HomeMy WebLinkAbout20000130 RESOLUTION
RE: APPROVE PROCESS FOR ASSIGNING ALLOCATION RECEIVED FOR PRIVATE
ACTIVITY BONDS PROVIDED BY STATE DIVISION OF HOUSING
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, each year Weld County is allocated a certain amount of dollars 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, each year the allocated amount must be assigned to specific projects in
accordance with the State of Colorado's allocation process and January deadline established
by the State Division of Housing, and
WHEREAS, in any given year multiple requests for the allocation may be received by
Weld County for different projects, and
WHEREAS, Weld County wishes to have a fair and rational process to assign the
allocation to projects.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that following be, and hereby is, approved as the process to be used
each year to assign the allocation received by Weld County..
1. Any applicant wanting an allocation shall submit to the Weld County Director of
Finance and Administration, an application for allocation of private activity bond for the balance
of state allocation provided by the State Division of Housing no later than January 2nd of each
year.
2. If no applications are received by January 2nd of each year, qualified applications for
allocation will be considered on a first-come, first-served basis until the allocation is totally
committed.
3. The applications will be reviewed by the Board of Weld County Commissioners
based upon the same criteria used by the State Bond Allocation Committee.
2000-0130
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PROCESS FOR ASSIGNING ALLOCATION RECEIVED FOR PRIVATE ACTIVITY BONDS
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4. After review of all applications, the Board of Weld County Commissioners shall make
the allocations as they see fit in accordance with the criteria of the State Bond Allocation
Committee and what the Board of Weld County Commissioners bellieves to be in the best
interest of the economic development of Weld County.
5. The decision of the Board of Weld County Commissioners shall be final and not
appealable.
6. A Resolution shall be adopted by the Board of Weld County Commissioners
specifying the allocation amounts, projects, and assignments of the allocation once the decision
has been made regarding the allocation.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 17th day of January, A.D., 2000.
BOARD OF COUNTY COMMISSIONERS
iall W LD /
/�4 COUNTY, COLOR O
ATTEST: ,I � �` �% A Y
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�J l�- •ara J. Kir' eyer, air
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Weld County Clerk to the :. rd .tfr • ,
Masi 4 V(. g./
'v, �� J. .file, ro- em
Deputy Clerk to the Bo • Om, 4,ft4 j,t o
$, veor a E. Baxter
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APPROVED AS TO FORM:
j Dale �K..J��Hall
intAorn _ y v -- 1 %/�Gw9 d
Glenn Vaad
2000-0130
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