HomeMy WebLinkAbout871143.tiff RESOLUTION
RE: DECLARE INTENT OF WELD COUNTY, COLORADO, TO ISSUE BONDS TO
PROVIDE FINANCING FOR SINGLE FAMILY RESIDENCES FOR LOW- AND
MIDDLE-INCOME PERSONS AND FAMILIES; PRESCRIBING CERTAIN TERMS
AND CONDITIONS OF SUCH BONDS; AND CONTAINING OTHER PROVISIONS
RELATING TO THE PROPOSED ISSUANCE OF BONDS
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 and Municipality Development Revenue Bond
Act, Colorado Revised Statutes , Sections 29-3-101 et seq. of the
Colorado Revised Statutes, as amended (the "Act") , authorizes Weld
County, Colorado, a body politic and corporate (the "Issuer" ) to
finance or re-finance one or more projects (which includes any
land, building or other improvement and real and personal
properties) to the end that 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 may be
provided which promote the public health, welfare , safety,
convenience and property; and
WHEREAS, the Issuer is further authorized by the Act to issue
revenue bonds for the purpose of defraying the cost of financing
and re-financing any project, including the payment of principal
and interest on the proposed revenue bonds not exceeding three
years , the funding of any reserve funds which the governing body
of the Issuer may deem advisable to establish in connection with
the retirement of the proposed revenue bonds or the maintenance of
the project and all incidental expenses incurred in issuing such
bonds , and to secure payment of such bonds as provided in the Act,
and
WHEREAS, it is proposed that the Issuer issue its revenue
bonds to finance the purchase of certain mortgage loans for
residential facilities for low- and middle-income families or
persons intended to use as the sole place of residence by the
owners or intended occupants thereof, which facilities are located
within the boundaries of the Issuer, and
WHEREAS, the Issuer wishes to declare its intention to
authorize an issue of its revenue bonds for the purpose of paying
the cost of financing such facilities , upon such terms and
conditions as are contained herein.
871143
Page 2
RE: INTENT TO ISSUE REVENUE BONDS
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, that:
Section 1 . In order to benefit the residents of the Issuer,
the Issuer hereby declares its intent to issue its Single Family
Mortgage Revenue Bonds in one or more series (the "Bonds" ) in an
approximate aggregate principal amount of $1 ,523 , 960 , which amount
is estimated to be sufficient: (a) to provide financing for the
purchase of certain mortgage loans for residential facilities
within the boundaries of the Issuer; and (b) to pay certain costs
incurred in connection with the issuance of the Bonds .
Section 2 . The Bonds shall be special limited obligations of
the Issuer payable solely from the revenues derived from or in
connection with the mortgage loans made on the single family
residences.
Section 3 . The Board of County Commissioners of the Issuer
hereby finds , determines, recites and declares that the Bonds
shall not constitute the debt or indebtedness of the Issuer, the
State of Colorado or any other political subdivision of the State
within the meaning of any provision or limitation of the State
Constitution, statutes or home rule charter, and shall not
constitute nor give rise to a pecuniary liability of the Issuer or
a charge against the Issuer' s general credit or taxing powers , nor
shall the bonds ever be deemed to be an obligation or agreement of
any officer, director, agent or employee of the Issuer in such
person' s individual capacity, and none of such persons shall be
subject to any personal liability by reason of issuance of the
Bonds .
Section 4 . The Board of County Commissioners of the Issuer
hereby finds , determines , recites and declares that the issuance
of the Bonds to provide financing for single family residences
will promote the public purposes set forth in the Act, including,
without limitation, assisting persons or families of low- and
middle-income in obtaining decent, safe and sanitary housing.
Section 5 . The Board of County Commissioners of the Issuer
hereby finds , determines, recites and declares the Issuer' s intent
that this Resolution constitute an official indication of the
present intention of the Issuer to issue the Bonds as herein
provided.
Section 6 . All actions not inconsistent with the provisions
of the Resolution heretofore taken by the Board of County
Commissioners of the Issuer, in furtherance of the undertakings
herein described, are hereby ratified, approved and confirmed.
871143
Page 3
RE : INTENT TO ISSUE REVENUE BONDS
Section 7 . All prior acts, orders or resolutions, or parts
thereof of the Issuer in conflict with this Resolution are hereby
repealed, except that this repealer shall not be construed to
revise an act, order or resolution, or part thereof, heretofore
repealed.
Section 8 . If any section, paragraph, clause or provision of
this Resolution shall be adjudged to be invalid or enforceable,
the invalidity or unenforceability of such section, paragraph,
clause or provision shall not affect any of the remaining
sections, paragraphs , clauses or provisions of this Resolution.
Section 9 . All bylaws , orders or resolutions, or parts
thereof, inconsistent herewith or with the documents hereby
approved as hereby repealed to the extent only of such
inconsistency, and if so repealed, no other bylaw, order or
resolution, or part thereof, shall be revised.
Section 10 . This Resolution shall take effect immediately.
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 31st day of
August, A.D. , 1987 .
BOARD OF COUNTY COMMISSIONERS
ATTEST: Cr J WELD COU TY COL DO
Weld County erk and Recorder
^
and Clerk to the Board Go y, airman
BY: U714 ,- J t- C. Kirb , Pro- em
D� -„�u .�puty County C rk
APPROVED AS TO FORM: Gene R. Brantner
i Ja qu 'a o nson
I '2 r t:7 K---'---2--,,,
N
24_,C4. ounty Attorney EXCUSED
Frank Yamaguchi
871143
I , Mary Ann Feuerstein, Weld County Clerk and Recorder,
hereby certify and attest that the written and foregoing
Resolution was introduced, read and adopted on the date hereunder
set forth, and signed and approved by the Chairman of the Board of
County Commissioners of Weld County, Colorado, on the date
hereinafter set forth.
ATTESTED AND CERTIFIED:
Weld unty; 7-er C and Recorder
and Crk to the Board
871143
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