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-� STATE OF COLORADO � �
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�::='•"W'v COUNTY OF PITKTN � . • ?
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`'�'' The Boatd of County Commissioners of Pitkin County, �
. ..,d,;;; �
Colorado, met in �� session on • � 25, 1984, at ;;;;
;= TIIE�CW?TPY COURPFiOUSE � 506 EAST MAIId STREEt �.�7,II �'
%� 2:00 �.m.. at , �
`M' ��! ASPEN
y,� ,; _ , Coiorado, in full conformity with the law and the
S :A 5
_ resolutions znd rules of the County. L'pon ro11 call, the following
Y�`'`{ wece found to be present, constituting a quorum: .
':�_n:_,.;
%Fy:`�i.� • Present: •
j H �^1 Chairnan of the Board of
..'Ju ::';1 County Commissioners: ����T��
h� ;<� .
�`'"� ' Other Conmissioners: �� $��
��� GEORGE MAI76FZ�7 D
' ;` .
> ! . . NONE -
� P�sent:
..,�,� ,i
- r» .
�;� constituting all the menbers of t:�e Doard.
P � There wete also present:
�:} County Clerk: ���A�g
` ' County Attorney: Tlio�s F Sn�TH . •
i~
- �"' �,> Thzreupon, the f-ollowing proceedings, anong others, were
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�:�' � Cormissioner �D�� introduced a resolution, the text
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�r� ~ ot which is as follows: '�?
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,� A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN It:''-'.
;� • COUNTY� COL012AD0, TRANSFERRING TO ARAPAHOE COUNTY, COLORADO,
t!rl�i' THE ALLOCATION OF PITKIN COUNTY, COLORADO, UNDER SECTION �
"�z � 29-4-805 AND SECTION 29-4-806 OF COLORADO REVISED STATUTES, �'
`�', TO FINANCE MORTGAGE LOANS TO PROVIDE MORE ADEQUATE RESIDEN- '
�'`:? TIAL HOUSING FACILITIES FOR LOW- AND MIDDLE-ZNCOME FAMILIES
:;,x;; AND PERSONS WITHIN ARAPAHOE COUNTY AND WITHIN PITKIN COUNTY �:
�;;w AND ELSEWHERE IN THE STATE OF COLORADO: DELEGATING THE i-,
�``" AUTHORITY TO ISSUE REVENUE BONDS TO FINANCE SAID MORTGAGE j
'<�` LOANS WITHIN PITRIN COUNTY: AND AUTHORIZING THE EXECUTION AND �
1� y; DELIVERY BY PITKIN COUNTY OF AN ALLOCATION TRANSFER AGREEMENT ..., �`"'
AND A DELEGATION AGREEMENT. `.�''
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` Resolution No: 84- 56 � y+�.�'
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i=^`:;?; - WHEREAS, Pitkin County, Colorado ("Pitkin County") and
�:'r`^;�`` Arapahoe County, Colorado ("Arapahoe County") are each authorized by
"�`�•°'=i the County and Municipality Development Revenue Bond Act, constitut- �
.Sq;?...,.
I
ing Article 3 of Title 29, Colorado ReviSed Statutes (the "Project
-:;:>,`=j Act"), to finance, refinance, acquire, own, lease, improve and dis- •
- *�"�-''; pose of properties to the end that more adequate residential housing '�
�'i facilities for low- and middle-income families and persons may b2
�. . � provided, which promote the public health, we],fare, safety, conve-
nience and prosperity; and
i
WHEREAS, the Mortgage Subsidy Bond Tax Act of Z980, codi-
Y `:� fied as Section 103A of the Internal Revenne Code of Z954, as amended
�;�., ,,� (the "Federal Act"), restrictea the amonnt of tax exempt obligations ��3.�
� ��;$ �ahich couZd be issued by the Colorado Housing Finance Authority and ' �_
::�
� � local governmental units.in the State of Colorado tthe "State") to �
�.� ' finance single-family mortgages to an amount not exceeding the State A`
� ceiling; and
�;.�:,: ,:
i.;� WAEREAS, the Federal Act authorized the states to provide a ',,
�i�r`�
cs :'� formula for allocating the respective state ceilings among the gov- �
� ernmental units in such states in a manner different from the federal >:
; �' .� allocation formula, and the State has provided for such an alternate '
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�� ��'�'.`R��"'��r���,w►�ii��,ri:s._'�����..���F�d.,�4.._��3 ?4.,�,.,�::Sr���!'�" 4 ` `'����,s`�-�'�'.L?.:_a.��:'..`�1 i
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� formula.for allocation in Part S of Article 4 of Title 29 of Colocado
- Revised Statutes (the "Allocation Act"); and
'�•' WHEREAS, the Federal Act eliminated the exemption from fed-
' eral income taxation of inte=est on obligations issued after
- December 31, 1983 to finance single-family mottgages, but it�is
expected that a new federal act will be enacted in 1984 which will `i:;�y'
�K„
��'� � extend from December 31, 1983 to at least necember 31, 1984 the date
- after which interest on such bonds issued after such date will not be
exempt from federal income taxation; and '
;'::�;�•,:! WHEREAS, the Allocation Act authorizes governmental units �'
1
�' ! in the State to transfer all or a part of their a].Zocations provided �
� �
for in the Allocation Act to any other entity otherwise authorized to
.` ± issue bonds to finance single-family mortgages and to accept trans-
fers of such allocations; and
A
_ -'�';; ° WHEREAS, the Project Act and Part 2 of Article 1 of !
r•c
` :� ;j Title 29, Colorado Revised Statutes, provide, in effect, that any
;" `` { county or municipality may by resolution or ordinance delegate to any .
? other county or municipality its authority under the Project Act to
, .
�'`� finance projects under the Project Act; and ,
� ' WIiEREASr Pitkin County and Arapahoe County deem it neces-
:-:�; . ,.
i� 'i� sary and advisable that a program be made available for the origina- :�1
� `�� tion and servicing of mortgage loans for residential housing facili- � '
� ties for low- and mid8le-income families and persons (the "Mortgage � j
� `� Loans") in order to increase the supply of money available fot mort- � F
�"'Y;:Y'� gages so that families and persons of low- and middle-income may - � ;
finance the pu=chase of residential housing facilities at less than �
�.��i. the prevailing ma=ket interest rate, thereby providing more adequate � �`
rc t•� '
: residential housing facilities for low- and middle-income families
{.•°`u<� and persons within both Pitkin County and P,tapahoe County and else-
..; �;
; �°'` where within the State; and
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WBEREAS, Pitkin County desires to transfer to Arapahoe ���
�' "`t County its allocation under Section 29-4-803 of the Allocation Act
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���b•'{, �,j fi �i�F£:�««:3tc::�.0�'.. .a�iJe.,1..Z„S-':�..1'�,�htf�,d �� S``y'���.�:r_>�.k•.�''9Li��+.t�,..,.._
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�`':;;rt.::� for the period from May 2, 1984 through September 30, ].984 to finance
' Mortgage Loans to provide more adequate residential housing facili-
->�
ties for low- and middle-income families and persons within Arapahoe
County and Pitkin County and elsewhere within the State; and ;
° -�r WAEREAS, Pitkin County desires to delegate to Arapahoe, '
_ County the authority to act on its behalf in the issuance of quali-
;,���:: .� fied mortgage bonds pursuant to the allocation granted under Section ;''r
29-4-805 of the Allocation Act and to transfer Pitkin County's allo-
cation under Section 29-4-805 of the Allocation Act for the period � -
�� ;-� ftom October 1, 1984 through December 31, 1984 to finance Mortgage
�.'.=_�;:'`� Loans to provide more adequate residential housing facilities for
� ;?-i low- and middle-income families and persons within Arapahoe County
�� .:: ; and Pitkin County and elsewhere within the State; and
- .i
-",-,;� WAEREAS, Pitkin County desires to delegate to Arapahoe
�'it County its power under the Project Act to issue revenue bonds to
- ;'";;�', .'; finance Mortgage Loans to provide more adequate residential housing . -�
_'..A; facilities for low- and middl.e-income tamilies and persons within
^ '`' ? Pitkin County; and
`
� WHEREAS, Arapahoe County desires to accept such transfers
�
� and delegation and to finance Mortgage Loans to provide more adequate
:t residential housing.facilities for low- and middle-income families �
�.`'.'=^,;+;.r' and persons within Arapahoe_County and Pitkin County and elsewheze �s�
� ;,�
� � within the State; and
_�
� � WHEREAS, economies of time and expense will result from one r'
governmental unit financing Mortqage Loans to provide more adequate
�,_ .: • residential housing facilities for low- and middle-income families
�A-h`-�r'' and pezsons within both Pitkin County and Arapahoe County and else-
�,«;,:-�=�
�;'�-r: where within the State; and
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�'��,,r,�'; WHEREAS, it is necessary to evidence such t=ansfers and the
��i:, acceptance of such transfecs by the Allocation Transfer Agreement ±
'�e�'�� attached hereto as Exhibit A (the "Allocation Transfer Agreement") G"
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it�..'_�f��aY�yyH�...1'�`.��,{F�i� `f� �7�.'..4°-�.� � �iN4'�1''�1�� '�, � ,S�kN[Nt���"�+c'iS�'�'> :��yP '
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- which will be executed and delivered by Pitkin County a�d Arapahoe
.-"t County; and
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�:;i; WHEREAS, it is necessary to evidence such delegation and
. the acceptance of such delegation by the Delegation Agreement
- attached hereto as Exhibit B (the °Delegation Agreement") which will '��
�,;_;:;. . : be executed and delivered by Pitkin County and Arapahoe County.
- NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
' ,,� COMMISSIONERS OF PITRIN COUNTY, COLORADO: �
?+ Section 1. In order to insure the financing of Mortgage
i
":;V;'.I Loans to provide more adequate residential housing facilities for
„ ' � low- and middle-income families- and persons within Pitkin County at. '
- the earliest possible date, which will promote the public health,
`� welfare, safety, convenience and prosperity of the inhabitants of
,3 Pitkin County, it is deemed necessary and advisable that the �
r
- ' !~•-' Allocation Transfer Agreement and the Delegation Agreement be
: i approved, executed and delivered by and on behalf of Pitkin County.
� _
��_ '; � :
- � Section 2. The forms, terms and provisions of the
y Allocation Transfer Agreement and the Delegation Agreement hereby are
.� approved and the Chairman of the Board of County Commissioners of ,
- ..;;�# Pitkin County and the County Clerk hereby are authorized and directed u-'�
� M ..
! to execute and deliver the Allocation Transfer Agreement and the
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� � Delegation Agreement.
fi '"'i
t� Section 3. The Chairman of the Board of County
� ` '.?! Commissioners and the County Clerk hereby are authorized and directed
� to take such other steps ot actions as may be required to carry out
,,� the terms and intent of this resolution, the Allocation Transfer
�-� ,�
�_•.,.�;. Agreement and the Delegation Agreement.
; Section 4. Nothing contained in this resolution, in the
_;�:�-:;�� Allocation Transfer Agreement or in the Delegation Agreement shall � :`
:a`;;h._;J` �
�::�;;a-.=. • obligate Pitkin County, except to the extent described in the �•' .
� .
K : Allocation Transfer Agreement and in the Delegation Agreement, nor
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: vr ��Kr �}'�!S`Ci°� $1f�Y.s�� "M�'' : . ''?'�'�. ��"�`.' r:. .;.....:.� . ._.. _ r.. .._, . -...w. _.,.:r-,. ..
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':';� constitute the debt or indebtedness of Pitkin County within the
±�'' ,
-� meaning of the Constitution os statutes of the State or the home rule r�
charter of any political subdivision thereof, nor give rise to a k
*'� pecuniary liability of Pitkin County or a charge against its general
czedit oc taxing powers. �';
s'.rA�' '�' Section 5. If any section, pacagra h, clause ot
•- p provision
�''''m-'��; of this resolution shall for any teason be held to be invalid or
�::"� unenforceable, the invalidity or vnenforceabili�ty of such section;
` paragraph, clause o= provision shall not affect any of the remaining
�` ;: provisions of this resolution.
,fi `- ; Section 6. All action inot inconsistent with the provi-
_ �,
, � sions of this resolution) heretofore taken by the Board of County
-�'� Commissioners and the o£ficers af Pitkin County directed toward the `'
� �:= auth orization of the Allocation Trans£e= Agreement and the Delegation
�.r-a .
' '?';-_,,.;� Agreement hereby is ratified, approved and confirmed.
x
� • .� Section 7. This resolution shall be in full force and
'i - effect upon its passage and approval.
'� PASSED, ADOPTED APID APPROVED this zSTH day of � , ;��
';' :� 1984. � �2.
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''.:==x� A motion to adopt the foregoing resolution was then duly
- ''�� made by Commissioner ��� and duly seconded by
''`�' Commissioner �'� �
._. Tbe_question 6eing .upon_the passage and adoption of the
�;I.j resolution, the zoll was called with the following result: �-n.
Those Voting Aye: xINSLEx �
:,-;'`.- t ^ �,�::
�rr.: giAi� i
:.,.,..�.._�'7 .
,y,:' :i
- - ' MADSIN
':;i Those Voting Nay: . NONE
4
� ' Those Absent: �
r�. :1
Thereupon, the presiding officer declared the motion car-
;,�.�;,_�..'. a
;��-'��, ried and the resolution duly passed and adopted.
��-.
ti ` i After other action or business not related to the foregoing
resolution, on motion duly made, �seconded and adopted, the meeting j
r � thereupon adjourned. .
- r,.ar° •
_`'F
:�
� �� - � � �
,� Chairman of the B ard of Co nty
� .,•.� � Commissioners
- " ,:; . (SE}���:. �
.�1
s, At�es�'e''�r
1 :� ..��,;;.
. � '��' � , � �'�'
�Ice, ,� ounty Clerk •
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(
STATE OF COLORADO ) �
) 5S. �
COUNTY OF PITRIN ) �
I, ���� , the duly qualified and acting
`r County Clerk of Pitkin County, Colorado (the °County"), in the State
, of Colorado, do hereby certify:
^K'.��:
-�j 1. The foregoing pages numbered -1- to -7-, inclusive, are �:;'.i;:�;-
�.
�j •- a true, perfect and complete copy of the record of proceedings of the - -•
`Y Board of County Commissioners of the County had and taken at a lawful
meeting of the Soard held at � �� ����� , �
506 EAST MA'IN STREE.T ASPEDi
, in , Colorado on
;-; - � ?�--1�984 at?�:�o0 pm.;- as =ecocded i.n the regular offi-
;;� cial book of the proceedings of the County kept in my office so far
as the proceedings relate to the resolution therein set forth, the
''� prnceedings were duly had and taken as therein shown, the meeting �{
�� therein shown was duly held, and the persons therein named were 1 ��
- � present at the meeting as therein shown.
F`
..� �
�: 2. A71 members of the Board were duly notified of the
�;, meeting, pursuant to law. �
�-a
;< IN WITNESS WHEREOF, I have hereunto set my hand and affixed �
- ;s the seai of the County this 25� day of � , 1984. �`•: {,
�� � �aI
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` '�°" DELEGATION AGREEMENT
- This Delegation Agreement is between Pitkin County,
Colorado (°Pitkin County") and Arapahoe County, Colorado ("Arapahce � '
� COUnty") . �<,
' , WITNESSETH• ' *� '
;;�';_ .l; 1. Preliminary Statement.
'�'-'`�� Among the matters of mutual inducement which have tesulted
in the execution of this Delegation Agreement are the following:
'':��- ,� i
�::;,, (a) Pitkin County and Arapahoe County are each authorized
ss;;r::� ,
�;;:-:, by the County and Municipality Development Revenue Bond Act, consti- ,
�'�'�"� tuting Article 3 of Title 29, Colorado Revised Statutes (the "Project
=� Act"), to finance, refinance, acquire, own, lease, improve and dis-
>' � pose of properties to the end that more adequate residential housing ; .�
- facilities for low- and middle-income families and persons may be
i�r•":
r�';''' provided, which promote the public health, welfare, safety, convr
.::`'a
i-+,:�� nience and prospeiity.
c°•
$� �v (b) The Project Act and Part 2 of Article 1 of Title 29.
�
• `;� Colorado Revised Statutes, provide, in effect, that any county or
:"-` ' municipality may by resolution or ordinance delegate to any other ��1
'��,? county or municipality its authority under the Project Act to finance
,��J'� projects under the Project Act. -
�=�-� • (c) It is deemed necessary and advisable for Pitkin County
� 1 and Arapahoe County to make available a pr-ogram for the origination ;
`�'I� and servicing of mortgage loans for residential housing facilities �
4� :'i i
, ..i for low- and middle-income families and persons (the "Mortgage ;
;w-J Loans") in order to increase the supply of money available for mort- �
�`"+ a e loans so that families and rsons of low- and middle-income can
iz:- 9 9 Pe
finance the purchase of residential housing facilities at less than
the prevailing market interest rate, thereby providing more adequate �
;=;' residential housing facilities for low- and middle-income families
C�!
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.0 .:�,,`�?�aY `'. t+ ` 't�f k��i j '7 �a�e'F��� h� �rf � P�'x ,Y+� �u ti c}�'n '[P
..,y�T��. � �� a�y�Y1�,�'�3�` ��.'Siy�a=,' {�8'�y�,K�����, a �V�iy�°�s.t t�f�'����,y'�� E�rt���
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�;3 and persons in Pitkin Connty and Aragahoe County and elsewhere within
';Y the State.
,_ (d) it is deemed necessary and advisable for the provision
r
• =`3 of more adequate residential housing facilities for low- and middle-
= income families and persons and the promotion of the public health,
,;�;;':�; ,:.= welfare, safety, convenience and prospetity of the inhabitants of
:;s;::'::::,'.; Pitkin County and Arapahoe County that the origination and servicinq
�� of the Mortgage Loans be commenced at the earliest possible date.
;� .:� (e) The Board of County Commissioners of Pitkin Coanty has.
_-``"<:;� indicated its willingness to delegate ta Arapahoe County its powers
k `` "' under the Project Act to finance Mortgage I,aans to provide more ade-
'�'"�..'..-� :3
�'='�'=�;•.;i quate residential housing facilities for low- and middle-income fami-
+� ?�
� .•� lies and persons within Pitkin County.
� `': �3 (f) The Board of County Commissioners of Atapahoe County =i
� ^ ° ♦ i, has indicated its willingness to accept the delegation by Pitkin
-"- County of Pitkin County's powers to finance Mortgage Loans to provide
Y • .i more adequate residential housing faciliti�s for low- and middle-
i :.: ,�
income families and persons within Pitkin County. '
;: J (g)' Neither the execution and delivery of this Delegation
<� Agreement, the consummation of the transactioas contanplated hereby, '•
;+ . •�� '� noz the fulfil.lment of or compliance with the texms and corx7itions of .��
) n ' this Delegation Agreement conflicts with or results in a breach o£ ;:
I..
any of the terms, conditions oL pcovisions of any legal restziction �;�
� ;° ;� or any agreement or instrument to which Pitkin County or Arapahoe
� ':':.� County is now a party or by which Pitkin County or Arapahoe County is
��_'"�,� bound, or constitutes a default under any of the foregoing.
�.�t�s�
y�:r,,�;};; 2. pelegat'o�, n by Pitkin Countv.
/.'r '_-
�K.,,�_�;:.; Pursuant to the Project Act and Part 2 of Article 1 of
u � :
` : ;� Title 29, Colorado Revised Statutes: j-
��(� :� (a) The Board of County Commissioners of Pitkin County
� w�µ,:! hereby delegates to Arapahoe County all auhhority of Pitkin Coanty to
. . T..�y,:k4•e.::.=
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i . � r�, ��� �.��F 1'�� .y �f' �' (�{� � "i . R1.�z� jL}-`+�"a�,C! �:
...*'����r;,��,�"Ftr �7��' ^ r,;. P ��w��ti`;�� ._ + j 1 N f4+�d"1'p�i!'?�sV�sd y�,
:..i1:- °� 2 7'+h.r °���b� ri'� '"'�`� {�f9f� -- �_ �$���� � t"Y> .i1rs. 'pn
, $� ' .
ax �.�T', ni".r�fffa�r.6Ft.:.,r.. R���i .Ja-...x,14'kky,.,...,v,x�.�,.A.u�:%. ...._. ..�::�.:�. . � ` '
.i' . .i_.... . . .,.._, �.,. .-., .
.,�'
finance and otherwise take action and exeraise power under the
Project Act on behal£ of Pitkin County with respect to the financing
,� ,_ = of Mortgage Loans to provide more adequate residential housing facil- !
� ities for low- and middle-income families and persons within Pitkin
� County. Pitkin County covenants that prior to January 1, 1985, it
"'�" '-�:"� will not issue any bonds, notes or securities to finance mottqage
lV=a-.`.::.�:
loans to provide more adequate residential housing facilities for
- low- and middle-income families or persons within Pitkin County or
� " ' delegate its powers under the Project Act to another w unty or munic- �
� �".�� ipality to finance mortgage loans to provide more adequate residen-
t `° ;�
� tial housing facilities fot Iow- and middlrincome families and per-
E � ?; sons within Pitkin County.
' �� (b) The Boacd of County Commissioners of Pitkin County '
.;�;� agrees that it will take such further action and adopt such further �
T ' � proceedings as may be required to implement the teans of this
�,
""` Delegation Agreement.
3. AcceAtance of Delecration by,Arapahoe Countv. � �
4. ;
l' k Pursuant to the Project Act and Part 2 of Article 1 of '
�
� ` �L� Title 29, Colorado Revised Statutes: �
�ti • �
' � (a) The Board of County Commissioners of Arapahoe County
f . 1�j
f � � hereby accepts the delegation granted to it by Pitkin County, subject
� � to the terms and conditions herein contained.
(b) The Board of County Commissioners of Arapahoe County
� � agrees that it will finance Mortgage Loans to provide more adequate
��'���, ��`� residential housing facilities for low- and middle-income families
�� ;;�f;..
s . "�:�,,,� and persons within Arapahoe County and Pitkin County.
;- �,
;, '} (c) The Board of County Commissioners of Arapahoe County
% -•; agrees that it will take such further action and adopt such fusther
� -` `'� proceedings as may be required to implement the terms of this
i` -
k,�,�� ., '' Delegation Agreement.
f, -
,
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4. Genera]„ ProvisiQn�.
. ,�i;,
(a) This Delegation Agreement is hereby declared ic=evoca-
ble durinq the term of the financing agreements to be entered into by
Arapahoe County and the financial institutions which will originate
- and service the Mortgage Loans, and this Delegation Agzeement shall '
terminate upon the termination of such financing agreanents.
�:
;' � � (b) This Delegation Agteement shall automatically termi- f�'
nate on January 1, 1985 if Arapahoe County has not prior to that date
issued its revenue bonds under the Project Act for the purpose of. '
� financing Mortgage Loans to provide more adeqvate residential housing
; ,� facilities for low- and middle-income families and persons within
�� Ara ahoe and Pitkin Count
c� p y'
"! (c) Nothing contained in this Delegation�Agreenent_sha11
t::.
�� obligate Arapahoe County to finance �dortgage Loans in-any-pacticular
` �: amount, or to use any particular percentage of Ehe'proceeds of. its
� "'`" revenue bonds to finance Mort a e Loans to q
g g pzovide more ade uate.,res- �
idential housing facilities Iocated in Pitkin County, except that
C•�':�:�'.:..--.�:
Arapahoe County agrees that for a period of ninety days from the
issuance date of revenue bonds by A=apahoe County to finance Mortgage
;',�'', ``�„; Loans under the Project Act for such purpose, the portion of the
- - funds relating to the allocation by Pitkin County shall be reserved
, , � *=1 and shall be available to residents of Pitkin County to provide more ;
� � <'� adequate residential housing facilities for low and middle income
� ?� families and pecsons within Pitkin County. The amount of funds to be "
a j-
? resetved shall be an amount equal to the amoant taade available from �>
�` " � the proceeds of such bonds on the bond issuance date for the purchase
- of Mortgage Loans under the Project Act, multiplied by a fraction,
. ',
the numetator of which is the population of Pitkin County and the
� w M� '!:
.� denominator of which is the population of al]. counties, cities, and
-' towns contributing allocations, incZuding Arapahce County, all based
,.,f on the population figures nsed to compute allocations under Colorado
r;::_,;•..=-':.'; Revised Statutes, Sections 29-4-803 and 29-4-805, as amended.
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'b.� ����� (��i:�'jt �: y'4, t�� �Y`r! . ��, � �e y Y-�,��;r' r r; i1 '�' �y�f�'1c' ti
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� . '":M''��_ `�+�c�a�liew�t. ..��_f:. ��fl` s
, �
I
Azapahae County is heteby. authorized._to..:;f.inence only such Mortgage '
., __,._ .. _ , - ... .
Loans as sha12 be,agree8 upoi► by"Arapahoe County and•the financial i
institutions whicti w'ill originate and service the Mortgage"`ioans. I
•� • , � (d) This Delegation Agreement shall not constitute the
debt or indebtedness of Arapahoe County or Pitkin County within"the
,,R:_:�:,; ' . meaning of the Constitution or statutes of the State nor g ive rise to
_ a pecuniary liability or a charge against the general credit or
- taxing powers of Arapahoe County or Pitkin County. _
`, � _ ZN WITNESS WHEREOF, the parties hereto have entered into.
, ,` ' ; this Delegation Agreement this 25�day of � , 1984.
,,�-..x' -
� - _ ... ._
�r'
��CG�I�l1 y'�.'., ARAPAHOE COUNTY. COLORADO
' '\ `S'��1\ �.��
- r�f: i � �','. By .T1i'�
Q �,�� Cha`Syrman f the Board of County
� �}�i Commiss ione rs
� � __ !
At iiB61 .�'''�
� ���
� ,C ��.
, ;; �. ' nty Clez`l�� U
,. ,:,.:;
� ��
� PITRIN COONTY, COLORADO
� �'.4 ' ,a.,..,, .
'�'f :�.� ,'t'., n�� By (
, .� �,; �� � � Chai an o£ th Board of County
s Commissioners
< t, ,��� ti�'•,�SEAI,�j�;;7
4� ��;;�� � . e
r r� ' Attest-
� � ��J���
-!j�/l�u -
{� _ County Clerk
�
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ATi Am70N TAANSfiER AGREEMENT j
; �
, This Allocation Transfer Agreement is between Pitkin �
' County, Colorado ("Pitkin Connty°) and ALapahoe County, Colorado
("Arapahoe County") .
� ;:i�'. . ��k��'.
�,- _ $ I T N E S S F T H• � �
'�'.:.'?:� 2. Pce7±m�3,,r,v a m nt. Among the matters of mutual
' => i inducement which have tesulted in the execution of this Allocation�
4�z';,.r.I ..
:.;;,_P::.'.::� Transfei Agreement are the foZlowing:
�;.;� fa) Pitkin County and Arapahoe County are each authocized
� 3
, ?� by the County and Municipality Development Revenue Bond Act, consti-
tutinq Article 3 of Title 29, Colorado Revised Statutes (the "Project
_ -'r":�` ACt°)� t0 £inance, refinance, acquire, OWR� lease, IIDPLOVE dTld 1915—
:y't i
� pose of properties to the end that more adequate residential housing
»� "> � facilities for low- and middle-income families and persons may be
' � provided, which promote the public health, welfare, safety, conve-
` s
!:� nience and prosperity.
h •
C (b) The Mortgage Subsidy Bond Tax Act of 1980, �codified as
, Section�iO3A of the InternaZ Revenue Code of 1954, as amended (the ."�
� �' �" "Federal Act"}, restricted the amotuYt of tax exempt obligations whi.ch �
' � ;
� ; coald be issued by the Colorado Aousing Finance Authority and local r,
� r governmental units in the State o£ Colorado (the °State") to finance a�
� `� �� single-family mortgages to an amount not exceedin9 the State
ceiling. �
= ��
��"'�,;� (c3 The Federal Act authorized the states to provide a for-
mula for allocating the respective state ceilings among the govern-
� ; :_5
'' mental units in such states in a manner different from the federal
r , : i
, '`;,� allocation formula, and the 5tate has p=ovided fo= such an alternate _
f fo=mula for allocation in Part 8 of Article 4 of Title 29 of Colorado �.
�� `>,� Revised Statutes (the "Allocation Act"). y�
. a.
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� ' f.`rE i�4t �bF �%/���! �" 4 .•-J � �i � .!L f' � " Y 5
' �� ��� �yA',� w�t�'�'�'"'��'���� �s � �f n�'k�'w r r . i p, K,�,t-t-f 3`�.�t�5
� . .iS.T ;36 " +y IA,a��:�r .�.� �a� � a- :�' 2�-,. � �-{i i .v .
- -'r - .e re�:s�..;-o ,`T'.�i�:a�ik��l -.��..w� �x...v... �wL,.l�.:..., .v'�ih2�'_s t ��f-:'!'r r�j.,r:'
n -
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`-� <d) The Federal Act eliminated the exemption from federal
income taxation of interest on obligations issued after December 31, ;
• 1983 to finance single-family mortgages, but it is expected that a
, new Eederal act will be enacted in 1984 which will extend fcom
•:�-;
;,.�;�: December 31, 1983 to at least December 31, 1984 the date after which
interest on such bonds issued after such date will not be exempt fran
fedetal income taxation.
�.-:'� (e) The Allocation Act authorizes governmental units in the
: .; State to transfer all or part of their allocations provided for in
v .� the Allocation Act to any other entity otherwise authorized to issue
_.,� bonds to finance single-f amily mortgages and to accept transfers of
- '�� such allocations.
' 3
.;. :
,, (f) It is deemed necessacy and advisable by Pitkin County
- ;r..:; .
and Arapahoe County that a program be made available for the origina- �
-- : tion and sezvicing of mortgage loans for tesidential housing facili-
� : ;; =
": ties for low- and middle-income famiZies and persons (the "Mortgage
Loans") in order to increase the supply of money avaiZable for mort-
�;i.' = gage loans so that families and persons of low- and middle-income may
` � finance the parchase of residential housing facilities at less than
i� � � the prevailing market interest rate, thereby providing more adequate ��
� '� •' '� residential housing facilities for low- and middle-income families `
� , ,; and persons within both Pitkin County and Arapahoe County and else- `.:
�
�_ .. ' where within the State. '
;. w
� ;� -
. (g) It is deemed necessary and advisable hy Pitkin County
, �;� and Arapahoe County that the origination and servicing of the
ra.
�'-••-"j'� Mort a e Loans be commenced at the earliest ossible date.
f:r;::'';'- 9 9 P
_. '� .
< .; ,� (h) The Board of County Commissioners of Pitkin County has
indicated its willingness to transfer to Arapahoe County its alloca-
� tion under Section 29-4-803 of the Allocation Act for the period from
4 � � May 1, 1984 thzough September 30, 1984 to finance Mortgage Loans to i
K, -
,� ` ' provide moce adequate residential housing facilities for 2ow- and =
� : o f
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*' v a t's? f�Lr v',��'h���.��rtC'e�l r `�r"�4 r ��Y �'�r+�w k u 7 �i - `'� '�t`ryi h�r�SA ir
,���'';'GY�s�;��"�.f '�u M ��s'��" "' � V�,;�. ,i �{�"f't.���. �i .-....•�`ckF�'c�'i 3�52`�'t .. Fj��-.`. .
.: T. '��iMW{r.i.�.��f'k'� �.s4�t•arir�,l.,oer.a+:e-,.+:�lfL�s�". z� � 1�.......�....._�._ -�_�r S__�..:_ �. .
'S'1 • •
�� '
Y middle-income families and persons within Arapahce County and Pitkin
x
County and elsewhere within the State.
� (i) The Board of County Commissioners of Pitkin County has
�.. further indicated its willingness to delegate to Arapahoe County the
;
- authority to act on its behalf in the issuance of qualified mortgage
`"'`� bonds pursuant to the allocation granted under Section 29-4-805 of '
:.,..,, .
- the Allocation Act and to transfer its allocation under � �,
i:
. ; .
�:.i Section 29-4-805 of the Allocation Act for the period from October 1,
= 1984 through December 31, 1984 to finance Mortgage Loans to provide i'
i
more adequate residential housing facilities for low- and middle- i
5 `; income families and persons within Arapahoe County and Pitkin County '
�3 ,` � and elsewhere within the State.
�� (j) The Boatd of County Commissioners of Arapahoe County
j
# has indicated its willingness to accept such transfers and to finance ` i
.,�:._. :
'�`"'._, ' the Mortgage Loans to provide more adequate residential housing •
3
facilities for low- and middle-income families and persons within
' Arapahoe County and Pitkin County and elsewhere within the State.
(k) Neither the execution and delivery of this Allocation
_ �� Transfer Agreement, the consiunmation of the transactions contemplated
, hereby, nor the fulfillment of or compliance with the terms and con- t'�
' ditions of this Allocation Transfer Agreement conflicts with or �
� � results in a breach of any of the terms, conditions or provisions of
� � any legal restriction or any agreement or instrwnent to which Pitkin
,. � County or Arapahoe County is now a party or by which Pitkin County or
� a Arapahoe County is bound, or constitutes a default under any of the
,?
� � foregoing.
, d,� 2, mransferG bv Pitkin Gountv. P u r s u a n t t o t h e
.._� Allocation Act:
5 �
(a) Pitkin County transfers to Arapahce County its alloca- ;,-
��, .,,'� tion under Section 29-4-803 of the Allocation Act for the period from }�
�`
r� ;;,� May 1, 1984 through September 30, 1984 and under Section 29-4-805 of
`'"�'�`- the-Allocation Act for the period from October 1, 1984 through �
�,w, `.� �,
��,
'� ;� -3- k
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, � •
;
? December 31, 1984 and delegates to Arapahoe County the authority to
act on its behalf in the issuance of qualified mortgage bonds pursu- ,
ant to the authority 9ranted under Section 29-4-805 of the Allocation
? Act foc the period from October 1, 1984 through December 31, 1984, to
'- .� provide more adequate residential housing facilities for low- and � ,
� � middle-income families and persons within Arapahoe County and Pitkin
County and elsewhere within the State, subject to the terms and con- «�'�`�
'� ditions herein contained. Pitkin County covenants that prior to �'
- January 1, 1985 it will not issue any bonds, notes or other securi- f
���_- _
ties under the Project Act to finance mortgage loans to provide more.
; adequate residential housing facilities for low- and middle-income
:?`:�� families or persons within Pitkin County or transfer any portion of
� its allocation under Section 29-4-803 or Secticn 29-4-805 of the �
� Allocation Act to another governmental unit to finance mortgage loans
to provide more adequate residential housing facilities for low- and
middle-income families and persons within Pitkin County. ;
:;:'., �
.��::< _
r;`'�' ' (b) Pitkin County agrees that it will take such further
- `�
''' '`: �s action and adopt such further proceedings as may be required to
�.':.•.;-.:.:,;
�` ' implement the terms of this Allocation Transfer Agreement.
` �� 3, Ac�r<ntanca of Transfers bv Arapahoe County. Pursuant
to the Allocation Act:
;:,
��
: (a) Arapahoe County hereby accepts the transfers to it by �'�.
e a
t '� Pitkin County of the allocation of Pitkin County under Section
�. ..-U
a 29-4-803 of the Allocation Act for the period from May 1, 1984
� � through�September 30, 1984 and under Section 29-4-805 of the
, N`�.-.;:� �Allocation Act for the period from October 1, 1984 throu9h
;t December 31, 1984, and hereby accepts the delegation by Pitkin County
�,�, A of the authority to act on its behalf in the issuance of qualified
!=•.: ='� mortgage bonds pursuant to the allocation granted under
:;
,M Section 29-4-805 of the Allocation Act for the period from October 1, :
' ' 1984 through December 31, 1984, subject to the terms and conditions ?
i . � ..
,- ,� herein contained. � ; ;
� ,
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' �' ,}t4�'re F14s ei h' Y Tt t 6 .t F �2 F
'. (YJ i �f','�'jn' 1.0 ! .�y ' •ba `%t . 'Y f }A ''� r�'35�r.� g 1 �(:I����-lc �
t , 4 Y���t��tG�Ey,Zni�'h'}n �j�h 'S G ��(+ a.7 .j i b '' ` �< .;'`h`i'�9�t1'�.Y�s i e �'Y`�
,; � �. c-.�.. �1�, S:S°''�Nr�* iy,n�tv i��.S' ♦ �...,� in`y,.�''t�w � ya iy�d i�4r�'(�r+�'r: ,n �.��:�,r '
... �3��-l����� � � r.1-.�'. .
.,r:�cti,!n'�l�F� 3 . F �. � " .��n5_..�'u.4uwfL., :F:_.�.°R''1F ' ♦_ . -.�- ... . .
(b) Arapahoe County agrees that it will use its best
efforts to issue revenue bon8s under the Project Act, in one or more
series, to finance Moctgage Loans to provide more adequate resi3en-
tial housing facilities foc low-- and middle-income families and per-
.. r.
sons within Arapahoe County and Pitkin County and elsewhere within
the State. �
;�:::: : . (cl Arapahoe County agrees that it will take such further
-- action and adopt such further proceedings as may be required to
implement the terms of this Allocation Transfer Aqreement.
�,( 4. � n a7 P ov; ;ons.
: ;
� - � �-� - (a) This Allocation Transfer Agzeement is- hereby declared
: irrevocable during the term of the aqreements to be entered into by
Y, .
� Arapahoe County and the financial institutions which will originate `,
•�
and service the Mortgage Loans, and this Allocation Transfe=
=� � A reement shall terminate u q
':�,. � g pon the termination of such a ree�ments.
- ,;
- '° :`+ (b) This Allocation Transfer Agreement shall automatically
�'?.;::'� terminate on January 1, 1985 if Arap3hoe County has not prior to that
;`� date issued its revenue bonds under the Project Act for the purpose
� of financing Mortgage Loans to provide more adequate ce,sidential . ��
°v housin facilities for low- and middle-income families and ��
_ { 4 persons
=� within Arapahoe County and Pitkin County and elsewhece within the
� �
' .,, � State. '
�' � -
� (c1 Nothinq contained in this Allocation Transfer Agre�nent
� �� shall obligate Arapahoe County to finance Mortgage Loans in any par-
K.:: :�
�_,;-.; ticular amount or to use any particular percentage of the proceeds of
'�� its revenue bonds to finance Mort a e Loans to
� .� g g provide more adeqnate
��� residential housing facilities located in Pitkin County, except that '
w =
i �� Arapahoe County agrees that £or a period of ninety days from the �;
;,; issuance date of revenue bonds by Acapahoe County to finance Mortgaye �
_. :� Loans under the Project Act for such purpose, the portion of the
�. ; funds relatinq to the allocation by Pitkin County shall be reserved
�� � and_shall be available to residents of Pitkin County to provide more �
{ �� �
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! adequate residential housinq facilities foc low and middle income
'�� families and persons within Pitkin County. The amount of funds to be
i
� reserved shall be an amount equal to the amoant made available from
, � the proceeds of such bonds on the bond issuance c3ate for the purchase �
of Mortgage Loans under the Project Act, multiplied by a fraction, � �:
� the numerator of which is the population of Pitkin County and the '-"��v
' -;t:.
r;r; denominator of which is the population of all counties, cities, and
,.�.�;.; towns contributing allocations, including Arapahoe County, all based
- . on the population figures used to compute allocations under
��'�r�� Sections 29-4-8U3�and 29-4-805 oE the Allocation Act, as amended. .
�.�� Arapahoe County is hereby authorized to finance only such Nlo�tgage
s,�;i . -- --.Loans as.sha11 be.a.greed u.pon .by_.Arapahoe County and the.financial
',;;";s institutions which will originate and service the Mortgage Loans.
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'`� (d) This Allocation Transfer Agreement shall not constitute
•;:,;_,
'?;< the debt or indebtedness of Pitkin County or Arapahoe County within , ��
- r'� the meaning of the Constitution or statutes of the State or the home
;:',:� rule charter of any political subdivision thereof nor give rise to a
;`�.� pecuniary liability or a charge against the qenecal credit or taxing
; j powers of Pitkin County or Arapahoe County.
±�!� IN WITNESS WHEREOF, the parties hereto have enteied into �
� this Allocation Transfer Agreement this zSTH day of � , � ��.�'}
i;� 1984. i �
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