HomeMy WebLinkAbout800740.tiff RESOLUTION
RE: INTENTION TO ISSUE MORTGAGE REVENUE BONDS TO FINANCE RESI-
DENTIAL FACILITIES FOR LOW AND MIDDLE INCOME FAMILIES OR
PERSONS.
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, 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 and 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 Weld 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, and
WHEREAS, pending federal legislation may preclude or
restrict the Board' s ability to issue single family mortgage
revenue bonds, and
WHEREAS, Weld County intends to issue its Single Family
Mortgage Revenue Bonds, Series 1980A (Multiple Originators
and Servicers) (the "Bonds") to finance 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 (such dwelling to be the sole dwelling owned by such
800740
F1-0004--
families or persons) and located within Weld County' s boundaries
as soon as such federal legislation so permits, and
WHEREAS, by subsequent resolution to be adopted before
the issuance of the Bonds, the Board will consider and approve
the terms and form of the Bonds, the amount necessary to pay
principal and interest thereon, the amount necessary to be
paid into any reserve fund which Weld County may establish and,
subject to the conditions of this Resolution, will authorize
all acts and the execution of all documents and instruments
in connection 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 of County Commissioners of Weld
County (the "Board") hereby determines to finance and other-
wise take action and exercise power under the Act with respect
to the financing of residential facilities located within
Weld County' s boundaries for low and middle income persons
or families (the "Project") , and to issue revenue bonds for
such purpose in an amount not to exceed $100 ,000,000 (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 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, 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. Any indenture,
financing agreement and other documents relating to the Project
and the Bonds will also be approved and authorized in final
form prior to the issuance of the Bonds.
-2-
Section 3 . The Bonds shall not constitute the debt or
indebtedness of Weld County, 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 Weld County,
the State of Colorado or any other political subdivision thereof.
Section 4 . Boettcher and Company; E. F. Hutton; Dain
Bosworth; Hanifen, Imhoff and Samford and other underwriters
doing business within Weld County and as selected by the Board
are hereby authorized and selected to assist in the implementa-
tion of Weld County' s program to finance single family residen-
tial mortgages to be originated by any financial institution
doing business in Weld County which desires to participate and
to be serviced in such manner as Weld County and underwriters
shall reasonably determine.
Section 5. Weld County hereby agrees to appoint a nationally
recognized Bond Counsel at the Board' s sole discretion, as
Bond Counsel.
Section 6 . Weld County hereby agrees to appoint a nationally
recognized housing feasibility consultant firm experienced in
conducting mortgage revenue bond market feasibility studies
at the Board' s sole discretion, as consultants.
Section 7 . All resolutions and parts thereof in conflict
herewith are hereby repealed to the extent of such conflict.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 6th day of
February, A.D. , 1980 .
/`' '�7., BOARD OF COUNTY COMMISSIONERS
M�w ATTEST: ' .ISAIAlutar1 WELD COUNTY, COLORADO
Weld County C erk and Recorder (1; 1'
an Clerk to the Boar C. W. Kir y, C airman
Deputy County lerk eonard L. Roe, Pro-Tem
APP ED AS TO FORM: C.
4ne-liget Norman Carlson
nty Attorney
L ' unbar
J e K. Ste nmark
DATE PRESENTED: FEBRUARY 8 , 1980
RANCHERO DEVELOPMENT CORP.
149 DENVER AVENUE • FORT LUPTON. COLD. 00621 • 623-9 W64'")cz741
10O t v"3r \
January 31, 1980 'v
Golf).
Weld County Commissioners
GRSE1-5.-
Greeley, CO 80631
Gentlemen:
We, the Ft. Lupton Realtors, would like to petition the Weld County Commissioners
to proceed with the program of issuing Tax-exempt, Residential Mortgage Revenue
Bond Financing, in order to provide lower interest rate mortgages for the low to
moderate income families in Weld County. This is an innovative way for Weld
County to solve the lack of affordable mortgage money to these families that have
a dream of owning their own home. With inflation and the high costs of housing,
this is one way we can help the low and lower middle class wage earner sidestep
some of the financial obstacles to owning a home; unless, comparable aid is
offered in the county, the majority of the population is going to be denied one
of the most traditional ingredients of the "American Dream". Several cities in
the Denver area have a program of this type and other cities are looking into
the feasibility of the same type programs. Adams County, has recently put out
a news release that they are issuing 100 million in bond money.
After several months of study, and with interest rates so high, we feel the
county in this proposed issuance, would be the most effective political body to
achieve the widest spectrum of advantages, being:
1. The county is enabled to exceed the boundaries of its cities and
provide the advantages to the suburban communities that would not
be included in the city limited issues.
2. The county would be able to focus on specific issues and specific
blighted neighborhoods, or the needs of its lenders and the local
housing market.
3. Through the tax-exempt bond issuance, it would provide for a sub-
stantial infusion of capital into the county housing market de-
rived from sources, in most cases, out of state.
4. It could involve all the local mortgage loan originating in-
stitutions that would desire to participate in the program and
avoid extensive administrative responsibilities and expense on the
part of your county office.
As Realtors and citizens in Weld County, we hope you will consider our petition
and utilize our service in the real estate industry for any information, feasi-
bility studies, or input that we could make available to you for this program.
Sincerely, ��
tr,vcc.\
REALTY WORLD@ — Mercury Realty
6041/2 1st St., Fort Lupton, CO 80621 ,,,, . REALTY WORLD®
Telephone: (303) 857-2737 l j �g�o `��
0.55 - ono.
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February 1,1980 \\�
Weld County Commissioners
Gentlemen,
We , as Fort Lupton Realtors,would like to petition the Weld
county Commissioners to proceed with the program of issuing
Tax-Exempt,Residential Mortgage Revenue Bond Financing,in
order to provide lower interest rate mortgages to low and
moderate income families in Weld County.This is an innovative
way for Weld County to solve the lack of affordable mortgage
money to these families that have a dream of owning their
own home .With the trends in todays housing market these
families face the prospect of never achieving home ownership
unless a program of this type is made available to them.
Several cities in the Denver area have a program of this
type and other cities are looking into the feasability of
the same type programs .Adams County has recently put out a
news release that they are issuing 100 Million in low interest
Bond Money
After several months of study,and with interest rates so
high,we feel the county in this proposed issuance would be
the most effective political body to acheive the widest
spectrum of advantages ,being:
1. The county is enabled to exceed the boundaries of its
cities and provide the advantages to the suburban comm-
unities that would not be included in the city limited
issues .
2. The county would be able to focus on specific issues and
specific blighted neighborhoods,or the needs of its lenders
and the local housing market.
3. Through the tax-exempt bond issuance ,it would provide for
a substantial infusion of capitol into the county housing
market ,derived from sources ,in most cases ,out of state.
I}. It could involve all the local mortgage loan originating
institutions that would desire to particapate in the pro-
gram and avoid extensive administration responsibilities
and expense on the part of your county office.
As Realtors and citizens in Weld County,we hope you will
consider our petition and utilize our service in the Real
Estate industry for any input or information you might need.
. Na� �) �j �Q
IG(/t O( reale bavid Drei ng- er
REALTOR® Each office is independently owned.
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