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Home My WebLink About850695.tiff RESOLUTION ACCEPTING THE TRANSFERS OF ALLOCATIONS BY MUNICIPALITIES WITHIN WELD COUNTY, COLORADO UNDER PART 8 OF ARTICLE 4 OF TITLE 29 OF COLORADO REVISED STATUTES, TO FINANCE MORTGAGE LOANS '1O PROVIDE MORE ADEQUATE RESIDENTIAL HOUSING FACILITIES WITHIN WELD COUNTY AND AUTHORIZING THE EXECUTION AND DELIVERY BY WELD COUNTY OF CERTAIN STATE ALLOCATION TRANSFER AGREEMENTS. WHEREAS , Weld County, Colorado (the "County") and the municipalities located within the 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 properties to the end that more adequate residential housing facili- ties 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 formula for allocation in Part 8 of Article 4 of Title 29, 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 -2- 1 / 850695 issue bonds to finance single-family mortgages and to accept transfers of such allocations ; and WHEREAS, certain municipalities located within the County (the "Municipalities") desire to transfer to the County their alloca- tions under the Allocation Act for the year 1985 to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the Municipalities ; and WHEREAS, the County desires to accept such transfers to finance Mortgage Loans to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the Municipalities ; and WHEREAS, it is necessary to evidence such transfers and the acceptance of such transfers by the execution and delivery of certain State Allocation Transfer Agreements, a form of which is attached hereto as Exhibit A (the "State Allocation Transfer Agreements") , by the County and each of the Municipalities; and 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 the Municipalities and the County at the earliest possible date, which will promote the public health, welfare, safety, convenience and prosperity of the inhabitants of the County, it is deemed necessary and advisable that the State Allocation Transfer Agreements be approved, executed and delivered by and on behalf of the County. Section 2. The forms, terms and provisions of the State Allocation Transfer Agreements hereby are approved and the Chairman of the Board of County Commissioners of the County and the County -3- Clerk hereby are authorized and directed to execute and deliver the State Allocation Transfer Agreements. Section 3 . The officers of the County shall take such other steps or actions necessary or reasonably required to carry out the terms and intent of this resolution and the State Allocation Transfer Agreements. Section 4 . Nothing contained in this resolution or in the State Allocation Transfer Agreements shall obligate the County, except to the extent described in the State Allocation Transfer Agreements, nor constitute the debt or indebtedness of the 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 the 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. PASSED, ADOPTED AND APPROVED this 8th day of April 1985 . .L�trt� airm of th Board of County Commissioners (SEAL) Attest : flylf.4�w.ti4-Z Lae�s✓ o n 914be y/ L� p County Clerk APPROVED S TO FORM: /c27/7{17dibrit County Attorney -4- 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 -5-, inclusive, are a true, perfect and complete copy 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 _g, 1985 at _I: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. / County Clerk (SEAL) -6- EXHIBIT A -7- 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 Johnson Other Commissioners : Gene Brantner Frank Yamagichi Absent: C.W. Kirby & Gordon F. 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 : G. /T 9 - - _<.✓ STATE ALLOCATION TRANSFER AGREEMENT This State Allocation Transfer Agreement is between the City of Dacono, Colorado (the "City") and Weld County, Colorado (the "County") . 1 . Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this State Allocation Transfer Agreement are the following: (a) The City and the 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 properties to the end that more adequate residential hous- ing facilities for low- and middle-income families and persons may be provided. (b) Section 103A of the Internal Revenue Code of 1954 (the "Code" ) restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority (the "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 as defined in the Code (the "State Ceiling") . (c) Pursuant to the Code, the State has provided for a for- mula for allocation of the State Ceiling among the governmental units in the State different from the federal allocation formula, in a recently enacted law (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) Neither the execution and delivery of this State Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this State Allocation Transfer Agreement con- flicts 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 the City or the County is now a party or by which the City or the County is bound, or constitutes a default under any of the foregoing. 2 . Transfers by the Cit'. Pursuant to the Allocation Act, the City transfers to the County its allocation under the Allocation Act for the year 1985 to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the City. The City covenants so long as this State Allocation Transfer Agreement remains in effect during 1985 that before January 1 , 1986 it will not issue any bonds, notes or other securities under the Project Act to finance mortgage loans for residential housing facilities for low- and middle-income families or persons within the City or transfer any portion of its allocation under the Allocation Act to another governmental unit. 3 . Acceptance of Transfers by the Count'. Pursuant to the Allocation Act, the County hereby accepts the transfers to it by the City of the allocation of the City under the Allocation Act for the year 1985 . 4 . General Provisions.. (a) This State Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by the County and the financial institutions which will origi- nate and service the mortgage loans, and this State Allocation Transfer Agreement shall terminate upon the termination of such agreements. (b) This State Allocation Transfer Agreement shall automat- ically terminate on January 1 , 1986 , if the County has not by 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 the County and the City. IN WITNESS WHEREOF, the parties hereto have entered into this State Allocation Transfer Agreement this 8th day of April , 1985 . THE CITY OF DACONO, COLORADO (SEAL) By Mayor Attest : City Clerk -2- IN COLORADO SPRINGS Sherman&Howard Sherman, Howard,Baker&Wendelken A LAW PAThEPSHIP INCLUDING-PROFESSIONAL CORPORATIONS SUITE 301 MINING EXCHANGE BUILDING COLORADO SPRINGS,COLORADO 80903 TELEPHONE 303475-2440 2900 FIRST INTERSTATE TOWER NORTH TELEPHONE 303 297-2900 633 SEVENTEENTH STREET TELECOPIER. 34 03 2988-0940 IN RENO,NEVADA DENVER,COLORADO 80202 Hill Cassas deLipkau and Erwin POST OFFICE BOX 2790 RENO.NEVADA 89505 TELEPHONE 702323-1601 TELECOPIER 702 348-7250 April 2, 1985 EXPRESS MAIL Mr. Don Warden Centennial Complex 915 - 10th Street Greeley, Colorado 80631 Larimer County and Weld County, Colorado Single Family Mortgage Revenue Bonds 1985 Series A Dear Mr. Warden: Enclosed are drafts of a Resolution accepting the transfers of allocations by the municipalities within Weld County and a Resolution transferring to Larimer County Weld County' s allocation (including the allocations transferred to Weld County by the municipalities) . It is our understanding that these Resolutions will be acted upon on April 8 , 1985. We are still in the process of collecting all the executed State Allocation Transfer Agree- ments from the various municipalities within Weld County. Hopefully, we will have all of these agreements finalized by the April 8th meeting. If you have any questions or comments, please do not hesitate to call us. Very't ly ,yours, " out s,, . -J slop DWJ/mk Enclosures STATE ALLOCATION TRANSFER ACREFMENT This State Allocation Transfer Agreement is between the Town of Hudson, Colorado (the "Town") and Weld County, Colorado (the "County") . 1 . Preliminary Statement . Among the matters of mutual inducement which have resulted in the execution of this State Allocation Transfer Agreement are the following: (a) The Town and the 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 properties to the end that more adequate residential hous- ing facilities for low- and middle-income families and persons may be provided. (b) Section 103A of the Internal Revenue Code of 1954 (the "Code") restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority (the "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 as defined in the Code (the "State Ceiling") . (c) Pursuant to the Code, the State has provided for a for- mula for allocation of the State Ceiling among the governmental units in the State different from the federal allocation formula, in a recently enacted law (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) Neither the execution and delivery of this State Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this State Allocation Transfer Agreement con- flicts 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 the Town or the County is now a party or by which the Town or the County is bound, or constitutes a default under any of the foregoing. 2 . Transfers by the Town. Pursuant to the Allocation Act, the Town transfers to the County its allocation under the Allocation Act for the year 1985 to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the Town. The Town covenants so long as this State Allocation Transfer Agreement remains in effect during 1985 that before January 1 , 1986 it will not issue any bonds, notes or other securities under the Project Act to finance mortgage loans for residential housing facilities for low- and middle-income families or persons within the Town or transfer any portion of its allocation under the Allocation Act to another governmental unit. 3 . cceptance of Transfers by the County. Pursuant to the Allocation Act, the County hereby accepts the transfers to it by the Town of the allocation of the Town under the Allocation Act for the year 1985 . 4 . General Provisions. (a) This State Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by the County and the financial institutions which will origi- nate and service the mortgage loans, and this State Allocation Transfer Agreement shall terminate upon the termination of such agreements. (b) This State Allocation Transfer Agreement shall automat- ically terminate on January 1 , 1986, if the County has not by 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 the County and the Town. IN WITNESS WHEREOF, the parties hereto have entered into tl s State Allocation Transfer Agreement this s ``` day of /n.,,^A, , 1985 . THE TOWN OF HUDSON, COLORADO (SEAL) By Mayor Attest: r / ,_1/ !/ Town Clerk -2- • WELD COUNTY, COLORADO (SEAL) By\- ChiAiftman of theLWoard of County Commissioners Attest : County Clerk -3- STATE ALLOCATION TRANSFER AGREEMENT This State Allocation Transfer Agreement is between the Town of Johnstown, Colorado (the "Town" ) and Weld County, Colorado (the "County") . 1 . preliminary Statement . Among the matters of mutual inducement which have resulted in the execution of this State Allocation Transfer Agreement are the following: (a) The Town and the 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 properties to the end that more adequate residential hous- ing facilities for low- and middle-income families and persons may be provided. (b) Section 103A of the Internal Revenue Code of 1954 (the "Code") restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority (the "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 as defined in the Code (the "State Ceiling") . (c) Pursuant to the Code, the State has provided for a for- mula for allocation of the State Ceiling among the governmental units in the State different from the federal allocation formula, in a recently enacted law (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) Neither the execution and delivery of this State Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this State Allocation Transfer Agreement con- flicts 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 the Town or the County is now a party or by which the Town or the County is bound, or constitutes a default under any of the foregoing. 2 . Transfers •y the Town. Pursuant to the Allocation Act, the Town transfers to the County its allocation under the Allocation Act for the year 1985 to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the Town. The Town covenants so long as this State Allocation Transfer Agreement remains in effect during 1985 that before January 1 , 1986 it will not issue any bonds, notes or other securities under the Project Act to finance mortgage loans for residential housing facilities for low- and middle-income families or persons within the Town or transfer any portion of its allocation under the Allocation Act to another governmental unit. 3 . Acceptance of Transfers by the County. Pursuant to the Allocation Act, the County hereby accepts the transfers to it by the Town of the allocation of the Town under the Allocation Act for the year 1985 . 4 . General Provisions. (a) This State Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by the County and the financial institutions which will origi- nate and service the mortgage loans, and this State Allocation Transfer Agreement shall terminate upon the termination of such agreements. (b) This State Allocation Transfer Agreement shall automat- ically terminate on January 1 , 1986, if the County has not by 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 the County and the Town. IN WITNESS WHEREOF, the parties hereto have entered into this State Allocation Transfer Agreement this 1st day of April , 1985 . THE TOWN OF JOHNSTO N, COLORADO I (SEAL) By b(/CP ?ZV&' C4/�Ut Mayor Attest :-)29.71, pp iP _c'41)1�ae4L$ktfd'-Pi.) Town Clerk -2- C WELD COUNTY, COLORADO (SEAL) By/r Chaixman the Eyard of County Commissioners Attest:Mir jj County Clerk / -3- FEDERAL ALLOCATION TRANSFER AGRFLRMENT This Federal Allocation Transfer Agreement is between the Town of Johnstown, Colorado (the "Town" ) and Weld County, Colorado (the "County") . 1 . Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Federal Allocation Transfer Agreement are the following: (a) The Town and the County are each authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29 , Colorado Revised Statutes (the "Act") , to finance properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided. (b) Section 103A of the Internal Revenue Code of 1954 (the "Code") restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority (the "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 as defined in the Code (the "State Ceiling") . (c) The Code specifies an allocation formula to be used to determine allocations of the State Ceiling amount among the Authority and local governmental units, which formula, for the governmental units is based on historical mortgage lending activity in each such local governmental unit. (d) Pursuant to the Code, the State had provided for a for- mula for allocation of the State Ceiling among the governmental units in the State different from the federal allocation formula, in Part 8 of Article 4 of Title 29 of Colorado Revised Statutes, until such act was repealed, effective January 1 , 1985 . (e) Where there are governmental units in the State with overlapping jurisdictions, the Code authorizes the governmental unit with jurisdiction over the smallest geographical area to transfer all or part of such overlapping area to the governmental unit having jurisdiction of the next smallest geographical area and otherwise authorized to issue bonds to finance single-family mortgages and to accept transfers of such allocations. (f) Neither the execution and delivery of this Federal Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Federal 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 the Town or the County is now a party or by which the Town or the County is bound, or constitutes a default under any of the foregoing. 2 . Transfers by the Town. Pursuant to the Code, the Town allocates all of the area within its jurisdiction to the County for the year 1985 for the County' s use in determining its allocation under the Code and to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the Town. The Town covenants so long as this Federal Allocation Transfer Agreement remains in effect during 1985 that before January 1 , 1986 it will not issue any bonds, notes or other securities under the Act to finance mortgage loans for residential housing facilities for low- and middle-income families or persons within the Town or transfer any portion of its allocation under the Code or any State law to another governmental unit. 3 . Acceptance of Transfers by the County. Pursuant to the Code, the County hereby accepts the allocations to it by the Town of the area within the jurisdiction of the Town for the year 1985 for the County's use in determining the County' s allocation under the Code. 4 . General Provisions. (a) This Federal Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by the County and the financial institutions which will origi- nate and service the mortgage loans, and this Federal Allocation Transfer Agreement shall terminate upon the termination of such agreements. (b) This Federal Allocation Transfer Agreement shall auto- matically terminate on the effective date of any State law providing a formula for allocation of the State Ceiling different than the allocation formula under the Code if the County has not by that date issued its revenue bonds under the Act for the purpose of financing mortgage loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within the County and the Town. -2- IN WITNESS WHEREOF, the parties hereto have entered into this Federal Allocation Transfer Agreement this 1st day of April , 1985 . THE TOWN/ OF, JOHNSTOWN, COLORADO / (SEAL) By /! ,gym, Mayor ( / Attest : t/te st : i<3-• 02��6 A ea/Lk tie 11-) Town Clerk WELD COUNTY, COLORADO (SEAL) By-_aO.c4x&u.1rno ; `Pfef4_,C;f, Chai}man„of theBoard of County Commissioners Attest: tilent atA,v..-11. At44M4 n1 County Clerk -3- FEDERAL ALLOCATION TRANSFER_AGREEMENT This Federal Allocation Transfer Agreement is between the Town of Hudson, Colorado (the "Town") and Weld County, Colorado (the "County") . 1 . preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Federal Allocation Transfer Agreement are the following: (a) The Town and the County are each authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes (the "Act") , to finance properties to the end that more adequate residential housing facilities for low- and middle-income families and persons may be provided. (b) Section 103A of the Internal Revenue Code of 1954 (the "Code") restricts the amount of tax exempt obligations which may be issued by the Colorado Housing Finance Authority (the "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 as defined in the Code (the "State Ceiling") . (c) The Code specifies an allocation formula to be used to determine allocations of the State Ceiling amount among the Authority and local governmental units, which formula, for the governmental units is based on historical mortgage lending activity in each such local governmental unit. (d) Pursuant to the Code, the State had provided for a for- mula for allocation of the State Ceiling among the governmental units in the State different from the federal allocation formula, in Part 8 of Article 4 of Title 29 of Colorado Revised Statutes, until such act was repealed, effective January 1 , 1985 . (e) Where there are governmental units in the State with overlapping jurisdictions, the Code authorizes the governmental unit with jurisdiction over the smallest geographical area to transfer all or part of such overlapping area to the governmental unit having jurisdiction of the next smallest geographical area and otherwise authorized to issue bonds to finance single-family mortgages and to accept transfers of such allocations. (f) Neither the execution and delivery of this Federal Allocation Transfer Agreement, the consummation of the transactions contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Federal 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 the Town or the County is now a party or by which the Town or the County is bound, or constitutes a default under any of the foregoing. 2 . Transfers by the Town. Pursuant to the Code, the Town allocates all of the area within its jurisdiction to the County for the year 1985 for the County' s use in determining its allocation under the Code and to provide more adequate residential housing facilities for low- and middle-income families and persons within the County and the Town. The Town covenants so long as this Federal Allocation Transfer Agreement remains in effect during 1985 that before January 1 , 1986 it will not issue any bonds, notes or other securities under the Act to finance mortgage loans for residential housing facilities for low- and middle-income families or persons within the Town or transfer any portion of its allocation under the Code or any State law to another governmental unit. 3 . . Pursuant to the Code, the County hereby accepts the allocations to it by the Town of the area within the jurisdiction of the Town for the year 1985 for the County's use in determining the County' s allocation under the Code. 4 . General Provisions. (a) This Federal Allocation Transfer Agreement is hereby declared irrevocable during the term of the agreements to be entered into by the County and the financial institutions which will origi- nate and service the mortgage loans, and this Federal Allocation Transfer Agreement shall terminate upon the termination of such agreements. (b) This Federal Allocation Transfer Agreement shall auto- matically terminate on the effective date of any State law providing a formula for allocation of the State Ceiling different than the allocation formula under the Code if the County has not by that date issued its revenue bonds under the Act for the purpose of financing mortgage loans to provide more adequate residential housing facili- ties for low- and middle-income families and persons within the County and the Town. -2- IN WITNESS WHEREOF, the parties hereto have entered into this Federal Allocation Transfer Agreement this .2/'"''day of 1985 . THE TOWN OF HUDSON, COLORADO (SEAL) By 2 . Mayor Attest: t!/�j c. ,coil ` Town Clerk WELD COUNTY, COLORADO ` (SEAL) By�o Chi man-)of theJBoard of County Commissioners Attest: ' 1I County Clerk -3- Hello