HomeMy WebLinkAbout20222575.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 law- 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 2022
State Ceiling for the issuance of a principal amount of $8,574,904.00 Private Activity Bonds (the
"2022 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
2022 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 $8,574,904.00 (plus any
additional amounts that the County of Weld may be awarded from the statewide balance pursuant
to the Allocation Act).
CC: FI(Dw/cP) ADCRR),CA(I5
q /12/22
2022-2575
FI0076
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 $8,574,904.00 (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.
2022-2575
FID076
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 County of the 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 12th day of September, A.D., 2022.
BOAR OF COUNTY COMMISSIONERS
WELI�COUfNTY, COLORADO
ATTEST: G/.GR%�W/ .Jr�lo•�
Scott K. James, Chair
Weld County Clerk to the Board
ounty Attorney
Date of signature: °I /12/22_
2022-2575
FI0076
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 ensure the issuance of such Bonds within
the time period commencing the date hereof and ending December 31, 2025.
IN WITNESS WHEREOF, I have hereunto set my hand this 12th day of September,
2022.
WELD COUNTY, COLORADO
By
Scott K. James, Chair, Board of Weld
County Commissioners
2022-2575
4883-9399-2240.2
OFFICE OF FINANCE & ADMINISTRATION
PHONE (970) 400-4218
FAX: (970) 352-0242
1150 O STREET
PO BOX 758
GREELEY, COLORADO 80632
September 12, 2022
Mr. Andrew Paredes
Mr. Wayne McClary
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Room 320
Denver, Colorado 80203
Re: Notification Required Pursuant to Section 24-32-1706 of the Colorado Revised
Statutes, as amended ("C.R.S.")
Dear Mr. Paredes 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 2022 private activity bond volume cap
allocation in the amount of $8,574,904 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 2022 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
Donald D. Warden, Director of Finance and Administration
(970) 400-4218
LEGAL COUNSEL
Kutak Rock LLP
1801 California Street, Suite 3000, Denver, CO 80202-2626
John A. Henry, Esq.
(303) 297-2400
PRINCIPAL AMOUNT OF CARRYFORWARD
$8,574,904
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(f)(5) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED
Qualified Mortgage Bonds and Qualified Residential Rental Projects
INFORMATION REQUIRED BY SECTION 146(O(2) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED
Purpose of Carryforward: Qualified Mortgage Bonds/ Qualified Residential Rental
Projects
Portion for such Purpose: $8,574,904
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 make a mortgage credit certificate election or issue its
qualified mortgage or qualified residential rental revenue bonds in 2022, but if not, a federal election
for carryforward on IRS Form 8328 will be filed on or prior to February 15, 2023. Copies of the
appropriate documents will be forwarded as filed.
Please call me with any questions.
Since'fely,
ack
Donald D. Warden
Director of Finance and Administration
Private Activity Bonds 2022 DOLA letter
KUTAKROCK
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Room 320
Denver, Colorado 80203
Kutak Rock LLP
1801 California Street, Suite 3000, Demer, CO 80202-2652
office 303.297.2400
September 12, 2022
Re: Request of Weld County, Colorado for Carryforward Treatment of its 2022 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 September 12, 2022, an inducement resolution (the
"Resolution") stating that Weld County intends to issue up to $8,574,904 of qualified residential rental
revenue bonds (the "Bonds"), in one or more series, for financing residential facilities that substantially
benefit persons of low income, 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.
Very truly yours,
KUTAK ROCK LLP
4859-8980-5872.2
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