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Home My WebLink About850696.tiff RESOLUTION TRANSFERRING TO LARIMER COUNTY, COLORADO THE ALLOCATION OF WELD COUNTY, COLORADO (INCLUDING THE ALLOCA- TIONS TRANSFERRED TO WELD COUNTY BY CERTAIN MUNICIPALITIES WITHIN WELD COUNTY) UNDER PART 8 OF ARTICLE 4 OF TITLE 29 OF COLORADO REVISED STATUTES, TO FINANCE MORTGAGE LOANS TO PROVIDE MORE ADEQUATE RESIDENTIAL HOUSING FACILITIES FOR LOW- AND MIDDLE-INCOME FAMILIES AND PERSONS WITHIN LARIMER COUNTY AND WITHIN WELD COUNTY; DELEGATING THE AUTHORITY TO ISSUE REVENUE BONDS TO FINANCE SAID MORTGAGE LOANS WITHIN WELD COUNTY; AND AUTHORIZING THE EXECUTION AND DELIVERY BY WELD COUNTY OF AN ALLOCATION TRANSFER AGREEMENT AND A DELEGATION AGREEMENT. WHEREAS, Weld County, Colorado ("Weld County") and Larimer County, Colorado ("Larimer County") are each authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29 , Colorado Revised Statutes (the "Project Act") , to finance, refinance, acquire, own, lease, improve and dispose of prop- erties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, the Mortgage Subsidy Bond Tax Act of 1980 , codi- fied as Section 103A of the Internal Revenue Code of 1954, as amended (the "Federal Act") , restricts the amount of tax exempt obligations which can be issued by the Colorado Housing Finance Authority and local governmental units in the State of Colorado (the "State") to finance single—family mortgages to an amount not exceeding the State ceiling; and WHEREAS, the Federal Act authorizes the states to provide a formula for allocating the respective state ceilings among the gov- ernmental units in such states in a manner different from the federal allocation formula, and the State has provided for such an alternate -2- 850696 formula for allocation in Part 8 of Article 4 of Title 29 of Colorado Revised Statutes (the "Allocation Act" ) ; and WHEREAS, the Allocation Act authorizes governmental units in the State to transfer all or a part of their allocations provided for in the Allocation Act to any other entity otherwise authorized to issue bonds to finance single-family mortgages and to accept trans- fers of such allocations ; and WHEREAS, the Project Act and Part 2 of Article 1 of Title 29, Colorado Revised Statutes, provide, in effect, that any county or municipality may by resolution or ordinance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act; and WHEREAS, Weld County and Larimer County deem it necessary and advisable that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low- and middle- income families and persons (the "Mortgage Loans") in order to increase the supply of money available for mort- gages so that families and persons of low- and middle-income may finance the purchase of residential housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle-income families and persons within both Weld County and Larimer County ; and WHEREAS, Weld County desires to transfer to Larimer County its allocation under the Allocation Act (including the allocations transferred to Weld County by certain municipalities within Weld County) for the year 1985 to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County; and WHEREAS, Weld County desires to delegate to Larimer County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under the Allocation Act and to delegate to Larimer County its power under the -3- Project Act to issue revenue bonds to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County; and WHEREAS, Larimer County desires to accept such transfers and delegation and to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County ; and WHEREAS, economies of time and expense will result from one governmental unit financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within both Weld County and Larimer County ; and WHEREAS, it is necessary to evidence such transfers and the acceptance of such transfers by the Allocation Transfer Agreement attached hereto as Exhibit A (the "Allocation Transfer Agreement") which will be executed and delivered by Weld County and Larimer County; and WHEREAS, it is necessary to evidence such delegation and the acceptance of such delegation by the Delegation Agreement attached hereto as Exhibit B (the "Delegation Agreement") which will be executed and delivered by Weld County and Larimer County. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO: Section 1 . In order to insure the financing of Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Weld County at the earliest possible date, which will promote the public health, wel- fare, safety, convenience and prosperity of the inhabitants of Weld County, it is deemed necessary and advisable that the Allocation Transfer Agreement and the Delegation Agreement be approved, executed and delivered by and on behalf of Weld County. -4- Section 2 . The forms , terms and provisions of the Allocation Transfer Agreement and the Delegation Agreement hereby are approved and the Chairman of the Board of County Commissioners of Weld County and the County Clerk hereby are authorized and directed to execute and deliver the Allocation Transfer Agreement and the Delegation Agreement. Section 3 . The Chairman of the Board of County Commissioners and the County Clerk hereby are authorized and directed to take such other steps or actions as may be required to carry out the terms and intent of this resolution, the Allocation Transfer Agreement and the Delegation Agreement. Section 4. Nothing contained in this resolution, in the Allocation Transfer Agreement or in the Delegation Agreement shall obligate Weld County, except to the extent described in the Allocation Transfer Agreement and in the Delegation Agreement, nor constitute the debt or indebtedness of Weld County 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 of Weld County or a charge against its general credit or taxing powers. Section 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. -5- The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 8th day of April , A.D. , 1985 . BOARD OF COUNTY COMMISSIONERS 7 `ATTEST: 1.11, `j7✓„ci:+vs'<<n/ WELD COUNTY, COLORADO Li Weld County Clerk and Recorder and Clerk to the Board J amine J h son, Chairman BY: / -iic ,, , ,r. ,_._r 6. I Gene R. Brantner, Pro-Tem Deputy County Clerk EXCUSED APPROVED AS TO FORM: C.W. Kirby EXCUSED A Gordon E. Lacy CM 7 Z-2— 77 7a,_,,C p ) County Attorirey ;1�:j /G/ l/iY/GC7(l---2 � Frank Yamayhi v/ STATE OF COLORADO SS. COUNTY OF WELD I , Mary Ann Feuerstein , the duly qualified and acting County Clerk of Weld County, Colorado (the "County") , in the State of Colorado, do hereby certify : 1 . The foregoing pages numbered -1- to -7-, inclusive, are a true, perfect and complete cow of the record of proceedings of the Board of County Commissioners of the County had and taken at a lawful meeting of the Board held at Centennial Center 915 10th Street , in Greeley , Colorado on April 8, 1985 at __9_:Qq _a.m., as recorded in the regular offi- cial book of the proceedings of the County kept in my office so far as the proceedings relate to the resolution therein set forth, the proceedings were duly had and taken as therein shown, the meeting therein shown was duly held, and the persons therein named were present at the meeting as therein shown. 2. All members of the Board were duly notified of the meeting, pursuant to law. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the County this 8th day of April , 1985 . J/ /County Clerk (SEAL) i -8- EXHIBIT A -9- STATE OF COLORADO SS. COUNTY OF WELD The Board of County Commissioners of Weld County, Colorado, met in regular session on April 8 , 1985, at 9 :00 a.m. , at Centennial Center , 915 10th Street , in Greeley Colorado, in full conformity with the law and the resolutions and rules of the County. Upon roll call, the following were found to be present, constituting a quorum: Present : Chairman of the Board of County Commissioners : Jacqueline Johson Other Commissioners : Gene Brantner Frank Yamaguchi Absent: C.W. Kirby & Gordon E. Lacy constituting all the members of the Board. There were also present : Deputy County Clerk: Tommie Antuna County Attorney: Thomas 0. David Thereupon, the following proceedings, among others, were had and taken. Don Warden, Director of Finance: &Administration./ introduced a resolution, the text of which is as follows : ALLOCATION TRANSFER AGREEMENT This Allocation Transfer Agreement is between Weld County, Colorado ( "Weld County" ) and Larimer County, Colorado ( "Larimer County") . W I T N E S S E T $: 1 . Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Allocation Transfer Agreement are the following: (a) Weld County and Larimer County are each authorized by the County and Municipality Develognent Revenue Bond Act, constitut- ing Article 3 of Title 29 , Colorado Revised Statutes (the "Project Act") , to finance, refinance, acquire, own, lease, improve and dis- pose of properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided, which promote the public health, welfare, safety, conve- nience and prosperity. (b) 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 which can be issued by the Colorado Housing Finance Authority and local governmental units in the State of Colorado (the "State") to finance single-family mortgages to an amount not exceeding the State cell ing. (c) The Federal Act authorizes the states to provide a for- mula for allocating the respective state ceilings among the govern- mental units in such states in a manner different from the federal allocation formula, and the State has provided for such an alternate formula for allocation in Part 8 of Article 4 of Title 29 of Colorado Revised Statutes (the "Allocation Act") . (d) The Allocation Act authorizes governmental units in the State to transfer all or part of their allocations provided for in the Allocation Act to any other entity otherwise authorized to issue bonds to finance single-family mortgages and to accept transfers of such allocations. (e) It is deemed necessary and advisable by Weld County and Larimer County that a program be made available for the origination and servicing of mortgage loans for residential housing facilities for low- and middle-income families and persons (the "Mortgage Loans ") in order to increase the supply of money available for mort- gage loans so that families and persons of low- and middle-income may finance the purchase of residential housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle-income families and persons within both Weld County and Larimer County. (f) It is deemed necessary and advisable by Weld County and Larimer County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (g) The Board of County Commissioners of Weld County has indicated its willingness to transfer to Larimer County its alloca- tion under the Allocation Act (including the allocations transferred to Weld County by certain municipalities within Weld County) for the year 1985 to finance Mortgage Loans to provide more adequate residen- tial housing facilities for low- and middle-income families and per- sons within Larimer County and Weld County. (h) The Board of County Commissioners of Weld County has further indicated its willingness to delegate to Larimer County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under the Allocation Act to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County. -2- DELEGATION AGREEMENT This Delegation Agreement is between Weld County, Colorado ( "Weld County" ) and Larimer County, Colorado ( "Larimer County" ) . WITNESSETH : 1 . Preliminary Statement . Among the matters of mutual inducement which have resulted in the execution of this Delegation Agreement are the following : (a) Weld County and Larimer County are each authorized by the County and Municipality Develognent Revenue Bond Act, constitut- ing Article 3 of Title 29 , Colorado Revised Statutes (the "Project Act" ) , to finance, refinance, acquire, own, lease, improve and dis- pose of properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided, which promote the public health, welfare, safety, conve- nience and prosperity. (b) The Project Act and Part 2 of Article 1 of Title 29 , Colorado Revised Statutes, provide, in effect, that any county or municipality may by resolution or ordinance delegate to any other county or municipality its authority under the Project Act to finance projects under the Project Act. (c ) It is deemed necessary and advisable for Weld County and Larimer County to make available a program for the origination and servicing of mortgage loans for residential housing facilities for low- and middle-income families and persons ( the "Mortgage Loans " ) in order to increase the supply of money available for mort- gage loans so that families and persons of low- and middle-income can finance the purchase of residential housing facilities at less than the prevailing market interest rate, thereby providing more adequate residential housing facilities for low- and middle- income families and persons in Weld County and Larimer County. (d) It is deemed necessary and advisable for the provision of more adequate residential housing facilities for low- and middle- income families and persons and the promotion of the public health, welfare, safety, convenience and prosperity of the inhabitants of Weld County and Larimer County that the origination and servicing of the Mortgage Loans be commenced at the earliest possible date. (e ) The Board of County Commissioners of Weld County has indicated its willingness to delegate to Larimer County its powers under the Project Act to finance Mortgage Loans to provide more ade- quate residential housing facilities for low- and middle-income fami- lies and persons within Weld County. ( f) The Board of County Commissioners of Larimer County has indicated its willingness to accept the delegation by Weld County of Weld County' s powers to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Weld County. (g) Neither the execution and delivery of this Delegation Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Delegation Agreement conflicts with or results in a breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to which Weld County or Larimer County is now a party or by which Weld County or Larimer County is bound, or constitutes a default under any of the foregoing. 2 . Delegation by Weld County. Pursuant to the Project Act and Part 2 of Article 1 of Title 29 , Colorado Revised Statutes : (a) The Board of County Commissioners of Weld County hereby delegates to Larimer County all authority of Weld County to finance and otherwise take action and exercise power under the Project Act on behalf of Weld County with respect to the financing of -2- ( i) The Board of County Commissioners of Larimer County has indicated its willingness to accept such transfers and to finance the Mortgage Loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within Larimer County and Weld County. ( j) Neither the execution and delivery of this Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and con- ditions of this Allocation Transfer Agreement conflicts with or results in a breach of any of the terms, conditions or provisions of any legal restriction or any agreement or instrument to which Weld County or Larimer County is now a party or by which Weld County or Larimer County is bound, or constitutes a default under any of the foregoing. 2 . Transfers by Weld County. Pursuant to the Allocation Act : (a) Weld County transfers to Larimer County its allocation under the Allocation Act (including the allocations transferred to Weld County by certain municipalities within Weld County) for the year 1985 and delegates to Larimer County the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the authority granted under the Allocation Act for the year 1985 to pro- vide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County, subject to the terms and conditions herein contained. Weld County covenants that prior to January 1 , 1986 it will not issue any bonds, notes or other securities under the Project Act to finance mortgage loans to provide more adequate residential housing facili- ties for low- and middle- income families or persons within Weld County or transfer any portion of its allocation under the Allocation Act to another governmental unit to finance mortgage loans to provide -3- more adequate residential housing facilities for low- and middle- income families and persons within Weld County. (b) Weld 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. 3 . Acceptance of Transfers by Larimer County. Pursuant to the Allocation Act : (a) Larimer County hereby accepts the transfers to it by Weld County of the allocation of Weld County under the Allocation Act ( including the allocations transferred to Weld County by certain municipalities within Weld County) for the year 1985 and hereby accepts the delegation by Weld County of the authority to act on its behalf in the issuance of qualified mortgage bonds pursuant to the allocation granted under the Allocation Act for the year 1985 , subject to the terms and conditions herein contained. (b) Larimer County agrees that it will use its best efforts to issue revenue bonds under the Project Act, in one or more series, to finance Mortgage Loans to provide more adequate residential hous- ing facilities for low- and middle-income families and persons within Larimer County and Weld County. (c) Larimer 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. 4 . aenerai Provisions. (a) This Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by Larimer County 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 , 1986 if Larimer County has not prior to that -4- date issued its revenue bonds under the Project Act for the purpose of financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County. (c) From the date of issuance of the revenue bonds under the Project Act to finance the Mortgage Loans to and including November 1 , 1985 , a portion of the moneys to be used to finance the Mortgage Loans shall be reserved for purchasing Mortgage Loans with respect to residences located within Weld County and a portion of the moneys to be used to finance Mortgage Loans shall be reserved for purchasing Mortgage Loans with respect to residences located within Larimer County. Subsequent to November 1 , 1985, Mortgage Loans may be purchased without regard to such requirements. (d) This Allocation Transfer Agreement shall not constitute the debt or indebtedness of Weld County or Larimer County 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 pecu- niary liability or a charge against the general credit or taxing powers of Weld County or Larimer County. IN WITNESS WHEREOF, the parties hereto have entered into this Allocation Transfer Agreement this 8th day of April 1985 . WELD COUNTY, COLORADO Ch man f th oard of County Commissioners (SEAL) Attest : ' J County Clerk -5- LARIMER COUNTY, COLORADO By Chairman of the Board of County Commissioners (SEAL) Attest : County Clerk -6- EXHIBTT R -10- Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Weld County. Weld County covenants that prior to January 1 , 1986 , it will not issue .any bonds, notes or securities to finance mortgage loans to provide more adequate residential housing facilities for low- and middle-income families or persons within Weld County or del- egate its powers under the Project Act to another county or munici- pality to finance mortgage loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Weld County. (b ) The Board of County Commissioners of Weld County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Delegation Agreement. 3 . Acceptance of Delegation by Larimer County. Pursuant to the Project Act and Part 2 of Article 1 of Title 29 , Colorado Revised Statutes : (a ) The Board of County Commissioners of Larimer County hereby accepts the delegation granted to it by Weld County, subject to the terms and conditions herein contained. (b) The Board of County Commissioners of Larimer County agrees that it will finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer County and Weld County. (c) The Board of County Commissioners of Larimer County agrees that it will take such further action and adopt such further proceedings as may be required to implement the terms of this Delegation Agreement. -3- 4. (leneral Provisions. (a) This Delegation Agreement is hereby declared irrevoca- ble during the term of the financing agreements to be entered into by Larimer County and the financial institutions which will originate and service the Mortgage Loans, and this Delegation Agreement shall terminate upon the termination of such financing agreements. (b) This Delegation Agreement shall automatically termi- nate on January 1 , 1986 if Larimer County has not prior to that date issued its revenue bonds under the Project Act for the purpose of financing Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within Larimer and Weld County. (c) From the date of issuance of the revenue bonds under the Project Act to finance the Mortgage Loans to and including November 1 , 1985 , a portion of the moneys to be used to finance the Mortgage Loans shall be reserved for purchasing Mortgage Loans with respect to residences located within Weld County and a portion of the moneys to be used to finance Mortgage Loans shall be reserved for purchasing Mortgage Loans with respect to residences located within Larimer County. Subsequent to November 1 , 1985, Mortgage Loans may be purchased without regard to such requirements. (d) This Delegation Agreement shall not constitute the debt or indebtedness of Larimer County or Weld County within the meaning of the Constitution or statutes of the State nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of Larimer County or weld County. -4- IN WITNESS WHEREOF, the parties hereto have entered into this Delegation Agreement this 8th day of April , 1985 . WELD COUNTY, COLORADO BtIan rd of County ai an f th Bard of County Commissioners (SEAL) Attest : /� County Clerk LARIMER COUNTY, COLORADO By Chairman of the Board of County Commissioners (SEAL) Attest : County Clerk -5- Hello