HomeMy WebLinkAbout20242281.tiffRESOLUTION
RE: APPROVE DECLARING THE INTENT OF WELD COUNTY, COLORADO, TO ISSUE
PRIVATE ACTIVITY BONDS IN CONNECTION WITH FINANCING RESIDENTIAL
FACILITIES FOR LOW -AND MIDDLE -INCOME FAMILIES OR PERSONS, PURSUANT
TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT, AND
AUTHORIZE CHAIR TO SIGN ALL NECESSARY DOCUMENTS
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, Article 3 of
Title 29, Colorado Revised Statutes, as amended (the "Act"), and the Supplemental Public
Securities Act, Article 57, Title 11, Section 201, et seq., Colorado Revised Statutes, as amended
(the "Supplemental Public Securities Act"), authorize the County of Weld, Colorado, a body politic
and corporate ("County of Weld"), to finance or refinance one or more projects 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 in order to promote the
public health, welfare, safety, convenience and prosperity, and
WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code"), restricts the
amount of tax-exempt bonds ("Private Activity Bonds") which may be issued in the State of
Colorado (the "State") to finance private activity projects that qualify under the Code and for
certain other purposes, and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Colorado Private
Activity Bond Ceiling Allocation Act, constituting Article 32, Title 24, Part 17, Colorado Revised
Statutes, as amended (the "Allocation Act"), County of Weld has an allocation of the 2024 State
Ceiling for the issuance of a principal amount of $7,477,340.00 Private Activity Bonds
(the "2024 Allocation"), and
WHEREAS, County of Weld has determined that, in order to increase the availability of
adequate affordable housing for low- and middle -income persons and families within the County
of Weld, it is necessary or desirable to provide for the utilization of all or a portion of the 2024
Allocation, and
WHEREAS, County of Weld wishes to declare its intention to issue its revenue bonds, in
one or more series in connection with financing 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 thereof, which facilities will be located within the boundaries of County of Weld and
other participating jurisdictions, and
WHEREAS, such revenue bonds to finance single family or multifamily projects are
expected to be issued by County of Weld in an amount not to exceed $7,477,340.00 (plus any
additional amounts that County of Weld may be awarded from the statewide balance pursuant to
the Allocation Act).
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2024-2281
F10080
DECLARING THE INTENT OF WELD COUNTY, COLORADO, TO ISSUE PRIVATE ACTIVITY
BONDS IN CONNECTION WITH FINANCING RESIDENTIAL FACILITIES FOR LOW -AND
MIDDLE -INCOME FAMILIES OR PERSONS, PURSUANT TO THE COLORADO PRIVATE
ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 2
NOW, THEREFORE, BE IT RESOLVED by the Board of Weld County Commissioners of
County of Weld as follows:
1. In order to benefit the residents of the County of Weld, County of Weld hereby
declares its intent to issue its revenue bonds to finance single family or
multifamily projects in one or more series (the "Bonds") in an aggregate
principal amount not to exceed $7,477,340.00 (plus any additional amounts
that County of Weld may be awarded from the statewide balance pursuant to
the Allocation Act), which shall be used in connection with financing residential
facilities for low- and middle -income families or persons intended for use as
the sole place of residence of the owners or intended occupants thereof, which
residential facilities shall be located within the boundaries of County of Weld
and other participating jurisdictions.
2. In connection with the management and preservation of County of Weld's
private activity bond volume cap allocations, County of Weld is hereby
authorized to execute any Internal Revenue Service ("IRS") form and to enter
into assignment agreements and delegation agreements with other Colorado
"issuing authorities" as defined in Section 24-32-1703(12), Colorado Revised
Statutes, as amended. The Chair of the Board of Weld County Commissioners
is hereby authorized and directed to execute any such IRS form and to execute
and deliver any assignment agreements or delegation agreements that are
necessary to manage and preserve County of Weld's private activity bond
volume cap allocations. It is the specific intent of the Board that this Resolution
shall also apply to any amounts that are awarded to County of Weld from the
statewide balance pursuant to the Allocation Act. The appropriate officers of
County of Weld are hereby authorized to apply for an award from the statewide
balance pursuant to the Allocation Act.
3. The Board of Weld County Commissioners hereby finds, determines, recites
and declares that the Bonds shall not constitute any multiple- fiscal year direct
or indirect debt or other financial obligation whatsoever of County of Weld, the
State, or any political subdivision of the State within the meaning of any
provision or limitation of the State Constitution or statutes, and the Bonds shall
not constitute or give rise to a pecuniary liability of County of Weld or a charge
against County of Weld's general credit or taxing powers, or ever be deemed
to be an obligation or agreement of any commissioner, officer, director, agent
or employee of County of Weld in such person's individual capacity, and none
of such persons shall be subject to any personal liability by reason of the
issuance of the Bonds.
2024-2281
FI0080
DECLARING THE INTENT OF WELD COUNTY, COLORADO, TO ISSUE PRIVATE ACTIVITY
BONDS IN CONNECTION WITH FINANCING RESIDENTIAL FACILITIES FOR LOW -AND
MIDDLE -INCOME FAMILIES OR PERSONS, PURSUANT TO THE COLORADO PRIVATE
ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 3
4. The Board of Weld County Commissioners hereby finds, determines, recites
and declares that the issuance of the Bonds in connection with financing such
residential facilities will promote the public purposes set forth in the Act,
including, without limitation, assisting persons or families of low- and middle -
income in obtaining adequate, safe and sanitary housing.
5. The Board of Weld County Commissioners hereby finds, determines, recites
and declares County of Weld's intent that this Resolution constitutes an official
indication of the present intention of County of Weld to issue the Bonds as
herein provided.
6. All actions not inconsistent with the provisions of this Resolution heretofore
taken by the Board or any officer or employee of County of Weld in furtherance
of the issuance of the Bonds, are hereby ratified, approved and confirmed.
7 All prior acts, orders or resolutions, or parts thereof, of County of Weld in
conflict with this Resolution are hereby repealed, except that this repealer shall
not be construed to revive an act, order or resolution, or part thereof, heretofore
repealed.
8. If any section, paragraph, clause or provision of this Resolution shall be
adjudged to be invalid or unenforceable, 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.
9. All bylaws, orders or resolutions, or parts thereof, inconsistent herewith are
hereby repealed to the extent only of such inconsistency, and, if so repealed,
no other bylaw, order or resolution, or part thereof, shall be revived.
10. This Resolution shall be in full force and effect upon its passage and approval.
2024-2281
FI0080
DECLARING THE INTENT OF WELD COUNTY, COLORADO, TO ISSUE PRIVATE ACTIVITY
BONDS IN CONNECTION WITH FINANCING RESIDENTIAL FACILITIES FOR LOW -AND
MIDDLE -INCOME FAMILIES OR PERSONS, PURSUANT TO THE COLORADO PRIVATE
ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 4
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 28th day of August, A.D., 2024.
BOARD OF COUNTY COMMISSIONERS
WELD COU COLO O
ATTEST: C� J
Weld County Clerk to the Board
Bk)aiul m • ik)nno.wTde-
Deputy Clerk to the Board
AP' ' :. ED A
County A'�orney
Date of signature: ql1 0' 2--"T
Kevin D. Ross, Chair
Perry L. B
Saine
Pro-Tem
2024-2281
F10080
Con}�uc-F t3Q
BOARD OF COUNTY COMMISSIONERS
PASS -AROUND REVIEW
PASS -AROUND TITLE: Private Activity Bond (PAB) Carryforward Resolution and Notice to DOLA
DEPARTMENT: Finance DATE: August 21, 2024
PERSON REQUESTING: Cheryl Pattelli
Brief description of the problem/issue:
Pursuant to C.R.S. Section 24-32-1706(3)(c), Weld County is required to notify the Department of Local Affairs how the
County intends to utilize its 2024 PAB volume cap allocation ($7,477,340). This notification, along with the related
carryforward resolution, must occur by September 15, 2024.
The County intends to utilize the PAB volume cap allocation for two projects in Firestone that will increase the availability
of adequate affordable housing for low- and middle -income persons and families within Weld County. In 2023, the BOCC
agreed to provide half of its 2024 PAB volume cap allocation to Dominium and half to Elmington for these projects. Both
Dominium and Elmington need to carryforward their portion of the 2024 cap to 2025.
The attached documents include the carryforward resolution, the notification letter to DOLA, and a required opinion from
Kutak Rock, the County's bond counsel, on the carryforward.
What options exist for the Board?
1) Approve the carryforward resolution and notification to DOLA
2) Do not approve the carryforward resolution and notification to DOLA
Consequences:
If not approved, the 2024 PAB volume cap allocation would not be carried forward for these projects. The cap
would then be relinquished to the statewide balance and not available for Dominium and Elmington.
Impacts: see above
Costs (Current Fiscal Year / Ongoing or Subsequent Fiscal Years):
$0
Recommendation:
Staff recommends the BOCC move the resolution and DOLA notification letter to the full Board meeting for approval.
Perry L. Buck, Pro -Tern
Mike Freeman
Scott K. James
Kevin D. Ross , Chair
Lori Saine
Support Recommendation Schedule
Place on BOCC Agenda Work Session
Vt Q email
Via email
Yta emait
Pt -
Via errvil
Other/Comments:
2024-2281
Karla Ford
From:
Sent:
To:
Cc:
Subject:
I approve.
Perry
Get Outlook for iOS
Perry Buck
Thursday, August 22, 2024 8:45 AM
Mike Freeman; Karla Ford
Lori Saine; Scott James; Kevin Ross
Re: PLEASE REPLY - RUSH Pass Around - Private Activity Bond Carryforward Resolution
and Notice to DOLA
From: Mike Freeman <mfreeman@weld.gov>
Sent: Thursday, August 22, 2024 8:07:37 AM
To: Karla Ford <kford@weld.gov>
Cc: Perry Buck <pbuck@weld.gov>; Lori Saine <Isaine@weld.gov>; Scott James <sjames@weld.gov>; Kevin Ross
<kross@weld.gov>
Subject: Re: PLEASE REPLY - RUSH Pass Around - Private Activity Bond Carryforward Resolution and Notice to DOLA
Approve
Sent from my iPhone
On Aug 22, 2024, at 7:15 AM, Karla Ford <kford@weld.gov>wrote:
This is a RUSH pass -around. Please advise if you support recommendation and to have department
place on the agenda.
Karla Ford A
Office Manager, Board of Weld County Commissioners
1150 0 Street, P.O. Box 758, Greeley, Colorado 80632
:: 970.336-7204 :: kford@weld.gov:: www.weldgov.com
**Please note my working hours are Monday -Thursday 7:00a.m.-4:00p.m.**
<image001.jpg>
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to
which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received
this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying,
distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named
recipient is strictly prohibited.
From: Cheryl Pattelli <cpattelli@weld.gov>
Sent: Wednesday, August 21, 2O24 7:43 PM
To: Karla Ford <kford@weld.gov>
Cc: Cheryl Hoffman <choffman@weld.gov>
Subject: Passaround - Private Activity Bond Carryforward Resolution and Notice to DOLA
1
Karla Ford
From:
Sent:
To:
Cc:
Subject:
Yes - I support - thanks.
** Sent from my iPhone **
Scott James
Thursday, August 22, 2024 7:21 AM
Karla Ford
Mike Freeman; Perry Buck; Lori Saine; Kevin Ross
Re: PLEASE REPLY - RUSH Pass Around - Private Activity Bond Carryforward Resolution
and Notice to DOLA
Scott K. James
Weld County Commissioner, District 2
1150 O Street, P.O. Box 758, Greeley, Colorado 80632
970.336.7204 (Office)
970.381.7496 (Cell)
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for
the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise
protected from disclosure. If you have received this communication in error, please immediately notify sender by return
e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning
the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited.
On Aug 22, 2024, at 7:15 AM, Karla Ford <kford@weld.gov>wrote:
This is a RUSH pass -around. Please advise if you support recommendation and to have department
place on the agenda.
Karla Ford X
Office Manager, Board of Weld County Commissioners
1150 0 Street, P.O. Box 758, Greeley, Colorado 80632
:: 970.336-7204 :: kford adweld.gov :: www.weldgov.com
*Please note my working hours are Monday -Thursday 7:00a.m.-4:00p.m. **
<image001.jpg>
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to
which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. if you have received
this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying,
1
Karla Ford
From:
Sent:
To:
Subject:
Lori Saine
Thursday, August 22, 2024 8:55 AM
Karla Ford
RE: PLEASE REPLY - RUSH Pass Around - Private Activity Bond Carryforward Resolution
and Notice to DOLA
I guess if we have already agreed in2023
Lori Saine
Weld County Commissioner, District 3
1150 O Street
PO Box 758
Greeley CO 80632
Phone: 970-400-4205
Fax: 970-336-7233
Email: Isaine@weldgov.com
Website: www.co.weld.co.us
In God We Trust
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for
the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise
protected from disclosure. If you have received this communication in error, please immediately notify sender by return
e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the
contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited.
From: Karla Ford <kford@weld.gov>
Sent: Thursday, August 22, 2024 7:16 AM
To: Mike Freeman <mfreeman@weld.gov>; Perry Buck <pbuck@weld.gov>; Lori Saine <Isaine@weld.gov>; Scott James
<sjames@weld.gov>; Kevin Ross <kross@weld.gov>
Subject: PLEASE REPLY - RUSH Pass Around - Private Activity Bond Carryforward Resolution and Notice to DOLA
Importance: High
This is a RUSH pass -around. Please advise if you support recommendation and to have department place on the agenda.
1
CERTIFICATE REQUIRED BY SECTION 24-32-1709(2)(c)
OF THE COLORADO REVISED STATUTES, AS AMENDED
As an official of Weld County, Colorado responsible for the supervision of the
issuance of its private activity bonds (the "Bonds"), 1 DO HEREBY CERTIFY that Weld
County, Colorado will proceed with diligence to insure the issuance of such Bonds within
the time period commencing the date hereof and ending December 31, 2027.
IN WITNESS WHEREOF, I have hereunto set my hand this 28th day of
August , 2024.
BOARD OF COUNTY COMMISSIONERS
ATTESTWELD COUNTY, COLORADO
BY:
Clerk to the Board
Deputy Clerk to the Bo
4876-8439-1641 2
vin D. Ross, Chair
ZOV4s zz\
August 21, 2024
Mr. Andrew Paredes
Ms. Natalie Wowk
Mr. Wayne McClary
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Suite #518
Denver, CO 80203
Re: Notification Required Pursuant to Section 24-32-1706 of the Colorado Revised
Statutes, as amended ("C.R.S.")
Dear Mr. Paredes, Ms. Wowk, and Mr. McClary:
Pursuant to C.R.S. Section 24-32-1706(3)(c), Weld County, Colorado (the "County") hereby
notifies the Department of Local Affairs that the County's 2024 private activity bond volume cap
allocation in the amount of $7,477,340.00 will be utilized for a project which has a carryforward
purpose, as such project is described in the attached Resolution. The County desires to treat its 2024
private activity bond volume cap allocation as allocated to such project for such carryforward purpose.
The information required follows:
ISSUING AUTHORITY NAME/ADDRESS/OFFICER
Weld County, Colorado
PO Box 758
Greeley, CO 80632
Ryan Rose, Director of Finance and Administration/Chief Information Officer
(970)400-2550
LEGAL COUNSEL
Kutak Rock LLP
2001 16° Street, Suite 1800
Denver, CO 80202
John A. Henry, Esq.
(303) 297-2400
PRINCIPAL AMOUNT OF CARRYFORWARD
$7,477,340.00
4859-5633-8393.2
Colorado Department of Local Affairs
August 21, 2024
Page 2
NATURE OF PROJECT/BENEFICIARY
Qualified Mortgage Bonds and Qualified Residential Rental Projects
Low- and Middle -Income Families and Persons in Weld County, Colorado
CLASSIFICATION UNDER SECTION 146(0(5)Of' '1.1-1E INTERNAL REVENUE CODE OF 1986,
AS AMENDED
Qualified Mortgage Bonds and Qualified Residential Rental Projects
INFORMATION REQUIRED BY SECTION 146(0)(2) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED
Purpose of Carryforward: Qualified Mortgage Bonds/ Qualified Residential Rental
Projects
Portion for such Purpose: $7,477,340.00
ATTACHMENTS
• Inducement Resolution of Weld County Board of County Commissioners
• Certificate required by C.R.S. Section 24-32-1709(2)(c)
• Preliminary Opinion of Bond Counsel
Please be advised that the County intends to issue its qualified mortgage or qualified residential rental
revenue bonds in 2024, but if not, a federal election for carryforward on IRS Form 8328 will be filed
on or prior to February 15, 2025. Copies of the appropriate documents will be forwarded as filed.
Please call me with any questions.
Sincerely,
Cheryl Pa6ielli
CFO and Director of Finance
4859-5633-8393.2
KUTAKROCK
August 21, 2024
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Room 320
Denver, Colorado 80203
Kutak Rock LLP
1801 California Street, Suite 3000, Denver, CO 80202-2652
office 303.297.2400
Re: Request of Weld County, Colorado for Carryforward Treatment of its 2024
Private Activity Bond Volume Cap Allocation
Ladies and Gentlemen:
As bond counsel to Weld County, Colorado ("Weld County"), we are submitting this
opinion in compliance with the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of
Article 32 of Title 24, Colorado Revised Statutes, as amended (the "Colorado Allocation Act").
Representatives of Weld County have informed us that the Board of County
Commissioners of Weld County (the "Board") has adopted on I 1, 2024 an
inducement resolution (the "Resolution") stating that Weld County intends to issue up to
$7,477,340.00 of qualified residential rental revenue bonds (the "Bonds"), in one or more series,
for financing residential facilities for low- and middle -income families or persons, which facilities
will be located within the boundaries of Weld County, Colorado (collectively, the "Project").
In connection with the proposed issuance of any Bonds to finance the Project, we are of
the opinion that the Bonds would constitute qualified "private activity bonds" within the meaning
of Section 141 of the Internal Revenue Code of 1986, as amended (the "Code") and, therefore,
require a private activity bond volume cap allocation pursuant to the Colorado Allocation Act prior
to their issuance in order to satisfy Section 146 of the Code. Weld County is authorized by the
County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29,
Colorado Revised Statutes, as amended, and the laws and Constitution of the State of Colorado to
issue its Bonds to finance the Project. We are also of the opinion that the Bonds for the Project
have a carryforward purpose, as defined in Section 146(0(5) of the Code, which qualifies for
carryforward treatment under Section 146(f) of the Code.
The scope of our engagement has not extended beyond the examinations and the rendering
of the opinions expressed herein. The opinions expressed above are limited to the laws of the State
of Colorado and of the United States of America. This letter may not be relied upon by any person
other than the addressee hereof for any purpose without our prior written consent.
4881-0375-6505.2
KUTAKROCK
August 21, 2024
Page 2
Very truly yours,
Kutak Rock LLP
4881-0375-6505.2
Contract Form
Entity Information
Entity Name*
COLORADO DEPARTMENT OF
LOCAL AFFAIRS
Entity ID*
@00003104
O New Entity?
Contract Name* Contract ID
RESOLUTION DECLARING THE INTENT OF WELD 8656
COUNTY, COLORADO TO ISSUE PRIVATE ACTIVITY
BONDS (PABS) IN CONNECTION WITH FINANCING
RESIDENTIAL FACILITIES FOR LOW -AND MIDDLE -
INCOME FAMILIES OR PERSONS PURSUANT TO THE
COLORADO PAB CEILING ALLOCATION
Contract Status
CTB REVIEW
Contract Lead *
CPATTELLI
Contract Lead Email
cpattelli@weld.gov
Parent Contract ID
Requires Board Approval
YES
Department Project #
Contract Description*
WELD COUNTY HAS A 2024 PRIVATE ACTIVITY BOND (PAB) ALLOCATION OF $7,477,340. THIS RESOLUTION
ALLOWS FORTH ISSUANCE OF PABS TO INCREASE THE AVAILABILITY OF ADEQUATE ANO AFFORDABLE HOUSING
FOR LOW- AND MIDDLE INCOME PERSONS/FAMILIES IN WELD COUNTY.
Contract Description 2
THE ALLOCATION IS GOING HALF TO ELMINGTON AND HALF TO DOMINIUM. THERE IS NO FINANCIAL
OBLIGATION TO THE COUNTY. INCLUDED IS ALSO AN OPINION FROM BOND COUNSEL RELATED TO
CARRYFORWARD TREATMENT OF THE 2024 PAB VOLUME CAP ALLOCATION.
Contract Type* Department
AWARD FINANCE
Amount*
$7,477,340.00
Renewable *
NO
Automatic Renewal
Grant
IGA
Department Email
CM-
Finance@weldgov.com
Department Head Email
CM-Finance-
DeptHead@weldgov.com
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COUNTYATTORNEY@WEL
D.GOV
Requested BOCC Agenda
Date*
08/28/2024
Due Date
08/24/2024
Will a work session with BOCC be required?*
NO
Does Contract require Purchasing Dept. to be
included?
If this is a renewal enter previous Contract ID
If this is part of a MSA enter MSA Contract ID
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts
are not in OnBase
Contract Dates
Effective Date
Termination Notice Period
Contact Information
Review Date*
08/22/2024
Committed Delivery Date
Renewal Date
Expiration Date*
12/31/2024
Contact Info
Contact Name Contact Type Contact Email Contact Phone 1 Contact Phone 2
Purchasing
Purchasing Approver Purchasing Approved Date
Approval Process
Department Head Finance Approver Legal Counsel
CHERYL PATTELLI CHERYL PATTELLI BYRON HOWELL
DH Approved Date Finance Approved Date Legal Counsel Approved Date
08/23/2024 08/23/2024 08/26/2024
Final Approval
BOCC Approved Tyler Ref #
AG 082824
BOCC Signed Date Originator
CPATTELLI
BOCC Agenda Date
08/28/2024
Hello