HomeMy WebLinkAbout820405.tiff RESOLUTION
RE: TRANSFERRING ALLOCATION PURSUANT TO PART 8 OF ARTICLE 4 OF TITLE 29,
COLORADO REVISED STATUTES 1973
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 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 ("Qualified Mortgage Bonds")
which may be issued in the State to finance such single-family mortgages (the
State Ceiling") ; and
WHEREAS, pursuant to the Federal Act, the General Assembly of the State
of Colorado has adopted Part 8 of Article 4 of Title 29,C.R.S. 1973, as
amended (the "Allocation Act") , providing for the allocation of the State
Ceiling among the Colorado Housing Finance Authority (the "Authority") and
local governmental units in the State having the authority to issue Qualified
Mortgage Bonds, and further providing for the transfer of allocations among
the Authority and such local governmental units; and
WHEREAS, pursuant to an allocation under Section 29-4-805 of the
Allocation Act, Weld County is authorized to issue up to $1,454, 190.75
principal amount of Qualified Mortgage Bonds in calendar year 1982; and
WHEREAS, Weld County has determined that, in order to increase the
availability of adequate housing affordable by low and moderate income persons
and families within the County, it is necessary or desirable to provide for
the issuance of Qualified Mortgage Bonds the proceeds of which are used to
make mortgage loans to low and moderate income persons and families for the
purchase of eligible single-family residences within the County; and
WHEREAS, Weld County further has determined that such Qualified Mortgage
Bonds can most efficiently be issued by Colorado Housing Finance Authority;
and
WHEREAS, the Board of County Commissioners of Weld County, Colorado
accordingly has determined to transfer its allocation as aforesaid to the
Colorado Housing Finance Authority, which such transfer is to be evidenced by
an Allocation Transfer Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners as
follows:
1. The transfer to the Colorado Housing Finance Authority of the
allocation of authority to Weld County to issue up to $1,454,190.75 principal
y ��� 820405
amount of Qualified Mortgage Bonds in calendar year 1982, provided for in
Section 29-4-805 of the Allocation Act, be and hereby is approved.
2. The form and substance of the Allocation transfer Agreement attached
hereto as Exhibit "A" be and hereby are approved, provided, that the Chairman
of the Board be and hereby is authorized to make such technical variations,
additions or deletions in or to such Allocation Transfer Agreement as he shall
deem necessary or appropriate and not inconsistent with the approval thereof
by this resolution.
3. The Chairman of the Board of Weld County Commissioners be and hereby
is authorized to execute and deliver the Allocation Transfer Agreement on
behalf of Weld County and to take such other steps or actions as may be
necessary, useful or convenient to effect the aforesaid transfer in accordance
with the intent of this resolution.
4. Nothing contained in this resolution or in the Allocation Transfer
Agreement shall obligate the County except to the extent described in the
Allocation Transfer Agreement, nor constitute the debt or indebtedness of the
County within the meaning of the Constitution or statutes of the State of
Colorado or the home rule charter of any political subdivision thereof, nor
give rise to a pecuniary liability of the County or a charge against its
general credit or taxing powers.
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, paragraph, clause, or provision shall not
affect any of the remaining provisions of this resolution.
6. 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 13th day of September, A.D. , 1982.
BOARD OF COUNTY COMMISSIONERS
ATTEST x " WELD COUNTY, COLORADO
Weld County Clerk and Recorder s1 T 21,74
and Clerk to the Board n 't. Martin, Chairman
uck Carlson, ProTem
(Deputy County Cleric
Approved as to form: Norman Carlson
Kirby /
County Attorney /anti / y17 seiv
ne K. Steinmark
-2-
ALLOCATION TRANSFER AGREEMENT
This Agreement is between the Colorado Housing Finance Authority (the
"Authority") and the County of Weld, Colorado (the "County") .
WITNESSETH
WHEREAS, the Colorado Housing Finance Authority (the "Authority") and
County of Weld (the "County") 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 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 ("Qualified Mortgage Bonds")
which may be issued in the State to finance such single-family mortgages (the
"State Ceiling") ; and
WHEREAS, pursuant to the Federal Act, the General Assembly of the State
of Colorado has adopted Part 8 of Article 4 of Title 29, C.R.S. 1973, as
amended (the "Allocation Act") , providing for the allocation of the State
Ceiling among the Authority and local governmental units in the State having
authority to issue Qualified Mortgage Bonds, and further providing for the
transfer of allocations among the Authority and such local governmental units;
and
WHEREAS, pursuant to an allocation under Section 29-4-805 of the
Allocation Act, the County is authorized to issue up to $1,454,190.75
principal amount of Qualified Mortgage Bonds in calendar year 1982; and
WHEREAS, the County has determined that, in order to increase the
availability of adequate housing affordable by low and moderate income persons
and families within the County, it is necessary or desirable to provide for
the issuance of Qualified Mortgage Bonds the proceeds of which are used to
make mortgage loans to low and moderate income persons and families for the
purchase of eligible single-family residences within the County; and
COLORADO HOUSING FINANUE AUTHORITY
Allocation Transfer Agreement
Page 2
WHEREAS, Weld County further has determined that such Qualified Mortgage
Bonds can most efficiently be issued by the Authority and the Authority has
agreed to use its best efforts to issue Qualified Mortgage Bonds in respect of
the allocation transferred by the County; and
WHEREAS, the Board of County Commissioners of Weld County, Colorado
accordingly has determined to transfer its allocation as aforesaid to the
Authority, and the Authority has agreed to accept such transfer, which such
transfer is to be evidenced by an Allocation Transfer Agreement.
AGREEMENT:
1. Transfer by the County. Pursuant to the Allocation Act:
a. The County transfers to the Authority its allocation under
Section 29-4-805 of the Allocation Act subject to the terms and conditions
herein contained. The County covenants that prior to January 1, 1983 it will
not issue any bonds, notes or other securities to finance mortgage loans to
provide single-family residential housing facilities for low and moderate
income families or persons within the County or transfer its allocation under
Section 29-4-805 of the Allocation Act to another governmental unit to finance
mortgage loans to provide such residential housing facilities.
b. The 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.
2. Acceptance of Transfer by the Authority. Pursuant to the Allocation
Act:
a. The Authority hereby accepts the transfer to it by the County
of the allocation of the County under Section 29-4-805 of the Allocation Act,
subject to the terms and conditions herein contained.
b. The Authority agrees that it will use its best efforts to issue
revenue bonds in one or more series to finance Mortgage Loans to provide
COLORADO HOUSING FIN. E AUTHORITY
Allocation Transfer Agreement
Page 3
single-family housing facilities for low and moderate income families and
persons within the State, including Mortgage Loans in an aggregate principal
amount equal to the amount of the allocation transferred herein within the
County.
c. The Authority 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. General Provisions.
a. This Allocation Transfer Agreement is hereby declared
irrevocable during the term of the agreements to be entered into by the
Authority 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.
b. This Allocation Transfer Agreement shall automatically
terminate on January 1, 1983, if the Authority has not prior to that date
issued its revenue bonds for the purpose of financing Mortgage Loans to
provide single-family housing facilities for low and moderate income families
and persons.
c. Nothing contained in this Allocation Transfer Agreement shall
obligate the Authority 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 single-family housing facilities located in
the County.
d. This Allocation Transfer Agreement shall not constitute the
debt or indebtedness of the County or the Authority 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 pecuniary liability or a
charge against the general credit or taxing powers of the County or the
Authority.
COLORADO HOUSING FIN ,E AUTHORITY
Allocation Transfer Agreement
Page 4
IN WITNESS WHEREOF, the parties hereto have entered into this Allocation
Transfer Agreement this 13th day of September, 1982.
COLORADO HOUSING FINANCE AUTHORITY
BY:
Executive Director
[SEAL]
Attest:
BOARD OF COUNTY CCf4I&ESSIONERS
WELD COUNTY, COLORADO
BY: - - , -.
[SEAL]
Attest:
ir
J
500 East Eighth Avenue
Denver, Cdorao 80203.37 LO ,� . F7
r
303/8618962
Colorado Housing Jina lce Authority
August 20, 1982
Mr. John T. Martin, Chairman
Weld County Commissioners
147 S. Den Avenue
Fort Lupton, CO 80621
Dear Mr. Martin:
Re: Senate Bill 112
As authorized by the federal Mortgage Subsidy Bond Tax Act of 1980 ("MSBTA"), the
Colorado General Assembly adopted SB 112 (the "Act") which provides the following
formula for allocation of the "state ceiling" for qualified mortgage bonds which may be
issued in any calendar year by the Colorado Housing Finance Authority and local
governmental units:
a. one-half to the Colorado Housing
Finance Authority (CHFA)
b. one-half to local governmental units
(city, city and county, town or county) in
accordance with the allocation formula
specified in the Act.
The 1982 state ceiling for Colorado, based upon figures published by the U.S. Treasury
Department, is $293,000,000. Application of the Act's allocation formula provides
authority to your governmental unit to issue up to $1,454,190.75 in qualified mortgage
bonds. The Act stipulates that these bonds must be issued by October 1, 1982 or,
alternatively, that the allocation for all or a portion of these bonds may be transferred to
the Colorado Housing Finance Authority or another local governmental unit. Any portion
of an issuer's allocation as to which it has neither issued qualified mortgage bonds nor
transferred its allocation is forfeited on October 1, and all unused allocations then will be
pooled and reallocated.
COLORADO HOUSING hINANCE AUTHORITY
Senate Bill 112
Page -2-
After reviewing the amount allocated to your governmental unit, you may decide
that the issuance of bonds is not feasible. If you elect not to issue bonds with the above
allocation, your governmental unit has three options:
1. You may transfer all or a part of your allocation to the Colorado Housing
Finance Authority by ordinance or resolution (as required by applicable law).
However, it is unlikely that the Authority, which recently sold $66 million in
qualified mortgage bonds, will be in a position to issue additional bonds by the
October 1 deadline. If you still wish to transfer your allocation to the Authority,
an ordinance or resolution must be adopted and must be effective as of
September 15, 1982. Please contact the Authority as to the form of such
ordinance or resolution.
2. You may transfer all or a part of your allocation to one or more other "local
governmental units".
3. You may do nothing, in which case your allocation is forfeited as of October 1,
1982, pooled with all other unused allocations, and reallocated pursuant to the
procedures set forth in the Act.
Whatever you decide to do with respect to your original allocation, you also may wish
to participate in the pool of unused allocations. To receive an allocation from the pool,
you must take "official action"by September 15, indicating your intent to issue qualified
mortgage bonds pursuant to the MSBTA by December 31, 1982, and file with the Director
of the State Division of Housing by September 15 a copy of the resolution or motion
adopted by your governing body evidencing such official action. The allocation you
receive from the pool may be used to issue bonds or may be transferred to the Colorado
Housing Finance Authority or to another governmental unit.
Once you receive your allocation, and if you wish to transfer all or a portion of it to
the Authority,jlease contact the Authority as to the form of resolution or ordinance.
The Authority intends to issue additional qualified mortgage bonds by December 31. The
Authority would make every effort to use any allocation you may choose to transfer in
such bond issue and to see that funds in the amount of the transfer are used to provide
mortgage loans in your jurisdiction.
If you have any questions please call Jim Roberts, Faye Allman or the undersigned at
our office.
Sincerely,
David W. Herlinger
Executive Director
DWH/tmw
9/13/82
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