HomeMy WebLinkAbout20231156.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"), the County of Weld has an allocation of the 2023
State Ceiling for the issuance of a principal amount of $7,860,356.00 Private Activity Bonds (the
"2023 Allocation"), and
WHEREAS, the 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
2023 Allocation, and
WHEREAS, the 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 the 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 the County of Weld in an amount not to exceed $7,860,356.00 (plus any
additional amounts that the County of Weld may be awarded from the statewide balance pursuant
to the Allocation Act).
cc:FT.(RR/cf) CRCBB)
05/01/23
2023-1156
FI0078
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, the 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 $7,860,356.00 (plus any additional amounts that the 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 the County of Weld and other participating jurisdictions.
2. In connection with the management and preservation of the County of Weld's
private activity bond volume cap allocations, the 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 the 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 the County of Weld from the statewide balance
pursuant to the Allocation Act. The appropriate officers of the 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 the 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 the County of Weld or a charge against the
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 the 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.
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.
2023-1156
FI0078
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
5. The Board of Weld County Commissioners hereby finds, determines, recites and
declares the County of Weld's intent that this Resolution constitutes an official
indication of the present intention of the 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 the 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 the 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.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 24th day of April, A.D., 2023.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: da44)jejeo4
Weld County Clerk to the Board
BY:
AP
County =''orney
Date of signature: 05 /01 (23
Mieman, Chair
er
Sc tt K. James
XCUSED
Lori Saine
ro-Tem
2023-1156
FI0078
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"), I 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, 2026.
IN WITNESS WHEREOF, I have hereunto set my hand this al "1day of
2 23. tG�1 ��,,��,,//
ATTEST: -47.441ad..; WELD COUNTY, COLORADO
Weld C. my Clerk to the Board
e Freeman APR 2 4 2023
ir, Board of Weld County
missioners
2023-1156
4880-6677-6411.2
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5 I O0-
Contract Form
New Contract Request
Entity Information
Entity Name* Entity ID*
COLORADO DEPARTMENT OF LOCAL @00003104
AFFAIRS
Contract Name* Contract ID
RESOLUTION DECLARING THE INTENT OF WELD COUNTY, 6826
COLORADO TO ISSUE PRIVATE ACTIVITY BONDS IN
CONNECTION WITH FINANCING RESIDENTIAL FACILITIES
FOR LOW -AND MIDDLE- INCOME FAMILIES OR PERSONS
PURSUANT TO THE COLORADO PAB CEILING ALLOCATION
ACT
Contract Status
CTB REVIEW
Contract Lead*
CPATTELLI
Contract Lead Email
cpattelligco.weld.co.us
New Entity?
Parent Contract ID
Requires Board Approval
YES
Department Project #
Contact Description*
WELD COUNTY HAD A 2023 PRIVIATE ACTIVITY BOND (PAB) ALLOCATION OF $7,860,356. THIS RESOLUTION ALLOWS FOR
TH ISSUANCE OF PARS TO INCREASE THE AVAILABIUTY OF ADEQUATE AND AFFORDABLE HOUSING FOR LOW- AND MIDDLE -
INCOME PERSONS/FAMILIES IN WELD COUNTY.
Contract Description 2
THE ALLOCATION IS GOING TO ELMINGTON CAPITAL AND THERE IS NO FINANICAL OBLIGATION TO THE COIUNTY.
INCLUDED IS ALSO AN OPINION FROM BOND COUNSEL RELATED TO CARRYFORWARD TREATMENT OF THE 2023 PAR VOLUME
CAP ALLOCATION.
Contract Type*
AWARD
Amount*
57,860,356.00
Renewable*
NO
Automatic Renewal
Department
FINANCE
Department Email
CM-Finance@weldgov.com
Department Head Email
CM-Finance-
DeptHeac@weldgov.com
County Attorney
GENERAL COUNTY
ATTORNEY EMAIL
County Attorney Email
CM-
COUNTYATTORNEY@WELDG
OV.COM
Requested BOCC Agenda
Date*
04/17/2023
Due Date
04/13/2023
Will a work session with BOCC be required?*
HAD
Does Contract require Purchasing Dept. to be included?
If this is a renewal enter previous Contract ID
If this is part of a NSA enter MISA Contract ID
Note: the Previous Contract Number and Master Services Agreement Number should be left blank if those contracts are not in
Ontase
Contract Dates
Ef#ectitie Date
Termination Notice Period
Con
OUT
Contact Name
Purchasing
Purchasing Approve
Approval Process
Department Head
CHERYL PATTELLI
DH Approved Date
04/15/2023
It#a Approval
11OCC Approved
11OCC Signed Date
BOCC Agenda Date
04/24/2023
Originator
CPATTEW
Contact Type
Review Date
04/17/2023
Committed Delivery Date
Contact Email
Finance Approver
CHERYL PATTELLI
Renewal Date
Expiration Date
12/31/2026
Contact Phone 1
Purchasing Approved Date
Finance Approved Date
04/15/2023
Tyler Ref #
AG 042423
Legal Counsel
BRUCE BARKER
Contact Phone 2
Legal Counsel Approved Date
04i15/2023
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