the Authority hereby notifies the Department that the Authority
has allocated the foregoing amount to its multi-family housing facility loan program for the
issuance of exempt facility bonds to finance qualified residential rental projects (the "Rental
Project") and/or its single-family homeownership program for the issuance of qualified mortgage
bonds to purchase mortgage loans to finance owner-occupied residences or the issuance of
mortgage credit certificates (the "Homeownership Project"), and that the Authority desires to
treat such allocation as an allocation for a "carryforward purpose" as such term is defined in the
Allocation Act.
Attached to this notification are the following:
1. Exhibit A containing the information required by Section 24-32-1709 of the
Allocation Act with respect to the allocation.
2. Certified copy of the inducement resolution.
3. Preliminary bond counsel opinion required by Section 24-32-1709(1)(g) and
Section 24-32-1709(2)(d) of the Allocation Act with respect to the carryforward
allocation.
4. Certification of the Executive Director of the Authority as to the issuance of
bonds within the carryforward period.
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r M
Colorado Department of Local Affairs
Ms. Ann Watts
September 15. 2008
Page 3
Please advise us if you require any additional information with this notification.
Very ruly yours.
Charles L. Borgman
General Counsel
cc: Stan Raine
Attachments
•
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EXHIBIT A
1. Issuing authority: Colorado Housing and Finance Authority
2. Address: 1981 Blake Street
Denver, Colorado 80202
3. Issuing Authority Official : Milroy A. Alexander. Executive Director
4. Legal counsel: Charles L. Borgman, Esq.
Colorado Housing and Finance Authority
1981 Blake Street
Denver. Colorado 80202
5. Bond counsel: Stanley M. Raine. Esq.
Sherman and Howard L.L.C.
2900 First Interstate Tower
633 Seventeenth Street
Denver, Colorado 80202
6. Principal amount of bonds: $152.192.087
7. Project: The issuance of exempt facility bonds for the purpose of financing "qualified
residential rental projects" as described in Section 142(a)(7) of the Internal Revenue
Code of 1986. as amended for occupancy by very-low, low- and moderate-income
persons and families in the State of Colorado and/or the issuance of qualified mortgage
bonds for the purpose of purchasing mortgage loans made to qualifying low- and
moderate-income persons and families in the State of Colorado to finance owner-
occupied residences. all as described in Section 143 of the Internal Revenue Code of
1986. as amended. or issuing mortgage credit certificates under Section 25 of the Code.
8. Beneficiaries: Very low-, low- and moderate-income persons and families in the State of
Colorado.
9. Classification of carryforward purpose: Issuing exempt facility bonds to finance
qualified residential rental projects (Internal Revenue Code. Section 146(f)(5)(A)) and/or
issuing qualified mortgage bonds to finance owner-occupied residences or issuing
mortgage credit certificates (Internal Revenue Code. Section l46(f)(5)(B)).
10. The information required by Section 146(f)(2) of the Code is set forth in paragraphs 6
and 7 above. The total amount carried forward may be reduced to the extent bonds are
issued in 2008, and the IRS Form 8328 to be filed will reflect the Authority's final
determination as to the allocation of cam/forward amounts between qualified residential
rental projects and MRB/MCC's.
U:\LEGAL\BONDS\PAB\DOLA Documents\2008\0908 Lanyforward Let to DOLA-Updated.DOC
CERTIFICATION
1. Charles L. Borgman, General Counsel of the Colorado Housing and
Finance Authority (the "Authority"). do hereby certify. with respect to the
Authority's allocation of 5152.192.087 to the issuance of exempt facility bonds
for "qualified residential rental projects" as described in Section 142(a)(7) of the
Internal Revenue Code of 1986. as amended (the "Code) and/or the issuance of
qualified mortgage bonds under Section 143 of the Code or mortgage credit
certificates under Section 25 of the Code. that the Authority will proceed with
diligence to ensure the issuance of bonds (or the making of a mortgage credit
certificate election) within the carryforward period provided by Section 146(f) of
the Code.
Dated: September 15. 2008
A' A)// t
Charles L. Borgman
General Counsel
U:\LEGAL\BONDS\PAB\DOLA Documents\2008\0908 Carrvforward Let to DOLA-Updatcd.DOC
Esther Gesick
From: Bruce Barker
Sent: Thursday, September 04, 2008 8:53 AM
To: Esther Gesick
Cc: Monica Mika
Subject: RE: CHFA features, production
Attachments: 2008 HF Assign.DOC
2008 HF
Assign.DOC(40 KB)
See the attached. This is all that needs to be approved by reso on Monday. I made a few
very minor punctuation and citation changes to it.
Original Message
From: Esther Gesick
Sent: Wednesday, September 03, 2008 8:55 AM
To: Monica Mika
Cc: Bruce Barker
Subject: RE: CHFA features, production
Whatever it is that you need the Board to see and approve by Resolution.
Esther E. Gesick
Deputy Clerk to the Board
915 10th Street
Greeley, CO 80631
(970) 356-4000 X4226
(970) 352-0242 (fax)
Original Message
From: Monica Mika
Sent: Tuesday, September 02, 2008 5: 06 PM
To: Esther Gesick
Subject: RE: CHFA features, production
Which ones do you want? Bruce is looking at these and once he is okay then I will send to
you. . . .
Original Message
From: Esther Gesick
Sent: Tuesday, September 02, 2008 2:20 PM
To: Monica Mika
Subject: RE: CHFA features, production
Monica,
I've printed these out and put them in the tray for the 9/8 Agenda, but I will still need
you to bring down the rest of the documents by 5:00 on Thursday so we have them to prepare
the Agenda.
Thanks!
Esther E. Gesick
Deputy Clerk to the Board
915 10th Street
Greeley, CO 80631
(970) 356-4000 X4226
(970) 352-0242 (fax)
1
Original Message
From: Monica Mika
Sent: Sunday, August 31, 2008 9:08 AM
To: Esther Gesick
Subject: FW: CHFA features, production
Please include these in the BOCC' s packets for the Sept 6th meeting. Also, the resolution
you prepared are okay to go and have been approved by Don
From: Karen Harkin [mailto:kharkin@chfainfo.com]
Sent: Friday, August 29, 2008 12:18 PM
To: Monica Mika
Subject: CHFA features, production
I am so pleased that we spoke yesterday about your PAB. I know the county would have been
upset about losing the money.
I am attaching the page about special things related to PAB for single family at CHFA, a
YTD production graph for Weld county and Greeley so you can see which loans that CHFA
purchased are outside of Greeley.
I am planning on the 8th, so let me know what else you need me to bring.
Thanks again.
Regards,
Karen
Keep my cell phone number handy if you have questions, 303-489-9487.
Karen S. Harkin, CMB, CML
Director, Home Finance
Colorado Housing and Finance Authority
1981 Blake Street
Denver, CO 80202
www.chfainfo.com
303 .297.7327 direct
303 .297.2432 main
800.877.2432 toll free
303.489. 9487
cellular
303.297.0947 fax
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financing the places where people live and work
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Hello