HomeMy WebLinkAbout20000943.tiff RESOLUTION
RE: AMEND ASSIGNMENT OF ALLOCATION FOR PRIVATE ACTIVITY BONDS
PROVIDED BY STATE DIVISION OF HOUSING AND AUTHORIZE CHAIR TO SIGN
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, Weld County has been allocated $1,021,625 for the year 2000 under the
bond ceiling for the State of Colorado computed under Section 146 (d) of the Internal Revenue
Code of 1986, and
WHEREAS, Weld County is a designated local issuing authority under Part 17 of Article
32 of Title 24, C. R. S., and
WHEREAS, Weld County may assign all or a portion of the above allocation to other
jurisdictions for the financing of projects qualifying as projects eligible for private activity bonds
as defined in Section 141 of the Internal Revenue Code of 1986, and
WHEREAS, the KanBuild, Inc., projects has requested the remaining of the allocation
for the year 2000.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the allocation in the amount of$681,084 hereby is, allocated to
KanBuild, Inc., via an assignment of the allocation to the Town of Milliken.
PROJECT JURISDICTION AMOUNT
Rocky Mountain Milling Platteville $ 340,541
KanBuild, Inc. Milliken $ 681,084
BE IT FURTHER RESOLVED by the Board that assignment of the allocations be, and
hereby is, given to the Town of Milliken as listed above.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign an agreement entitled, "Assignment of Allocation By Designated Issuing Authority,"with
the Town of Milliken, and in the amount cited above for the year 2000.
2000-0943
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ASSIGN ALLOCATION FOR PRIVATE ACTIVITY BONDS
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 26th day of April, A.D., 2000.
BOARD OF COUNTY COMMISSIONERS
W LD COUNTYAhr
ADO
ATT
Barbara J. ' m
el. r . ,'vq CI • e Board
leo ._..
���►� � % . J eile, Pro-Tem
he Board
eo a E. Baxter
AP�ROV t AS Tr/FORM: K.Dah�%l/at�al�
Co - � � tor -y ,�
Glenn Vaad �-
2000-0943
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AMENDMENT TO
ASSIGNMENT OF AN ALLOCATION
BY A DESIGNATED ISSUING AUTHORITY
THIS AMENDMENT TO THE ASSIGNMENT OF JANUARY 17, 2000, (the
"Assignment") dated the 26th day of April, 2000, is between Weld County, Colorado, a body
corporate and politic (the "Assignor"), and the Town of Milliken, Colorado, a body corporate and
politic (the "Assignee").
RECITALS
A. Kanbuild (the "Company") has requested the Assignee to finance a project
consisting of a modular home manufacturing facility (the "Project") to be located in Milliken,
Colorado, and has represented to the Assignor and the Assignee that the Project will be
designed to qualify as a "project" within the meaning of the County and Municipality
Development Revenue Bond Act, constituting Section 1-3-29, C.R.S., (the "Act").
B. The Company has requested that the Assignee authorize and provide for the
issuance of its Industrial Development Revenue Bonds (the "Bonds") for the financing of a
Project in an amount up to a maximum aggregate principal amount of$3,000,000 the
("Proposed Bonds"), pursuant to the provision of the Act for the purpose of financing the
Project.
C. The Assignee, by resolution dated January 4, 2000, has declared its intention to
take all steps necessary or advisable to effect the issuance of the Bonds for the financing of the
Project.
D. The Company has requested that the Assignor assign to the Assignee the
Assignor's 2000 allocation under the bond ceiling for the State of Colorado and its issuing
authorities (the "State Ceiling") computed under Section 146 (d) of the Internal Revenue Code
of 1986 (the "Code") as provided for the Assignor as a "designated local issuing authority"
under 17-32-24, C.R.S., (the "Allocation Act"), for use in connection with the financing of the
Project.
E. The Company has provided to the Assignor a copy of the opinion of bond counsel
provided to the State of Colorado, Department of Local Affairs, Division of Housing, that the
Bonds constitute "private activity bonds" as defined in Section 141 of the Code, stating the
amount of the Bonds requiring an allocation from the State Ceiling and that the Assignee is
authorized under Colorado laws and its Constitution to issue the Bonds.
2000-0943
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ASSIGNMENT OF AN ALLOCATION BY A DESIGNATED ISSUING AUTHORITY- TOWN OF
MILLIKEN
PAGE 2
F. Pursuant to the Resolution of the Assignor adopted on January 17, 2000, the
Assignor has committed and reserved its allocation from the State ceiling as a "designated local
issuing authority" pursuant to the Allocation Act for use solely in connection with the financing of
the Project.
G. Subject to the terms and conditions set forth herein, the Assignor desires to assign
to the Assignee, and the Assignee desires to accept, the Assignor's 2000 allocation from the
State Ceiling, which allocates the Assignor has committed and reserved for the Project.
ASSIGNMENT
In exchange for the agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. The Assignor hereby assigns and transfers to the Assignee, the Assignor's 2000
allocation from the State Ceiling for private activity bonds in an amount equal to $681,084 for
the purpose of issuing the Bonds to finance the Project. The Assignor and the Assignee
understand that such assigned allocation shall automatically be relinquished to the "Statewide
Balance" as defined under the Allocations Act unless (a) the Bonds are issued by the Assignee
on or before September 15, 2000, or (b) Section 24-32-1706 (3) (c) applied.
2. The Assignor represents that it has received no monetary consideration for the
assignment set forth above.
3. The Assignee hereby:
(a) Accepts the assignment of the portion of the Assignor's allocation from the
State Ceiling described above; and
(b) Agrees to abide by each of the terms and conditions of this Assignment in
connection with the use of such allocation.
2000-0943
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ASSIGNMENT OF AN ALLOCATION BY A DESIGNATED ISSUING AUTHORITY - TOWN OF
MILLIKEN
PAGE 3
IN WITNESS WHEREOF, the Assignor and the Assignee have caused this instrument
to be executed to be effective as of the date and year first written above.
ATTEST: �� /1t_
(2
Wel. F� <�• e Board
` BOARD OF COUNTY COMMISSIONERS
1e — / WELD COUNTY, COLORADO
oard
- - �u ����..- „ • , arbara J yer, Ch it D
County Attorne,
ATTEST: t' \\\\
TOWN OF MILLIKEN, COLORADO
BY:
Town rk
APPROVED AS TO F M:< Mayor
Town Attorney
2000-0943
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