HomeMy WebLinkAbout890970.tiff RESOLUTION
RE: AUTHORIZATION OF EXCHANGE OF CERTAIN FUNDS BETWEEN THE COUNTY
OF WELD AND THE COLORADO HOUSING AND FINANCE AUTHORITY
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, the County of Weld is authorized and empowered under
the laws of the State of Colorado (the "State") to issue revenue
bonds for the purpose of providing single-family mortgage loans to
low- and moderate-income persons and families, and
WHEREAS, the County of Weld has heretofore issued its Weld
County Single Family Mortgage Revenue Bonds, 1981 Series A, (the
"Refunded Bonds") , and
WHEREAS, the Colorado Housing and Finance Authority (the
"Authority") desires to issue its mortgage revenue bonds in one or
more series during 1989 (the "Refunding Bonds") for the purpose of
providing funds to be used to pay at maturity or to redeem prior
to maturity from sinking funds payments and from prepayments on
mortgage loans a portion of the principal amounts of the Refunded
Bonds within ninety (90) days after such Refunding Bonds are
issued, and
WHEREAS, the purpose of refunding the Refunded Bonds is to
make funds available to originate mortgage loans without using
volume cap, and
WHEREAS, the County of Weld has determined that, in order to
increase the availability of adequate affordable housing by low-
and moderate-income persons and families within the County of Weld
and elsewhere in the State of Colorado, it is necessary or
desirable to refund the Refunded Bonds by authorizing the exchange
of certain funds held by the trustee (s) for the Refunded Bonds
(the "Refunded Bonds ' Trustee") with certain funds held by the
trustee for the Refunding Bonds (the "Refunding Bonds ' Trustee") ,
and
890970
Page 2
RE: EXCHANGE OF FUNDS - COLORADO HOUSING & FINANCE AUTHORITY
WHEREAS , the monies which otherwise would have been used to
pay the principal amounts of the respective series of the Refunded
Bonds at maturity or prior redemption from sinking fund payments
and from prepayments on mortgage loans shall be used to make
mortgage loans to low- and moderate-income persons and families
within the area within which mortgage loans were eligible to be
financed with the proceeds of the Refunded Bonds, and
WHEREAS, the Board of County Commissioners of the County of
Weld has determined to authorize the exchange of certain funds
held by the Refunded Bonds ' Trustee with certain funds held by the
Refunding Bonds' Trustee, which exchange is to be evidenced by a
Funds Exchange Agreement (the "Funds Exchange Agreement") between
the Refunding Bonds ' Trustee and the Refunded Bonds ' Trustee for
each series of Refunding Bonds issued by the Authority in 1989.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, as follows;
1 . The exchange of certain funds consisting of principal
payments, sinking fund redemption payments and prepayments held by
the Refunded Bonds ' Trustee with an equal amount of funds held by
the Refunding Bonds ' Trustee for each series of Refunding Bonds
issued by the Authority in 1989 be, and hereby is, approved.
2 . The Refunded Bonds' Trustee be, and hereby is,
authorized to execute and deliver a Funds Exchange Agreement for
each series of Refunding Bonds issued by the the Authority in 1989
and to take such other steps or actions as may be necessary,
useful or convenient to effect the aforesaid exchange of funds in
accordance with the intent of this Resolution.
3 . 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.
4 . This Resolution shall be irrevocable during the period
that any Refunding Bonds are outstanding.
5 . This Resolution shall be in full force and effect upon
its passage and approval.
890970
Page 3
RE: EXCHANGE OF FUNDS - COLORADO HOUSING & FINANCE AUTHORITY
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 11th day of
September, A.D. , 1989.
t I -'1
ATTEST: BOARD OF COUNTY COMMISSIONERS
' � �� WELD COUNTY, COLORADO
Weld County C erk and Recorder s /
and Clerk to the Board C.W. Kir y, C irman
,�
EXCUS
BY: 7:77',a ,47 > -% Jacq 'ne Johnson, Pro-Tem
Deputy/ County narkaie v
APPROVED AS TO FORM: Gene R. Brantner
s. //--1---
George Ke ned
� /
: _� County Attorney
Gord
890970
'?....41111"
DEPARTMENT OF FINANCE AND ADMINISTRATION
PHONE(303)356-4000 EXT. 4218
P.O. BOX 758
W4.--i .ilk
GREELEY, COLORADO 80632
COLORADO
September 11, 1989
David W. Herlinger
Executive Director
CHFA
1981 Blake Street
Denver, CO 80202-1272
Dear Mr. Herlinger:
Enclosed please find the following documents for Weld County's participation
in the CHFA Refunding Program:
— Resolution authorizing refunding
— Letter to Trustee
— County Attorney's opinion
Please note that Weld County only had one single family housing bond issue
in its name. All other issues were done jointly with Larimer County or
Denver in their name.
If you have questions or need additional information, please do not hesitate
to contact me at 356-4000, extension 4218.
Ver (truly yours,
2
raze/ a�� ir _
Donald D. Warden, Director
Finance and Administration
DDW:vds
enc
•
890970
ptil darg
OFFICE OF BOARD OF COUNTY COMMISSIONERS
T PHONE(303)356-4000,EXT. 420C
P.O. BOX 758
GREELEY,COLORADO 80632
WI I O
•
COLORADO
September 7, 1989
Corporate Trust Department
Central Bank of Denver
1515 Arapahoe Street
Denver, CO 80217
Re: Colorado Housing and Finance Authority
Single Family Current Refunding Program
t
Dear Sir:
In connection with our participation in the above-referenced program (the
"Program") relating to Weld County, Colorado Single Family Mortgage Revenue
Bonds, 1981, Series A, you are hereby authorized to release any and all
information necessary to effectuate our participation in the Program,
including, but not limited to, the principal payment and sinking fund
redemption dates and amounts for the fourth quarter of 1989, the amount of
funds that have been received as prepayments of mortgage loans, the amount
of funds that have currently been transferred or placed in the Redemption
Fund(s) , and how such funds are currently invested, to the following
individuals or their respective designees:
1. Mr. Harry Merritt
Director of Finance
Colorado Housing and Finance Authority
1981 Blake Street i►
Denver, CO 80202-1272
(303) 297-7370
2. Mr. Robert A. Hynote
Goldman, Sachs and Co.
555 California Street, 31st Floor
San Francisco, CA 94104
(415) 393-7689
Thank you for your cooperation.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
•
C. W. Kirby, Chairman
CWK:vds
vd s 8909 l pp��p�y
0
( OFFICE OF COUNTY ATTORNEY
PHONE(303)356-4000 EXT. 4391
P.O. BOX 1948
GREELEY,COLORADO 80632
COLORADO
September 7, 1989
Colorado Housing and Finance Authority
1981 Blake Street
Denver, CO 80202-1272
Gentlemen:
I am an attorney duly admitted to practice in the State of
Colorado (the "State") . I have acted as counsel for Weld County
(the "County") in connection with the authorization of the
exchange of certain funds held by the trustee (s) for the following
bond issues of the County of Weld: [such bend issues are
hereinafter collectively referred to as the "Refunded Bonds, " and
the trustee (s) for the Refunded Bonds is (are) hereinafter
referred to as the "Refunded Bonds ' Trustee"] for mortgage revenue
refunding bonds to be issued in one or more series in 1989 (the
"Refunding Bonds" ) by the Colorado Housing and Finance Authority
(the "Authority") . This authorization cf exchange of funds is
being effected pursuant to a Resolution adopted by the Board of
County Commissioners on September 11 , 1989 , and a Funds Exchange
Agreement (The "Funds" Exchange Agreement") to be entered into
between the Refunding Bonds ' Trustee and the Refunded Bonds '
Trustee for each series of Refunding Bonds issued by the Authority
in 1989 .
I have examined, among other things, a copy of the Resolution. I
have also examined the Constitution of the State and such statutes
and regulations as I deemed appropriate, including, without
limitation, the charter of Weld County, certificates of public
officials and of officers and representatives of the County of
Weld, and such other documents as I have deemed necessary as a
basis for the opinions hereinafter expressed. In the course of
such examinations, I have assumed the genuineness of all
signatures and the authenticity of all documents submitted to me
as copies.
Based upon the foregoing, it is my opinion that:
1 . The County of Weld is a county validly existing under the
Constitution and laws of the State.
890970
Colorado Housing anc !inance Authority
Page 2
September 7, 1989
2. The County of Weld has full legal right, power, and
authority: (a) to adopt the Resolution; and (b) to perform its
obligations under the Resolution.
3 . The adoption and the performance of the County of Weld 's
obligations thereunder have been duly authorized by the County,
and the Resolution has been duly adopted by the County and
constitutes a valid and binding obligation of the County
enforceable in accordance with its terms.
4 . The authorization of the execution and delivery of a Funds
Exchange Agreement by the Refunded Bonds ' Trustee for each series
of Refunding Bonds issued by the Authority in 1989 has been duly
authorized by the County.
5 . The adoption of the Resolution and the authorization of the
execution and delivery of a Funds Exchange Agreement for each
series of Refunding Bonds issued by the Authority in 1989 and
compliance with the terms, conditions and provisions of the
Resolution by the County will not conflict with or result in a
breach or violation of any of the terms , conditions or provisions
of the Constitution or the laws of the State, local ordinances,
resolutions, charter, bylaws, or other regulations, or any other
governmental authority of any nature whatsoever as now existing,
or to the best of my knowledge, any agreement or instrument to
which the County is now a party or by which it is bound, or
constitute a default thereunder.
6 . No approval, permit, consent or authorization applicable to
the County and not already obtained by the County of anv
government or public agency, authority or person is required in
connection with the adoption by the County of, and the performance
by it of its obligations under, the Resolution or the
authorization of the execution and delivery by the County of a
Funds Exchange Agreement for each series of Refunding Bonds issued
by the Authority in 1989 .
This opinion may be relied upon by: (i) the Authority' s Bond
Counsel in rendering its opinion in connection with the issuance
by the Authority of mortgage revenue bonds; and (ii) each
institution which may act as an underwriter of any such mortgage
revenue bonds.
Very &lily yours,
�-g-•
Thomas O. David • •
Weld County Attorney
TOD: sa
890970
Hello