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RE50L(1T20N i12ANSF�.t2tNG TU Ptl�f� ObUN1Y. WLOkADO 771E I+1.L0-
CATION OF PITKTN COUNTY, COLdItADO UNDER 58GTIOtiS 29-�-503
ANb 29-9-805 OF COLOItNJO R�VI5Fd"STA2[1Tf5, 10 PINANC� MORi'-
GAGE LOANS TU PRdVID6 MbRE ADbQUAT� RE�SIDEBTfIAI, HWSItiG
FACILI�IBS FOR LOW- A�7D MIbDLE-Il:�t� PAEIILIES AtiD PER5CtIS
WITHIN AbAM5 �WNTY �1ND WITlIIN PITKIN C(7tlNTY Al1D �ISFb7HFRE
IN THE STA�E OF COLORA1bD; bELF�ATING Rll� RL377SORITY TO IS5U�
ftEV�I�UE 60Nb5 TO FIHANCE SAID 1-DRZGAGE tAANS HI7tiIN PITKIN
COUt�:Y; AND AUTHORIZItiG TN� EXECUTION RNiS DELIVERY $Y
PITKIN C(JUN'TY Of AN ALLOCATION TttAN5�F12 AGREEM�NT ANb A
Q�LE)GA'PION AGft��N'P. �olution �o. 85 - 18
iJHEttEAS, Pitkin �ounty, C�lnraao ("�itkin County") and
Ad�as C�unty, Coloradc t"Ad�a County�) are each au�hnciz�ci tsy the
Counay and Munieipality t�vrlopKaene Revenue eona Ae�, consticurir.g
Actirle 3 Of Titl� 29, COlOtadO Rpvlse6 StatUteB (the "Pro�e�t Aer"I,
to f inance pro�tti�s to ehe �nn tha[ �nte aaecyuat� teaiocntial Hous-
ing farilities fac lo�r- and midal�-incane families and �r�ons nay ts�
pcoviaed; and
41NEREAS, �etlecal law cestciets the amotmt o� cax ex�erapt
obligations uhich may be issued t�y the Colocado Nousing Finaec@
Auehority and local qovecrm�ntal unics Sn the State of Oolorado fch@
`State") to finance aingle-�Eamily mottgageg to an anwwt not exceed-
in9 the State ceilingf and
NHFREll4, pucauane to federal 1aw the State haa provlcied Eo�
a Lo�rmula Eoc allocatlon 3n oE tha Stata ce�ling among t1w@ govectrueir
ta1 �sni'ta in ehe Staea in a mannec dlEfesont Ecom tha faiieral alloca-
tion lormula, in Pact 8 of Article � oE Ticie 29 oE Colocado Revisecl
�
8tatueoa teha "Allocation Act")i and
WUeREAS, tho 1►11oeA�ion Act authorizes govecrtrae�ntal unir,�
! in ti►a Stata to tcanster all oc a pact of theic allocacions pcovidad .
tor in ths Allocation Aet to ar►y othoe entttiy otheevisee authoeiaed to
� issua bonda to lina�ce eing�e-tamily moctgag�s and to nccept trans-
i lors of such allocationsj and �
� 1tNEttEAS, tho P�ojact Act and Patt 2 0! Article 1 0!
� Tltle 29, Colorado Revtaed Statutes, ptovid�. in etfect, chat a�y
county or m►u�icipality a�ay by re�lutian or oratnance aele5ate to anpr
oEhec county or municipality its authority wdcr tho Project Act to
� tinanco projects undec tho Projeet Ac�t and
i
- WNFJt6AS. Pitkia County desires to tra�sfa[ to Adams aaunty
its allocaticn undec Sectiar►s 2�-4-803 and 29-4-805 ot the Allocaeion
Act Lor tha yeac 1985 to Finance mo�tgaga loans to p�ovide moce ad�
quate tesidential housiny Facllities Fot low- and raianle-incope
� fnmilies and gersons �ithin AdQps Coun�p and PitKin Couacy anu
j elsawr.cte within the �ebtet an� ta �eleyate to Aca�s County ci�e
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� authority to act on its behalf in the issuance of qualif ied macCr,age
bonds during 1985 pursuant to the allocatfon granted under Section
� 29-4-805 of [he Allocation Act; and
H6EREAS, Pitkin County desires ro dplegate eo Adams Co�ty
� its pa►er under trie Pcoject Act to issue tevenue bonds to finance
mortgage 2oans to provide more adequate residential hoasing facili�
ties foc lo�r- and middle-incane families and persons within Pitkin
' County; and
wHER�AS, it is necessary co evid�nre such transfers and tAe
dCCe[StidtlCf3 nf such tcansfers by the Allocatian Transfec Agce�aent
, pres¢nted to the 9oard at thts meeting (rhe "Allocation Tcansrer
Agre�ment') which Nitl be execuCed and deliveced by Fiekin Cbunty and
Adams County; and
� WHER�AS, it is nece�gacy tn �vidence sucn delegation and
th� acceptance of auch delegation by the Delec7ation Agredoenc
� pcesenee8 Co tha Board at this mpeting (the "neleqation Agreea�nt")
whlch will be executed and c#eliveced by Pirkin County and Adams
County.
� NOFt, THEREFORE, BB IT RLSOLVED BY TN� BOARD OP COUNTY
COMMISSIONERS OF PITRIN COUNTY, COLORAOOs
� Section 1. Tha [orms, terma and ptovisions ol tne
Allocatlon Trana�et Agcemaent and the Dalegation Agremoenit herel�y ac@
appcoved and the Chairman ot ttw �oard o! Cour�ty Commissioners oF
� Ptrkin Couney and ehte Cbwty Clack hereby are auehorizad and dicected
to oxecueQ and delivec the Rllocation Transtec Agreaaant and tt�e
Dolega�tion AgtccmenE.
� Section 2. Tha Chaicman oL eha eoacd oE County
Com�aiasioners and the Cbunty Clerk horeby are authorizad and <ttcoctea
to take auch other ateps oc actiona as may bQ coguicad eo carcy ouc
� tho tecros and intent ot this resolutton, the �►liocarion Transler
Agcemae�t and the Delegation Agreaaene.
� Section 3. Nothing co�tatned in this cesolurion, in.tbe
Allocntion TcansFer Agramnant or io the DelQgation 1►grecaerit sha11
obligate Pitkin County, oxcept to �he extent describad in tna
Allocation TcangEec Agcaemertt and in the Dolagation Agreement, �or
constitute the debt or indebtedness ol Pitkin cbunty ►rithin the meart-
� ing o� the Constitution o� statutoa ot tha State oc t1�c haae rulo
chartac o! aay political subdivislon theteot, noc giva rise to a
� Pacuniaiy liaoility of PitKin County or a d�a�ge against its ganaral
credit or taxing povers.
•� Sectian 4. If any seetion, gacag�aFn, clause or ptovision
of this cesolucion shall Foc any reason be held to be invalid or
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� un�nfotceable, the invalidity ot unenforceability af such section,
paragraph, clauge or provision aha11 not aff�ct any of the remaining
' ptovisions af this cesolution. �
5pction 5. Ail action (not inconsistpnt Mith the provi--
� sions of this resolutiont hereto£oce taken by the Boacd af Councy
Coomissioners and the afficcCS of Pitkin dounty directed tawacd ehe
authacixation of the l�lloca+tion Transfer Agre�nent and the Delegation
� Agteement heceby is catified, approved and conficmed.
Section 6. This ce�olution sha21 be in full focce and
�f£ect upon its passaqp and app[aval.
� PA45ED� ADOPTSD AND APPRWSD this '��� day of �� ,
198�.
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� Chaitman oE tha 8oard of Councy
CoamisaionQrs
(SBAL)
� Attast:
" ' /Id�?.�Z!<.i ��?t�'(.C�J
� County Cleck
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� A motion to adopt the foc�5oinq re�olutian was then anly
made by Commiasionec �� and duly secondpd by
� Comml.ssioner � .
The qupstion being upon the passage and adoption of the
� r�solution, the roll w�s cailed vith the foilaring cesult:
i 2'hose Voting Ay�: ��
� Thoae Voting Nay: �
Those Abaent: �I�
� '1'lx�se i+i�st�inings KIt�,'LEY - _
Theceugoe, the pceaiding officer deciacea the awtion cat-
riad an� �he resolution 8uly passed and adopte8.
;� After othtr action or buainegs not relaCed to tha iaregoing
caaolution, on motion duly �a8a, seconcied an8 acopeetl, thQ maelDing
� thereupon aejournQ�.
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� STATE Op COLORADO )
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� COUN'lX bl� PITKTti )
� i, 1O�'n B�R , thp duly qualified and aceing �
Cbu[1t}� C1etk of Pitkirt Cou�ityr C'OloLado (th@ 'CbU[1ty')� ift tt�� SCate
of Coloraao, da hereby certify:
� 1. The focegoing pages mmbeced 1- to -5-, inclusiv�, are
a true, perfect and caaplete aopy of che record of praceeaings af th�
Board of County 8o�aissioners af the Cowty hed anci taken at a la►�ul
� m e e t i n g o E t h g e a a r d h e 1 d a t tiae pitkin Cour,tv �ou.-tnouse ,
596 East hSain scr�t � i� f�t�h , Coloraao on
�h �!, 19�58C 10A0 a,�,� $g r@CtlCd@d iri the regular ofti
� cial nook of the pcoc8edings of the Counay kepa in ay offioa so far
aa rhe proceedinga relate to the resolution thecein set Eorch, ths
procee8inga Were duly had and taken as ther�in shown. the raeeting
' thecein shawn waa duly held, and the pecsons therein namgd M@i@
prasen� at th8 osetinq as therein ahown.
: 2. A.11 membars of ehs 8oard waro duly notifind of ehe
� mesting, purauant to la++.
IN NITtiB33 Ng8RE0F, I bavo doretnto stt oy Aand and atfixeci ;
� che seal ot tho County tbia � day ot �� . 198�. ;
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�+ pOLICY RSPORT ONDBR SECTiOR 103A ' }
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`��� +��r*CLERK 6 RECORD�RS NOT�titt
�� S�N7' TO ADAMS COUNTY TO 06 SIGN�D i N�V�R R�TURNED�;+«*•
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Dated as ot Novemboc 30, 1984
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�: I. I►I2E�IHINARY 5TATEMBliT
. '
Pursuant to the Couney and Hunicipality D2velopmern Revpnue
Bona Act, constiCuting ArCicle 3, 2ftle 29, Colorado Revispd
Statutes, Adams �ounty, Colocado tthe "County�), is authorized to
finance rnorp adequatp residpntial housing facilities for larr- and
saiddle-income familie� and persons. The �ercn "la�r- and middle-inco��
families and persons" is defined by statute to mean those Who "lack
the financ±al abflity to pay pricps or rentals suffiaient to induce
private enterpris� in such county or nunieipality to build a suffi-
Mpnt supply of adeguate, �afe and sanitary dweilinqs wirhout the
apecial assisranep aff orded by [eh� statutel." Consistent wiCh this
sta[utory autho[ity, the ltortgage 5ubsidy Bond Tax Act of 1980 and
the Tax R�Eorr.i Arc o£ �98�, the County ineen8� to issup in 1985 iEs
qualif ied �ortgaqe bdnds to £urthec the policies and goals �3escribed
. hercin.
' II. BqJSItiG POLICIES A1JD GOALS , -
� A. The ptinary gaals of the County's 1985 qualified raort
qage bond �Srogram fthe "proqra�a") ace �1).to assist in pcovfciing
affordable housing for cesidents of the Oo�nty and the other Fartici-
pating counties in accocdanee with e�ected de:.�and and t2) to assist
qualified loa- and midctle-incooe faa►ilies and persons to obtafn the
bene�its oE haa@ ownership through ter+cr interest roees.
a 8. Th@ proceeds oE the qualified aortgaga honda vhich the
a Gounty expacts eo iasue in 1985 (ths "bonds•) are expected to be usad
± to provide firtancing foc the acguisition aE �esidenc�s, rsth�r than
? ko providc financing tor hrnao iroprov maent loana or rehabllitation
' loans.
; C. Tho proceQds of the 6oncls arQ expected to �o used �:o
; aoquiro �ortg�gc loana for bath ncn+ and existing housing� anc� to ioe
uaed to E?rtoncs the arquisitio» of de�achec2 structuros. condomir.iurars
� and kownhousea to be usecT as residential housing Eoc onc fac�ily
j units, and in each caae to be used by the �ortgagor As his on c�r
sole place of rastdence. It is expactcd thaC a portio� of the pro-
ceeds at the bands will be committed to :iranec r:ati+ residancas to t�o
sold oc f�nanced in part by corporations, �rtnershi�� or sole pro-
prietorships vhich aro in kha busl�ess ot constructiag singie Family
raside�cas. The names and des criptions o� any such "com►aitted
allocation' pco�ects, tha locatians of any such grojects and tho
aiaounts to be rese�ved f oc any such ptojects will. ba de�ecminao cy
� tho C�unty aPtat applicatio�s to p�articipata in tbe prograta hava 6ee�
reccived f:ar� intcrc�t�cl r�are�g� 14Y:CCIg. It is ex�eGEed, i:car�veE.
th�c r.o ^c•:e ca�:n iC� o: cl:e 1 er.���?4 :ocews;:; u: the saar�:is ++i!1 �e
used to iinance resiaences to Ee sold by�ac�r stscb eptity fos whara one
or aoce mortgage lendecs have a co�nmittad al2ocation,
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D. It is not expe�ted that any p�rticular portion of the
proceeds of the bonds will be targeted to tterr, existina or any other
particular class or type of housinq. The O��ty h.as detecmined that
the best nethod of deCermfning the need and d�nand fot vzrious types
of housing is to accept applications for rwrtr,age laans fraa prospec-
tive nortgagors on a first-cone first-served basis, except as oth�t-
� Mi.se provided in Sections III(A) and IYI(B? beloa.
�
IYI. DEVE[.OPHENT PULICIES AP)D GOALS
`� A. It is e�cpected rhat for the fixst 90 days after bond
proceeds ar� fir�t macie available for the pucchase of mortgage loans,
a portion of the lendabl� prc+c�eds of the boncb ui11 1� r�s�rv¢d for
the purchase nE mortgage 1a�ns to finance th� pnrrhase nP resid�nc�es
located uithin each of the participating eounties. TNe amount ra be
reserved far each such county is expect¢d to be the aiaount o€ the
lendable proceeds of the bonds nuitipiied by a fraceion the nunerator
of Which is rhe population of that county and the dennsnir.ato� of
; ahich is tlie pogulation of all such caunties and the tbune}�, proviced
- i that no anount is expectQfl to be resecve8 or rgnain reserved for as�y
"- ; parEicipa ting county if the aaount that Would otheruise be reservEd
; or r�aain cesecved is not at leagt aufficient to purchaa@ one raort-
gaqe loan co financg the pucchase of a residence locate6 in that
county.
B. it is expeceed that 200 oE the lendable Rroeceda oE the
t bonds will be reserved Eor e period ot one yaat aEcec �rhe dete of
+ isauance o! the bonds Foc th� purchase ot aingio fam#ly residences
; located ia eress designated as "tacgeted aseaa' on such clate. if all
' oE khe countiea wh:ch the County expac�s to pacticipato in the pro-
, graia elect !o �cticipate in the pcoqraw, such tacqoted areas aill �e
as tol?o►+a:
F
} i. Aiawosa County `
� 2. Placa County
3. Ct�af Fee Coonty
� 4. Crowley County
� S. Delta County
6. Gunnison County toxcept tba ToWa ot Croatod Butte)
7. Suerlano County
�:{ 8. Eit Carson County
J 9. Hontezuma County
10. ,Oteco County
. � 11. Prorrers �ouncy
12. Pueblo Counly
13. P.?o Gcan�e Coaaty
' 14. S�gaacnc Co�:nr f _
� 15. Ynma Couaty
� -15. The City of Coa,merce City
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17. Census Tract �to. 86.02 in the CiGy of Srighton -
Y9. Census �ract tta. 57 in the City of �ngl�+aod
I9. Cpnsus �racC No. 65.01 in Arapahne County
20. Census Tracts Nos. 1 and 9 in I�esa County
21. Census Tract No. 17.02 in the City of Loveland
22. Census Tract tJo. 6 in Lariner County
23. Census 2racts Nos. 2 and � in Fort Gollins
C. Zt is believed that there is a shortage of adequaCe
housinq for law- an8 raid82e-inroroe housing in all r¢gians af the
State of Colorado. Thi� is evidenred bythe fact that the proc¢eds
of the gualified ndrtgage bond isgues in which the oounty has partic-
ipated, Nhich involved eounties throughout the State of Colnrado,
have been spent very gui�kl�. Consequently, th� purpnge oF the
90-day res�rvation of proceedg foc each partici�ating ad�:ney, as ser
fo=th Sn paragraph 22ItA) atove, is Co assure ChaC each p�reicipating
county is qiven a fair opportunity to have originated within th�ir
k respective jurisdictiona mortr,age loans in araounts equal to the![ pro
; cate contciburions to the pcooram of the atate volume cap, beEore all
r the proce�da ar8 othsr�ise spent.
D. The tacgeted areas listed in pa cagcaph ZrItW abava ar8
(1) the qualified census tracts listed by ¢he tlnitect States
Departaent oE the Tceasury as such, cons`itutieq thosa oensue tracts
within the County mnd ihe oeher expect�J pacticipating aountfcs in
r+hich 70t or nora of ehe fxailies have a:. inwae which is 80� or ltas
` ot the pedian Eaaily incorae Eor the Staee oE Colorado, aaci t2) �he
, rolevant oroas oE chronic economic distreaa vhich have b�sn e3e�ig-
$ natied by the 5tate o! Colorado and approved aa such by the
Seccetacies af the DopArtlaent of the Treasury dnd thQ Dapa�rts.ient oF
K Rouaing and Urban D�velopmcnE. E�ederal la++ requirca the reaecva�lon
- oE bond proceeds tor use in th�ae targetA� areas set foctN �n �
;; paragraph IIitB) a6ave. This reservation of bond pcoceada !s consi�-
: tent vith the County's policies and goals o� enaouraging the �se oF
� bond proceeds in thesa aceas, both because �aore peoQler oF celatively
�; greatar need reside in these areas and 6ecause oE th� �ocial �enefits
� which accruc as a ccsult o� i�creasing haae a+nership in auch aceas
ot ralatively qreaCac need.
� E. Procaods targetac to each sucb area are expeeted to be
� available to tlnanca tbe purchase of both existing housing and r.ea►
._.� housing, but wlll �ot be usad for 'rsdnvelopment," i.e., cehabita-
tion� o� e�;isring housing.
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IV. LaFf-xtIC�OHE gOtlSING A5S25'rANCE POLICTES AtID GOALS
, A. No particular portion of th� praoeec'�S of the bonds r+ill
, be targeted to lo�+-income (i.e., 50$ of inedian incame), maderate�-
' income fi.e., 808 nf r�edian incone), or me3ian incx�r�e ti.e., i008 of
median income}. S�ate la�t, ho►iever, permits the financing nf r�si-
dences for use as the sol� place of residence of only laa- and
middle-inca�e families and persons, as determined by the OounGy. tJo
bond proceects w311 he dvaflalsle to finamce the purchase of residenc�s
by high in�or►e faraflies and persons, i.e., families and persons Wit2�
incomes at�ove the limit to be establi�hed by the County. ,
8. Heeause of the extenstve "targeted areas" located in
the area withfn Mhich bond proceeds nay+ be spent and because a dis-
proportionately large nnnber of lo�-, madecate- an8 median-ineo�e tas
? def ined above) fanilies reaide in such aceaa, it is e�¢ct�d thae the
z resecvation of bond proeeeds for use in auch areas as set focth in
� ? patagraph IIItB) above aill result in a gceat@c availability and usa
;'` � o! bond procegds by such fami2lea than othen+ise wovld be the caa8.
�'he County plan� te publish periodic aclvertiseuents in n�wsparacs and
other a@dia in such targeted areas to tt►e effect that funds are
, � available for moclgag@ loana to finanre the purchase of residsnces in
, auch latgeted arans.
_ �
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� ADAt13 COU2.'TY. GOLORADO
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� Clzairman ot th• Hoard o! County
� �BB�' Commisaioneru
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� PITKIN
CODNTY� COLOR11D0
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. Chairaian o! th� Boacd ot County
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SUNHARY OF CO!lNENTS Ott T8S PROPOS�D 1t�P0RT RBCEIVSD AT THB PtIHL2C
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CBR�II�2CA120ti
2, the undersigned, hereby cereify that i am thp dnly qual-
ifipd and aceing County Clerk of Adams Cnunty, Calorada ithe
"COUnty") and thae:
' l. The County expects to tssue qualified mortgage bonds in
1985 on fts ortn behalf and on behalf of thQ gavecs�ental units, each
being a raunty loeated r+ithin the State nf Calvrado, the applitable
elected representatfve of each of Which, i.e., rhe Chaicn�n or Viee-
Chairwan of the goard af CowCy Cemrsissioners of aach such respe�ive
county, has signed � conforned copy of this repoct.
2. itith respect to the County and gaeh such orher county,
combined hearings Were h�id at which a teasonable oppnrtuniCy for
� � inCerested individua�� to present their viaus on this cepo rt was
? provided. Each such canbined hearing eonsrituted a joint und�ctakinc�
- ' of the Cour►ty and each respective other county. In each case, notic�
-.� was published at least Y4 days befoc� the fiearing !n a n�+spaper oE
� gensral cicculatian available to residaees of the rQSpective ooun-
t ties. and the h@aring vas held in the county seat of each sua:�
; reapective couney.
3
- . 3. Pollowing each rcapectivQ p�blic hearing, co�ies af
; thls report wera taade availahis for �latri6ution to che public at :he
# rsspectivo oEtieas oE th@ oouney clecka o! each pacticipating county.
+ �ncluding the County. Notice that copiea oF the capoct could bc
olstained ar such oEf�ces waa included aa pact of the putslic notice
yiven oE th�a reapQative hearings.
2N H2TNES8 HNERDOF. I have hacewto smt ayr t�aod and a�li�d
!ht saal ot tha County thia �. 1985.
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; 11D11t18 OOUtiTYr COLOHNDO
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Ai.t.Al�ATtON T�LAN�pgjt j,CF�F.RMF.NT
This Allocation Transfec Agreement is bptween pitkin
County, Colorado ("Pitkin County") and Adams County, Colorado
("Adams Counr�r").
1. Pte�iminaty Stateaent. Among the mattecs of mutual
inducempnt ahich have resulted in ehp execu[ion di this Ailocation
Transfer Agreement are the followino:
fa) Pitkin Caunty and Adams Cuunry are each authorized
by the Coun[y and t�uniripality Developmen� Revenue �on8 Act,
constitu�in� Artirle 3 of 'Ci[le 29, Co]orado Revised �tatutes
(�he "Praject Art"), to Einenre pt�pertfes ta the end that moce
adequate residential hauging Eacilities Eoc low- and middle-
income €�milles and pecsone n�y be provided.
(b) Fedecal law rQatrict� the emount oi taz exempe
obligetions wNich may be issued by tMe Colorado ttousing Pinance
Authorlly and local �overnmental unita in the StatQ oE Colorado
(the "Slet�") to finance single-family moregsgea to an e�ount noc
sxceedinq the Seate ceiling.
(c) Pursuant to [@derel lew, ehe state has pcovid@d Eoc
a Eocmula Eoc ailocation oE �he S�aee cellino among Eh@ gov�rn-
raenlai unita in the Stale dlEfarent Erom nc� Pederal alloraeion
Eormula, in Patt B oE Arlicle � of 'fiele 3.� oE Colorado Rsvised
StetuCeB (Che "Allocstion Act").
Cd) The Allocarton Ace authorizea �over�mental unita in
the State to eransfer all oc pace oE thQlr allocneions provided
Eoc i� �hc Allocntion Act to any other entley otharwlao autho�ized
� to Lssue bc►nda to finance aingle-Laceily mortgagQS and to accept
, lronoleca ot auch alloeatione.
i tc) Reither the execution and cielivocy o[ this Ailoca-
eion TranetQr Jlgroe�aent. the conaumAatio� oE the tc�nsacttons
? co�tQmplated hereby, nor the Lultillrr.ent of or cotoplia�ce with
` Ehe terwa and conditlons oF this Allocation Translec Agreeaaent
contlicts v�th ar results in a breach At� a�y aF the terms, condl-
; tions or provisiarta g! any lagal restricEion oc any agreoment or
- - � instrume�t to which Pitki� Couaty oc Adams County !s nov a pacty
or by whieh Pitkin Couaty or Adams County !s bound, o� co�stllutes
a detault undar any of the tocegoing.
' 2, Trans Qrs j��i� in n��n��, p�XgUORt t0 Ch@ A110—
, catian Act, Pitkin County transfer� ta Adame Cou�ty its allocatio�
; under 5ectians 29-4-�03 and 29-9-ea� ot the Allocatio� Act �or
tbe yea� 1985 and delcgatas to Adams County the authority to aet
on its behalf in tbe issuance of yua].ified mortqage boads during
1
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1985 pucsuant to thp authority gr�ntpd under Section 29-4-805 of
the Allocation Act, to ptovide more adequate cesidential housing
facilities for low- end middle-income familfes and persons within
Adam� Connty and Pitkin County and elseWhere within the StaCe.
Pitkin Countq caven�nts that before �anuary 1, 1986 it will not
issue any bonds, not�s or other securities undet the Projece Act
tb finAnce mortqaqe loans for cesidential housing facilitie5 for
lo�►- and middle-incone familfes or persons within Pitkin County
or transf�r any pottion of its allocation und�r Section 29-4-803
oc Spction 29-4-805 of the AllocaCion AcC to another qavecnmental
unit.
J. A,.''=S...L�sn,�,� af t�(u?#are hy ,�om5 COLtV.
Ca3 Adams �nuney heceby aceepcs the transEprs to it by
PitRin County of the a1loCatinn o£ Pitkin County undec Section
29-4-803 oE tMe Alloaarion Act for the �ieriod �rorn Nay 1, 1985
Ehrough 3pp�ember 30, 1985 and undec Serrinn 2�-�-805 oE Che
Allocation Act fnr the pecldd Eron October 1. 1985 through oecetr
ber 31, 1985, dnd hereby arcep�s the delegation dy Pitkin County
oE cb@ authnti�y td ac� on its behalf in the iasuanae of qualified
; mortgaqe bonda pucsuane to the allocation granted und@r 3ection
29-�-805 ot �he Ailocatlnn Act for ehe peciod froa� Oceobec l.
1985 through Decemb@r �1, 1985, sub�ece to the tera:s and condi-
tions herein contained.
(bt Ada�as County aqreea rhat C� will use its beet
; eEforts to i88ue cevenuQ bonds under ths Aroject Act, in ono oc
! raoco sacies. �o Einance N.ortqage Loana to pcovide more adQq uate
�� restdanetal houninq Eacill�eies Eoc low- and nlddl rincomo Eamlltea
i aed persona within Aciams Couety end P[ekin County ead elaowhoce
wt�hin the Sta�c.
A. Gen�ral Ptovlaionn.
} !a) Thia Allocation Tcanaf@r Ag[eoment is he�cby dt-
� elaced ircevocable ducing eha torm oE the aqceeaents to be entered
into by Adams County and the [inaaclal instiEutions which will
ortqinato a�d service the mortgag� loane, and this Allocation
Trana[e� Agreea�ent shall terwinate upon tha te�mination o! aucb
agreeme��a.
fb) This Allocation '�cansfec Ac�rcQme�t ehall automa-
tically terminate on Januacy 1, 1986 if Adams CounEy has aot by
lhat date issued its tavanuo bo�ds undec the projecC Act foc t6e
- purpose ot tinancing r�octgage loans to provide more adequata
reside�ttaa housiny tacil�liea Eoc low- and �iddle-incone fa�allies
and persons within Adams County and Pitktp Gou�ty and alaevbete
within thc State.
!cl Hothiny containad �� this Allocation Traasfec
Agteeroent shall Qbligale Adams County to Einance l3ottgage Loans
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in any patticnlaz amount or to use any particular percpntaqe af
the proceeda of its cevpnue bonds to financp Mortgage Loans tn
pcovide more adequate residential housing facilities located in
Pitkin County, exc�pt thaC Adams County agrees that foc a period
of ninety days fcom the issuan�e dat� of cevenue bonds by Adatns
Caunty to ffhance Mortgage Loans undpr the projec[ Act for sach
{�urpose, the portion of the funds telating to the allocation by �
Pitkin County shall be reserved and shall be available to tegi-
dents af Pitkin County to provid� more adequa�e cesidential
housing facilities for low- and middle-incame families and p�rsons
within Pftkfn Cnun[y, mrie aneunr of funds to be res�rved shall
be an amount equal to the amouat tn�ci� �vatlablp from the pcor�eds
of guch bonda on the bnnd issuanre date for th� purchasp oE
F:octgac�e Loans un8er rhe P[o�pet Act, multiplicd by a Eca�etion�
the num¢caeor of which i� ehe populaeion of Ptekin County and the
denominaCnc of whirh is the popul�tion oE a11 countiea, Cttipa.
and towng �ontcibuting a114cati�ns, including Adams County, all
. hased on the population figur�s used to edmpute allocations under
Sections 29-4-803 and 29-�-805 nE �he A11oc�tinn A�t, as am�ndgd.
ABams County is her�by authorized td tinan�e enly such Nortgage
, toana as shall be agreed upon by Adams Couney and the Elnancial
: institutlona which w(11 origi�ate end secvic� ehe Ftnt�gagQ Loans.
i
(d) This A1laeation Transfet Agreemsnt shall not oonsti-
�nte the ciebt oc indebtetlnesa oE Pitkin County oc Adama County
' Within the meaninc� oE the Conseltution or statutrs oE th@ Stat•
or the ho�►e rule chattec oE any politiCal ^ubdivlaton eheceo� �or
' glvc rtse to a �cunia[y ltabiltty or a cht+cg@ agalnst th@ genaral
aredie ar taxing pAwera oE Pttkin County or A�a�s County.
iN HITNESS WNEREOF, tha partles hereeo havo eneered
into thla Allocation Tranctor AgreQaonc this «"�� day of
�1�RCtt , 19 8�.
PITKIN COt�lE'P1t. COLORADO
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F,� 1�£L•�GATtOtl AGkp�M_P-NT
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.� This del�gation Agteenent is betwpen pitkin Coun[y,
Colnrado ("PiEkin County") and Rdams County, Coldrado ("Adams
Couaty").
1. pre�imieary �,tatement. Among Che matt�rs oE mutual `
indueement which have tesulC�d in the �xeauCiun of this D�elegatfon
Agceement are the Eollowing:
!a1 Pftkin County and Adams Gaun[y ar� ea�:� :,�thoCixed
b� eh� Counry �nd Nuniripality Upvelopnpnt i:evattue [3ond Act.
con��tttuti,nr� Ac[icle 3 of 'Citle 29, Cblarado Revised Statutea
lthe "PC��ece A�cr�) , to financ� prnp�cries en �h� end rh�r m�rr.
aciequat� ces�dential hdusina Eaeilities Enr lew- �nd midd2e-
t incom� EQmtlt�s and p�r�ong �ay b� providad.
i (b1 The [�cnjece Act and Part 2 oc Actirle 1 of TiEle
29, eoio�aao p�vtsgd Statutea, provide, in @ffect, that any
county oc municipality ►�ay by resolution or ordlnance dtleqate to
any other rounty oc munlafpelley ita authoriCy undet ehe Project
� Act to finance pcoje�ts under th� Project Act.
� (c) Wei�her ehe execution and delivacy of thfs Delega-
tion Aqteement, !he conauanaation oE the erancacelons conttmplated
; h�c@by, noc the EulEillment oE or co�apltanre with tha rerme and
con8ttlona of thia Delcqation A�caora@nt con�licts wlth oc ceaults
in a braach oE any oi �hc tecm�, coa�itlons or Pcovlsioaa of any
legal resecieelon oc any �c�ceement or instrume�e Eo ahleh PiEkin
Ceuney ac adaa�a Cou�ty is now a pacEy or by whtch Pitkin County
or Adams County ta bound. or constitutea a defauit undec any of
the forcgolnc�.
i
E 2, �elegatton � ptt In CQUnev. The !►oacd oE County
� Coa�tsslone�r� oE Pitkin County hecet�y da�.Qgates to Adama County
all authocily aF Pitkin County eo Einanco �nd o�hervisQ take
action and execeise poxor undet tho Acojeck Act a� behalf of
� Pitkin County witb reapact to the ftnancine� of ��egas�e loans to
provioc �nore Adaeuata �esldantial houslnq tacilieies Eoc lou- and
middle-tncomQ EamilLee and pocaons vithtn Pitkin County. At�kin
� County eovcnan�a thaE bafore January 1, 1986, ie vill �o"t isauo
� any bonde. not�e Qr sccucitics to Einance nortgagQ loans tor
,k residential housing faeiliti@s Eor lov- and middle-tneome fawilies
; or persona vithin Pitki� County o� daleq�te tts poyoca undes Ehe
� Project Act to another eountg oc �aunicipality to financa euch
moctgaqo loana vitht� Pitkin County.
. 3• $CS�.B.�it IL�S��f De L�9A��ST�L1Y AS��1Li 4 co u n t v, The -
t &aard oE County Caen�eissioners af Adams Cpunty heseby accepts the
r delagation g�anted ko it by Pitkin Caunty, subject to tha te�ms
� and conditia�s herein �ontained, and aqrc�s Chat it vill finance
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mortqage loans to provide more adequate residenti�l hou�ing
facilities for low�- and mid�le-income famiiips and persr�ns within
Adams County and Pitkin County.
4. ('nnnr�t Prp i�ion4,
. (a1 This tiel�gation Agreement is N�teby derlared irre-
vorable during the term of the financing agre�ments to b� enteced
inro by A�ams County and th� financial instirutions which Nill
oriqinate and setvice eh� mnrtgaqe loans� and this Ueleqatfon
Agreement shalY tpcminate upon the termination of such Einanring
agcepn�encs.
(b) Thi$ Deleyatian Agreement sria11 automatically
rerminare un January 1� IH�6 if Ad�ns County has not by that dat@
Lssued its revenue bdnds undec the Ptnjeet Art foc thg purpoae of
Einaneimg m�c�gag� loang to prnvide mute adequate tesidBnttal
' housing facilttiea Eor leW- and middle-lncome Eamlltes Qnd persone
` within Adama Caunty and Pitkln County.
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? (c) Nothing aontalned in Chis Uelegaeioe Agreamanr
' sh�il obligete Adams Couney to Einence Nortgeqe Loana ln any
� flaCticular emount ot to uae any parttculac pe[cQntag@ oE the
pcoceedn oE its csvenue bonds co financQ ltoctgag0 Loans to providt
mo[e +adctc�uate ceaidential housing Eactliti�s locat@d ln Pltkin
County, erxcepe that Adama County aqrecs that Eor a pariod ot
� ninety daya from ehe LaausncQ date ot covenua bonda by Adams
� County to financa ttoc�gage Loans undet the Proj@ct Act Eor auch
pucpoo@. thQ poction o[ the Cunds celaelno to tho allocatioa by
PLEkin Counry shall bQ ceaerved a�d ahall be availablo to reai-
d@nta oE Pitkin County eo p�ovlde more adoquaca residenelal
housing tacilikles !or low- and middla-Lncoa�e lamllies a�d pscaons
within Attkio County. Tho +uaount oE tundn to be resecvad shall
� be an aa��unt aqual to the amount ewacie evatlable Icom EhQ pcoceeda
ot auch bonda on the bond Insuance date Eor thQ purchaae o!
j ltortgage [.oans under tha Pcojeat Act. �►ultipliad tiy a fractlon.
f the numerator oE vhich ia tho populalion ot Pitki� County and the
de�ominator of which is the �opulacion oE �11 counties. ciriQa,
� and Eowna cont�ibueing allocationa, includln� Adam$ �ounky, all
� based on the populabion figures usad to eampu�e a3locaEions uador
Colorado R@vie�� Statu�ea� Sectiona 29-4-803 and 29-4-905, as
amonded. Adan�B County ta horeby authorized to tinA�ce only euch
Nortiga�e Loa�s as shall bc ag�eed upon by Adams 6ounty and tho
financial lnstitutiona ++hich Will originaee and servica the
± Nortga9e Loaas.
td) This Delegatian Agcaemant shall nat eonstitute the
; debt oc inde6tedness of Adams Couaty oc Pitkin County within the
; �eaning of Che Conskitution or statutes ot the StaC� nor givo
�ise to a pecuniary liabiliky o� a charge $4ainst tha 9enaral
� credik oc taxing povers of Adams Counky or Pitkin Cauaty.
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IN HI�NE33 NHEREOF, the arties heteto have enteted
into this Delegation Agreement this pSTH day af MARCH �
19�.,,.
ADAMS OL)UNTY, COtORA00
(SEAL)
$y: ►
Ch i an of the Boa d of
f County Cor►miesionera
''..� Att�st:
� �'� � ��'
�s��1!/-
"x� County Clerk �
v .�
.:,�, � PIT6IN OOUNTY• ODtARADO
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:*� (se�r,) ��,
� e,,, ��.,: L��'„�-
;, , Ch lt�n of tho Board oE
County Co�atasionera
Attrst
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�„���r County Clerk
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