HomeMy WebLinkAbout20202523.tiffRESOLUTION
RE: APPROVE AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND
FINANCE AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD
COUNTY PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING
ALLOCATION ACT
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, Weld County is authorized and empowered under the laws of the State of
Colorado (the "State") to issue revenue bonds for the purpose of providing single-family mortgage
loans to low- and moderate -income persons and families, 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 to provide
such mortgage loans and for certain other purposes, and
WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private
Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes
(the "Allocation Act"), providing for the allocation of the State Ceiling among the Colorado Housing
and Finance Authority (the "Authority") and other governmental units in the State, and further
providing for the assignment of such allocations from such other governmental units to the
Authority, and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation Act,
Weld County has an allocation of the 2020 State Ceiling for the issuance of a specified principal
amount of Private Activity Bonds prior to September 15, 2020 (the "2020 Allocation"), and
WHEREAS, the Weld County Board of Commissioners has determined that, in order to
increase the availability of adequate affordable housing for low- and moderate -income persons
and families within Weld County and elsewhere in the State, it is necessary or desirable to provide
for the utilization of all or a portion of the 2020 Allocation, and
WHEREAS, the Weld County Board of Commissioners has determined that the 2020
Allocation, or a portion thereof, can be utilized most efficiently by assigning it to the Authority to
issue Private Activity Bonds for the purpose of financing one or more multi -family rental housing
projects for low- and moderate -income persons and families or to issue Private Activity Bonds for
the purpose of providing single-family mortgage loans to low- and moderate -income persons and
families ("Revenue Bonds") or for the issuance of mortgage credit certificates, and
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2020-2523
F10071
AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY
OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY PURSUANT TO THE
COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 2
WHEREAS, the Board of Weld County Commissioners of County of Weld has determined
to assign $7,930,661.00 of its 2020 Allocation to the Authority, which assignment is to be
evidenced by an Assignment of Allocation between the County of Weld and the Authority (the
"Assignment of Allocation").
NOW, THEREFORE, BE IT RESOLVED by the Board of Weld County Commissioners of
County of Weld as follows:
1. The assignment to the Authority of $7,930,661.00 of Weld County's 2020
Allocation be and hereby is approved.
2. The form and substance of the Assignment of Allocation be and hereby are
approved; provided, however, that the Chair of the Board of Weld County
Commissioners be, and hereby is, authorized to make such technical variations,
additions or deletions in or to such Assignment of Allocation as they shall deem
necessary or appropriate and not inconsistent with the approval thereof by this
Tesolution.
3. The Chair of the Board of Weld County Commissioners be, and hereby is,
authorized to execute and deliver the Assignment of Allocation on behalf of Weld
County and to take such other steps or actions as may be necessary, useful or
convenient to effect the aforesaid assignment in accordance with the intent of this
resolution.
4. 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.
5. This Resolution shall be in full force and effect upon its passage and approval.
2020-2523
FI0071
AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY
OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY PURSUANT TO THE
COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 3
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 17th day of August, A.D., 2020.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: ;c;?'{& &C jejw;tik.
Weld County Clerk to the Board
BY: , Z4A-
Deputy Clerk to the Board
APPROVED AS
ounty Attorney
Date of signature: 0
Mik- r-eman , Chair
Stevj oreno , Pro- em
James
Kevin D. Ross
2020-2523
F10071
WELDCERTIFICATE OF WELD COUNTY, COLORADO
CONCERNING ASSIGNMENT OF
PRIVATE ACTIVITY BOND VOLUME CAP ALLOCATION
I, the undersigned, hereby certify that I am a duly chosen, qualified and County Attorney
of Weld County, Colorado (the "County"), and that:
1. The County is a legally and regularly created, established, organized, and existing
county under the Constitution and laws of the State of Colorado, its full corporate name being
"Weld County, Colorado."
2. The County has been previously notified that, pursuant to Section 24-32-1706 of
the Colorado Private Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24,
Colorado Revised Statutes (the "Allocation Act"), it has an allocation of the State ceiling (as
defined in the Allocation Act) for 2020 in the amount of $7,930,661 (the "2020 Allocation").
3. Attached hereto as Exhibit A is a true and correct copy of a resolution and the
related minutes thereto (the "Resolution") authorizing the assignment to the Colorado Housing
and Finance Authority (the "Authority") of all or a portion of the 2020 Allocation in an amount
equal to $7,930,661 (the "Assigned Allocation"), and authorizing the execution and delivery of
an Assignment of Allocation dated as of August 17, 2020 (the "Assignment of Allocation")
between the County and the Authority in connection therewith, which Resolution was duly
adopted by the Board of County Commissioners of the County (the "Board") at a meeting
thereof held on August 17, 2020, at which meeting a quorum was present and acting throughout
and which Resolution has not been revoked, rescinded, repealed, amended or modified and is in
full force and effect on the date hereof.
4. The meeting of the Board at which action has been taken with respect to the
Assignment of Allocation was a regular meeting properly called and open to the public at all
times.
5. With respect to the Assigned Allocation, the County has not heretofore: (a) issued
private activity bonds; (b) assigned the Assigned Allocation to another "issuing authority," as
defined in the Allocation Act; (c) made a mortgage credit certificate election; or (d) treated the
Assigned Allocation as an allocation for a project with a carryforward purpose, as defined in the
Allocation Act.
6. The Assignment of Allocation, attached hereto as Exhibit B, is in the form
presented to and approved by the Board at the meeting thereof held on August 17, 2020.
7. On or before the date hereof, counterparts of the Assignment of Allocation were
officially executed by the Chair of the Board of County Commissioners and the County Clerk of
the County. On the date of such signing, such persons were the duly sworn, qualified and acting
officers of the County authorized to execute the Assignment of Allocation and holding the
offices of the Chair of the Board of County Commissioners and County Clerk, respectively.
2020-2523
8. The County has authorized the execution, delivery and due performance of the
Assignment of Allocation, and the execution and delivery of the Assignment of Allocation and
the compliance by the County with the provisions thereof, will not, to the best of my knowledge,
conflict with or constitute on the part of the County a breach of or a default under any existing
Colorado law, County resolution, court or administrative regulation, decree or order or any
agreement or other instrument to which the County is subject or by which it is bound.
9. To the best of my knowledge, there does not exist any action, suit, proceeding or
investigation pending, or threatened against the County, contesting (a) the corporate existence of
the County, (b) the title of its present officers or any of them to their respective offices,
including, without limitation, the members of the Board, (c) the validity of the Assignment of
Allocation or (d) the power of the County to execute, deliver or perform the Assignment of
Allocation.
10. No referendum petition has been filed concerning the Resolution; and to the best
of my knowledge none is being circulated or planned for circulation.
WITNESS my hand and the seal of the County this 17`h day of August, 2020.
(SEAL) County Attorney
2
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EXHIBIT A
RESOLUTION
A-1
RESOLUTION
RE: APPROVE AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND
FINANCE AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD
COUNTY PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING
ALLOCATION ACT
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, Weld County is authorized and empowered under the laws of the State of
Colorado (the "State") to issue revenue bonds for the purpose of providing single-family mortgage
loans to low- and moderate -income persons and families, 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 to provide
such mortgage loans and for certain other purposes, and
WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private
Activity Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes
(the "Allocation Act"), providing for the allocation of the State Ceiling among the Colorado Housing
and Finance Authority (the "Authority") and other governmental units in the State, and further
providing for the assignment of such allocations from such other governmental units to the
Authority, and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation Act,
Weld County has an allocation of the 2020 State Ceiling for the issuance of a specified principal
amount of Private Activity Bonds prior to September 15, 2020 (the "2020 Allocation"), and
WHEREAS, the Weld County Board of Commissioners has determined that, in order to
increase the availability of adequate affordable housing for low- and moderate -income persons
and families within Weld County and elsewhere in the State, it is necessary or desirable to provide
for the utilization of all or a portion of the 2020 Allocation, and
WHEREAS, the Weld County Board of Commissioners has determined that the 2020
Allocation, or a portion thereof, can be utilized most efficiently by assigning it to the Authority to
issue Private Activity Bonds for the purpose of financing one or more multi -family rental housing
projects for low- and moderate -income persons and families or to issue Private Activity Bonds for
the purpose of providing single-family mortgage loans to low- and moderate -income persons and
families ("Revenue Bonds") or for the issuance of mortgage credit certificates, and
CC: FT(Dw) {}cT(ac/c0),Gf4(88)
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2020-2523
F10071
AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY
OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY PURSUANT TO THE
COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 2
WHEREAS, the Board of Weld County Commissioners of County of Weld has determined
to assign $7,930,661.00 of its 2020 Allocation to the Authority, which assignment is to be
evidenced by an Assignment of Allocation between the County of Weld and the Authority (the
"Assignment of Allocation").
NOW, THEREFORE, BE IT RESOLVED by the Board of Weld County Commissioners of
County of Weld as follows:
1. The assignment to the Authority of $7,930,661.00 of Weld County's 2020
Allocation be and hereby is approved.
2. The form and substance of the Assignment of Allocation be and hereby are
approved; provided, however, that the Chair of the Board of Weld County
Commissioners be, and hereby is, authorized to make such technical variations,
additions or deletions in or to such Assignment of Allocation as they shall deem
necessary or appropriate and not inconsistent with the approval thereof by this
Tesolution.
3. The Chair of the Board of Weld County Commissioners be, and hereby is,
authorized to execute and deliver the Assignment of Allocation on behalf of Weld
County and to take such other steps or actions as may be necessary, useful or
convenient to effect the aforesaid assignment in accordance with the intent of this
resolution.
4. 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.
5. This Resolution shall be in full force and effect upon its passage and approval.
2020-2523
F10071
AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY
OF A PRIVATE ACTIVITY BOND ALLOCATION OF WELD COUNTY PURSUANT TO THE
COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT
PAGE 3
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 17th day of August, A.D., 2020.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: da,cp,,, 4• �Co��
Weld County Clerk to the Board
BY:
Deputy Clerk to the Board
APPROVED AS
ounty Attorney
Date of signature: 0
3�-
Mik- r
Stevj oreno , Pro- em
eman , Chair
James
Kevin D. Ross
2020-2523
FI0071
EXHIBIT B
ASSIGNMENT OF ALLOCATION
B-1
Chfa.
assignment of allocation - county
Multifamily Housing Facility Bonds/Single Family Mortgage Revenue Bonds
This Assignment of Allocation (the "Assignment"), dated this 17th day of August
2020, is between the County of Weld Colorado (the "Assignor" or the
"Jurisdiction") and Colorado Housing and Finance Authority (the "Assignee").
WITNESSETH:
WHEREAS, the Assignor and the Assignee are authorized and empowered under the laws of the
State of Colorado (the "State") to issue revenue bonds for the purpose of financing qualified
residential rental projects for low- and moderate -income persons and families; and
WHEREAS, the Assignor and the Assignee are authorized and empowered under the laws of the
State of Colorado (the "State") to issue revenue bonds for the purpose of providing single- family
mortgage loans to low- and moderate -income persons and families; 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 to finance such
projects and for certain other purposes (the "State Ceiling"); and
WHEREAS, pursuant to the Code, the Colorado legislature adopted the Colorado Private Activity
Bond Ceiling Allocation Act, Part 17 of Article 32 of Title 24, Colorado Revised Statutes (the
"Allocation Act"), providing for the allocation of the State Ceiling among the Assignee and other
governmental units in the State, and further providing for the assignment of allocations from
such other governmental units to the Assignee; and
WHEREAS, pursuant to an allocation under Section 24-32-1706 of the Allocation Act, the Assignor
has an allocation of the 2020 State Ceiling for the issuance of a specified principal amount of
Private Activity Bonds prior to September 15, 2020, (the "2020 Allocation"); and
WHEREAS, the Assignor has determined that, in order to increase the availability of adequate
affordable rental housing for low- and moderate -income persons and families within the
Jurisdiction, Colorado and elsewhere in the State, it is necessary or desirable to provide for the
utilization of all or a portion of the 2020 Allocation; and
WHEREAS, the Assignor has determined that the 2020 Allocation, or a portion thereof, can be
utilized most efficiently by assigning it to the Assignee to issue Private Activity Bonds for the
purpose of financing one or more multifamily rental housing projects for low- and moderate -
income persons and families or to issue Private Activity Bonds for the purpose of providing single-
family mortgage loans to low- and moderate -income persons and families ("Revenue Bonds"),
and the Assignee has expressed its willingness to attempt to issue Revenue Bonds with respect
to the 2020 Allocation assigned herein; and
WHEREAS, the Board of County Commissioners of the Assignor has determined to assign to the
Assignee all or a portion of its 2020 Allocation, and the Assignee has agreed to accept such
assignment, which is to be evidenced by this Assignment.
NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set
forth, the parties hereto agree as follows:
1. The Assignor hereby assigns to the Assignee $ 7,930,661 of its 2020 Allocation [the
"Assigned Allocation"], subject to the terms and conditions contained herein. The Assignor
represents that it has received no monetary consideration for said assignment.
2. The Assignee hereby accepts the assignment to it by the Assignor of the Assigned Allocation,
subject to the terms and conditions contained herein. The Assignee agrees to use its best efforts
to issue and sell Revenue Bonds in an aggregate principal amount equal to or greater than the
Assigned Allocation, in one or more series, and to make proceeds of such Revenue Bonds
available from time to time for a period of one (1) year from the date of this Assignment to
finance multifamily rental housing projects located in the Jurisdiction, or to issue Revenue Bonds
for the purpose of providing single-family mortgage loans to low- and moderate income persons
and families in the Jurisdiction.
3. The Assignor hereby consents to the election by the Assignee, if the Assignee in its discretion
so decides, to treat all or any portion of the Assigned Allocation as an allocation for a project with
a carryforward purpose or to make a mortgage credit certificate election, in lieu of issuing
Revenue Bonds.
4. The Assignor and Assignee each agree that it will take such further action and adopt such
further proceedings as may be required to implement the terms of this Assignment.
5. Nothing contained in this Assignment shall obligate the Assignee to finance any particular
multi -family rental housing project located in the Jurisdiction or elsewhere or to finance single-
family mortgage loans in any particular amount or at any particular interest rate or to use any
particular percentage of the proceeds of its Revenue Bonds to provide mortgage loans or
mortgage credit certificates to finance single-family housing facilities in the Jurisdiction, provided
that any Revenue Bond proceeds attributable to the Assigned Allocation shall be subject to
paragraph 2 above.
6. This Assignment is effective upon execution and is irrevocable.
2
IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment on the date first
written above.
County of Weld
By:
Name: Mike Freeman
, Colorado
Title: Chair, Board of Weld County Commissio
AUG 17 2020
COLORADO HOUSING AND FINANCE
AUTHORITY
By:
Name:
Title: G 0" O
3
O0O0 - Qsa3
Esther Gesick
From:
Sent:
To:
Cc:
Subject:
Attachments:
Don Warden
Monday, August 10, 2020 3:29 PM
Esther Gesick; Bruce Barker
Ryan Rose; Barb Connolly
FW: Weld County PAB
2020 Private Activity Bond Assignment Resolution Ordinance FORM.doc; 2020 Private
Activity Bond County Attorney Certificate FORM.doc; 2020 Assignment of Private
Activity Bond Allocation - Weld County.pdf
Esther and Bruce,
Attached please find the following documents to facilitate the assignment of 2020 Private Activity Bond allocation to
CHFA. Please put the items on the August 17th BOCC Agenda. Bruce, I will call and discuss this with you to present it at
the Board meeting. Also you will need to sign the Attorney certification.
Esther, you may need to format the resolution in the Weld format.
1. 2020 Assignment of Allocation (fillable PDF);
2. 2020 County Attorney Certificate (conform to your requirements); and
3. 2020 Assignment Resolution (form to be finalized and passed by your Board).
Thanks!!
Donald D. Warden
Director of Finance and Administration
Finance and Administration
PO Box 758
1150 O Street
Greeley, CO 80632
tel: 970-356-4000 Extension 4218
email: dwarden@co.weld.co.us
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: Melissa Nuccio <mnuccio@chfainfo.com>
Sent: Monday, August 10, 2020 2:03 PM
To: Don Warden <dwarden@weldgov.com>
1
Cc: Shannon Friel <sfriel@chfainfo.com>; 'Benjamin Snow' <Benjamin.Snow@Greeleygov.com>
Subject: RE: Weld County PAB
Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the
sender and know the content is safe.
Attached please find the following documents to facilitate the assignment of 2020 PAB allocation to CHFA:
1. 2020 Assignment of Allocation (fillable PDF);
2. 2020 County Attorney Certificate (conform to your requirements); and
3. 2020 Assignment Resolution (form to be finalized and passed by your Board).
Once all of your documents have been executed, please forward them to me and I will finalize with CHFA's signature and
notify DOLA of the assignment. We do not require originals, so PDFs are fine. If you need an original signature page,
just let me know and I can make that happen as well.
Please ensure that all documents are returned to CHFA no later than September 13, 2020.
Thank you, and please don't hesitate to reach out with any questions.
Melissa Nuccio
Senior Paralegal
Colorado Housing and Finance Authority
1981 Blake Street
Denver, CO 80202
PO Box 60
Denver, CO 80201
303.297.7805 direct
303.297.chfa (2432) main
800.877.chfa (2432) toll free
www.chfainfo.com
financing the places where people live and work
From: Shannon Friel <sfriel@chfainfo.com>
Sent: Monday, August 10, 2020 2:57 PM
To: Melissa Nuccio <mnuccio@chfainfo.com>; 'Benjamin Snow' <Benjamin.Snow@Greeleygov.com>;
dwarden@co.weld.co.us
Subject: Weld County PAB
Importance: High
Hi Melissa,
Weld County would like to review the assignment documentation to transfer Weld County's 2020 PAB direct allocation
of $7,930,661 to CHFA. Would you kindly forward the documents to Donald Warden via email? Don is copied here.
Thanks,
Shannon Friel
CHFA
303.297.7387
2
From: Margaret Miller <mmiller@chfainfo.com>
Sent: Friday, July 31, 2020 3:57 PM
To: 'Benjamin Snow' <Benjamin.Snow@Greeleygov.com>; JR Salas <J.R.Salas@Greeleygov.com>
Cc: Shannon Friel <sfriel@chfainfo.com>
Subject: Weld County MRB loans in 2019
Hello Ben and JR,
It was nice chatting with you today. I have attached a Weld County 2019 plot of First Step (mortgage revenue bond)
loans. In 2019, there were 170 loans for $51.1 million in Weld County, outside of Greeley. 167 households had down
payment assistance ($2.2 million in DPA). The median income was $76,040.
I have attached a map of Weld County.
Let me know if you have questions.
Enjoy the time with your daughter and grand -daughters, Ben!
Margaret
Margaret Miller, PhD
Sr. Statistician
Colorado Housing and Finance Authority
1981 Blake Street
Denver, CO 80202
PO Box 60
Denver, CO 80201
303.297.7445 direct
303.297.chfa (2432) main
800.877.chfa (2432) toll free
www.chfainfo.corn
financing the places where people live and work
CONFIDENTIALITY. This email and any attachments are confidential, except where the email states it can be disclosed; it may also
be privileged. If received in error, please do not disclose the contents to anyone, but notify the sender by return email and delete
this email (and any attachments) from your system.
3
Hello