HomeMy WebLinkAbout830591.tiff A RESOLUTION OF INTENTION TO ISSUE MORTGAGE
REVENUE BONDS TO FINANCE RESIDENTIAL FACILITIES
FOR LOW AND MIDDLE INCOME FAMILIES OR PERSONS,
AUTHORIZING THE DISTRIBUTION OF INVITATIONAL
DOCUMENTS TO MORTGAGE LENDERS AND AUTHORIZING THE
PREPARATION OF DOCUMENTS AND INSTRUMENTS RELATED
THERETO.
WHEREAS, Weld County , Colorado (" Issuer") is a political
subdivision of the State of Colorado, authorized by the provi-
sions of the County and Municipality Development Revenue Bond
Act , §29-3-101 et seq. , Colorado Revised Statutes 1973, as
amended (the "Act") , to issue revenue bonds for the purpose of
defraying the costs of financing , refinancing, acquiring,
improving and equipping any project consisting of residential
facilities for low and middle income persons or families and to
enter into financing agreements (as defined in the Act) with
respect to such project, upon such terms and conditions as its
Board of County Commissioners may deem advisable; and
WHEREAS, the Board of County Commissioners of Issuer (the
"Board") deems it necessary and advisable to provide more
adequate residential facilities for low and middle income
families or persons intended for use as the sole place of
residence by the owners or intended occupants and being the
sole dwelling owned by such families or persons (the "Proj-
ect") ; and
830591
oR0a9
2
WHEREAS , Section 29-3-104( 2) of the Act provides that any
municipality or county may delegate by resolution to any other
Colorado municipality or county authority to act on its behalf
in the financing, refinancing, acquisition , leasing, ownership,
improvement and disposal of projects and that any such delega-
tion may be general or limited in scope and time and may be
irrevocable for the term or terms of any financing agreement or
bond issues , all as provided in such resolution; and
WHEREAS, the Board has indicated its willingness to accept
the delegation by municipalities within Weld County and by
other Colorado counties and municipalities outside of Weld
County (the "Delegating Entities") to issue bonds for purposes
of the Project on their behalf; and
WHEREAS, Issuer intends to issue its Single Family Mort-
gage Revenue Bonds, Series 1983 (the "Bonds") on behalf of the
Delegating Entities and on its own behalf to finance residen-
tial facilities for low and middle income families or persons
intended for use as the sole place of residence by the owners
or intended occupants (such dwelling to be the sole dwelling
owned by such families or persons) ; and
WHEREAS, by subsequent resolution to be adopted before the
issuance of the Bonds , the Issuer will consider and approve the
terms and form of the Bonds, the amount necessary to pay prin-
cipal and interest thereon, the amount necessary to be paid
3
into any reserve fund which Issuer may establish and , subject
to the conditions of this Resolution , will authorize all acts
and the execution of all documents and instruments in connec-
tion with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO:
Section 1. The Board hereby authorizes the solicitation
of delegations from the Delegating Entities (i) to finance and
otherwise take action and exercise power under the Act on
behalf of the Delegating Entities with respect to the financing
of residential facilities located within the Delegating Enti-
ties and within Issuer 's boundaries for low and middle income
persons or families, and (ii) to issue revenue bonds on its own
behalf and on behalf of the Delegating Entities , in the name of
Weld County or such other Colorado county or municipality which
the Board may determine (the "Bonds") , the proceeds of such
Bonds to be used solely to finance the Project, fund certain
reserve accounts and pay issuance costs.
Section 2. The Board hereby authorizes the distribution
of the Invitation to Mortgage Lending Institutions to Partici-
pate in Single Family Mortgage Revenue Bond Program , Offer to
Originate and Service Single Family Mortgage Loans, Procedure
for Allocation of Mortgage Loan Funds , Origination and Service
Agreement and related documents (collectively referred to as
4
the "Invitational Documents") and further authorizes the
Chairman of the Board to execute any such documents , the County
Clerk and Recorder to attest any such execution and the seal of
Issuer to be affixed thereto , if required.
Section 3. The Bonds shall be in such denominations, bear
such date, mature at such time not exceeding 40 years from
their respective dates, bear such interest at a rate, be in
such form, carry such registration privileges, be executed in
such manner , be payable at such place within or without the
State of Colorado, and be subject to such terms of redemption
as shall finally be approved and provided in a subsequent
resolution of the Board prior to the issuance of the Bonds.
Section 4. The Bonds shall not constitute the debt or
indebtedness of Issuer , the State of Colorado or any other
political subdivision thereof within the meaning of any provi-
sion or limitation of the Constitution or statutes of the State
of Colorado nor give rise to pecuniary liability or a charge
against the general credit or taxing powers of Issuer, the
State of Colorado or any other political subdivision thereof.
Section 5. The Board hereby authorizes the Chairman and
the County Finance Director to proceed with discussions and to
assist Boettcher & Company with the formulation of the para-
meters of the Project.
5
Section 6 . All resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
PASSED AND APPROVED by the Board of County Commissioners
of Weld County , Colorado , this ?nth day of June 1983 .
y� �
j, j WELD COUNTY, COLORADO
Attest: a uk ( ,,`4eu t�
Ch rman, Boar of County
County Clerk and Recorder Commissioners , Chuck Carlson
i �ji/rw
B J T. Martin, Pro-Tem
eputy Coun C erk /J
Gene R.ICB�rantner
APPROVED_IS T0, FORM: -e..�
Norman Carlson
County Attorney acqu ine nson
DAY FILE: June 20 , 1983
Hello