HomeMy WebLinkAbout20172308.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, the County of Weld is 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 County of Weld 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,
County of Weld has an allocation of the 2017 State Ceiling for the issuance of a specified principal
amount of Private Activity Bonds prior to September 15, 2017 (the "2017 Allocation"), and
WHEREAS, the County of Weld has determined that, in order to increase the availability
of adequate affordable housing for low- and moderate -income persons and families within the
County of Weld and elsewhere in the State, it is necessary or desirable to provide for the utilization
of all or a portion of the 2017 Allocation, and
WHEREAS, the County of Weld has determined that the 2017 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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2017-2308
FI0065
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 County Commissioners of Weld County have determined to
assign $7,706,500 of its 2017 Allocation to the Authority, which assignment is to be evidenced by
an Assignment of Allocation between Weld County and the Authority (the "Assignment of
Allocation").
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County as follows:
1. The assignment to the Authority of $7,706,500 of Weld County's 2017 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
resolution.
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.
2017-2308
FI0065
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 July, A.D., 2017.
BOARD OF COUNTY COMMISSIONERS
ATTEST: dettiLascjdes'ok
Weld County Clerk to the Board
BY
APP
arbara Kirkmeyer
ty Clerk to the Board
ounty Attorney
Date of signature: '1(18'l I1
WELD COUNTY, COLO DO
f_ tzai
Julie A. Cozad, Chair
Steve Moreno, Pro-Tem
Sean P. Conway
&AA% .uck
2017-2308
FI0065
CERTIFICATE 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 2017 in the amount of $7,706,500 (the "2017 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 2017 Allocation in an amount
equal to $7,706,500 (the "Assigned Allocation"), and authorizing the execution and delivery of
an Assignment of Allocation dated as of July 17, 2017 (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 July
17, 2017, 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 July 17, 2017.
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.
2017-2308
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 July 14, 2017.
County Attorney
SUBSCRIBED AND SWORN to before me this /Or day of
by �'`J.Lwk
WITNESS my hand and official seal
My commission expires:
2
,20/x,
ESTHER E. GESICK
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 19974016478
MY COMMISSION EXPIRES SEPT. 29, 2017
oary-u.ic
EXHIBIT A
RESOLUTION
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, the County of Weld is 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 County of Weld 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,
County of Weld has an allocation of the 2017 State Ceiling for the issuance of a specified principal
amount of Private Activity Bonds prior to September 15, 2017 (the "2017 Allocation"), and
WHEREAS, the County of Weld has determined that, in order to increase the availability
of adequate affordable housing for low- and moderate -income persons and families within the
County of Weld and elsewhere in the State, it is necessary or desirable to provide for the utilization
of all or a portion of the 2017 Allocation, and
WHEREAS, the County of Weld has determined that the 2017 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
2017-2308
FI0065
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 County Commissioners of Weld County have determined to
assign $7,706,500 of its 2017 Allocation to the Authority, which assignment is to be evidenced by
an Assignment of Allocation between Weld County and the Authority (the "Assignment of
Allocation").
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County as follows:
1. The assignment to the Authority of $7,706,500 of Weld County's 2017 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
resolution.
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.
2017-2308
FI0065
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 July, A.D., 2017,
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLO'A� DO
ATTEST: saa,L) GO aw;ok.
Weld County Clerk to the Board
BY
APP
ty Clerk to the Board
ounty Attorney
Date of signature: 711'2-1 n
ie A. Cozad, Chair
Steve Moreno; Pro -Tern
V
Sean P. Conway
arbara Kirkmeyer
"Pr)
2017-2308
F10065
EXHIBIT B
ASSIGNMENT OF ALLOCATION
i
chfao
assignment of allocation - county
Multifamily Housing Facility Bonds/Single Family Mortgage Revenue Bonds
This Assignment of Allocation (the "Assignment"), dated this / / day of
2017, is between the County of We d Colorado (the "Assi
"Jurisdiction") and the Colorado Housing and Finance Authority (the "Assignee").
WITNESSETH:
the
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 2017 State Ceiling for the issuance of a specified principal
amount of Private Activity Bonds prior to September 15, 2017, (the "2017 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 2017 Allocation; and
WHEREAS, the Assignor has determined that the 2017 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 2017 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 2017 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 $ 7,706,500 of its 2017 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 two (2) years 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.
IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment on the date first
written above.
[SEAL)
ATTEST:
By:
Name:
Title:
di e
o :I:I.:op:on,0,07.: :: .s. . .
2 10 G
[SEAli `2:: SEAL
ATTEST: '• •,.
By:
Assistant Secretary
County of Weld
By: �+; i
Name: Julie A. Cozad V JUL 1 7 2017
Title:
, Colorado
Chair, Board of Weld County
Commissioners
COLORADO HOUSING AND FINANCE
AUTHORITY
By:
Name: i47 'A IAPPE
Title: f:0
020/7- a.3oY
chfa.
financing the places where
people live and work
denver
1981 Blake Street
Denver, CO 80202
PO Box 60
Denver, CO 80201
303.297.chfa (2432)
800.877.chfa (2432)
toll free
800.659.2656
tdd
western slope
348 Main Street
Grand Junction, CO 81501
970.241.2341
800.877.8450
toll free
www.chfainfo.corn
NOTIFICATION OF ASSIGNMENTS OF
PRIVATE ACTIVITY BOND CEILING
July 26, 2017
VIA E-MAIL
Ms. Ann Watts
Colorado Department of Local Affairs
Division of Housing
1313 Sherman Street, Room 320
Denver, Colorado 80203
Dear Ms. Watts:
Pursuant to Section 24-32-1706(2) of the Colorado Private Activity
Bond Ceiling Allocation Act, the Colorado Housing and Finance Authority
("Authority") and the County of Weld, Colorado ("County") hereby notify
of the County's assignment to the Authority of $7,706,500 of its 2017 allocation
of the State's private activity bond ceiling.
Enclosed for your records is a copy of the executed Assignment of
Allocation (the "Assignment"). The Assignment esCounty's
representation that it received no monetary consideration for the assignment the
d
its consent to the Authority's allocation of all or any portion of the assigned
amount to a project with a carryforward purpose.
Sincerely,
Roxanne Barlow
Legal Assistant
cc: Don Warden, County of Weld (Via E-mail)
Stanley M. Raine, Esq., Sherman & Howard, L.L.C. (Via E-mail)
Cory G. Kalanick, Esq., Sherman & Howard, L.L.C. (Via E-mail)
Charles K. Knight, CHFA (Via E-mail)
Enclosure
,20/7- 02.50f
Esther Gesick
From:
Sent:
To:
Subject:
Attachments:
Don Warden
Wednesday, July 12, 2017 8:40 AM
Esther Gesick; Bruce Barker
FW: Assignment of Weld County 2017 PAB to CHFA
2017 Assignment of Allocation Weld County.pdf; 2017 Assignment Resolution form -
Weld County.doc; 2017 County Attorney Certificate - Weld County.doc
Esther, can you fill in the assignment form for the Chair to sign and put the resolution in our format. Also, put the item
on the agenda for Monday. Once the resolution is approved and forms signed will you send to Melissa Nuccio at CHFA.
Bruce, can fill out the certification of the attorney and sign it. Then give to Esther to send to state.
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 [mailto:mnuccio@chfainfo.com]
Sent: Tuesday, July 11, 2017 4:52 PM
To: Don Warden <dwarden@weldgov.com>
Cc: Karen Harkin <kharkin@chfainfo.com>; Charles Knight <cknight@chfainfo.com>; Stan Raine - Sherman & Howard
L.L.C. (SRAINE@shermanhoward.com) <SRAINE@shermanhoward.com>; Josh Russell <Josh@mcgdenver.com>
Subject: Assignment of Weld County 2017 PAB to CHFA
Don,
It is CHFA's understanding that Weld County wishes to assign its 2017 PAB cap to CHFA. Attached please
find the necessary documents to complete the assignment. There are still a few "blanks" on the
documents that you will have to fill in before executing the documents.
1
Once complete and fully executed, please return the documents to me prior to September 15,
2017. CHFA does not need original documents, so they can just be emailed. If you prefer to have an
original document for your files, please send them to me via mail at CHFA, PO Box 60, Denver,
CO 80201. I will have them executed and will return an original to you.
Please don't hesitate to reach out should you have any questions.
Thank you,
Melissa Nuccio
Paralegal
Legal Operations
Colorado Housing and Finance Authority
CHFA's Denver office has temporarily relocated. Please update your records. Visit www.chfainfo.comltempmove to learn more.
7595 Technology Way, Suite 300
Denver, CO 80237
PO Box 60
Denver, CO 80201
303.297.7805 direct
303.297.2432 main
800.877.2432 toll free
www.chfainfo.com
financing the places where people live and work
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