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' RESOLUTION N0.,�7 �
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s A RESOLVITON AUTHORIZING THE DELEGAITON TO BOULDER �,. :;
� COUNTY,COLORADO QF THE AUTIiORITY OF PITI�T COUNTY
� WITii RESPECT TO THE ISSUANCE OF SINGLE FAMII.Y '`�
f .
� MORTGAGE REVFNUE BONDS('IT�"BONDS")TO FINANCE AND
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� REEINANCERESIDENTIAL HOUSING FAC II.I T I E S F O R L O W-A N D i':
IvID�DLE-INCOME PF1tSON5 AND FAMrT�c R�iTHIN T'fIE F
y� COUNTY AND CERTAIN OTHER CITIES AND COUNTtES IN THE
STATE OF COLORADO;APPROVING SUCH BONDS AND SINGLE
� FA1I�IILY MORTGAGE LO AN PROGRAM;AND AUTHORIZING TI� _
� E}CECUTION AND DELIVERY OF A DELEGATION AGREEivIENT
� AND OTHER DOCUMENTS IN CONNECTION TZiEREEWITti.
� WHEREAS,Pitkin County,Colorado(the"County"),and Boulder County,Colorado(the
"Issuer"),are each authorized by the County and Municipality Development Revenue Bond Act,
:� constituting article 3 of teUe 29,Colorado Revised Statutes,as amended(the"Act"),to fmance
and refinance projects as defined in the Act,including residendal housing facilities for low-and
middle-income persons and families;and
WIiEREAS,Section 29-3-104(2)of the Act provides that a county or municipality may
delegate by resoludon or ordinance, as the case may be, to any other county or municiQality
- �`� : authority to act on its behalf in the fmancing and refmancing of projects under the Act and ttiat
- any such delegation may be general or Iimited in scope and time and may be irnevocable for the
term or terms of any Financing agreement or bond issue, all as prnvided in such resotution or
ordinance; and
WFIERF.AS,the Issner proposes to issue single faznily mortgage revenue bonds pursuant
to the Act (the "Bonds"} to fmance or refinance residential housing facilities for low-and
-- - middle-income persons and faznilies within the County and otGer cities and counties in the State
.-'' of Colorado(the"Singie Faraily Moagage I.oan Pmgrun"),and •
,. ''_:
WHEREAS,the County desires to delegate to the Issuer the authority of tfie County W
' finance,cefinance aud otherwise take action and exercise power under the Act on behalf of the
� County with respect to tt�e Single Famiiy Mortgage Loan Progrun witlrin t6e County;and
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i WfIERF.AS,it is necessary to evidence such deiegauon by the execution and delivery by
khe County of a Delegation Agreement(the"Delegation Agreement")between the County and
the Issuer in substantially t6e form prnsented at this meeting. ; .
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; 130W, THERERFORH, BE TT RESOLVED BY TI� BOARD OF COUNTY i.�='
'' j COMI4IISSIONERS OF PPPKIN COUNTY, COLORADO: !j�
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Seclion 1. In oider to facilitate the origination of single family mortgage loans within
the boundaries of the County as part of the Single Family Mortgage Loan Program,the County
hereby(i)delegates to the Issuer the authority of the County to fmance,refinance and otherwise �
take action and exercise power under the Act on behalf of the County with respect to the Single
Family Mortgage Loan Progcam within the County and(ri)approves,and authorizes and di�cts ;
the Chair of the Board of County Commissioners to sign and deGver and the County Clerlc to i
attest and deGver,the Delegation Agreement in substantially the form presented at this meeting. �
Copies of the proposed Delegation Agreement are on file in the office of the County Clerk and
: are availabie for inspection by the public.
Section 2. The County Clerk is hereby autharized and directed to cause to be published,
, 4�' in a newspeper of general circulation within the County,a Notice of Pub6c Hearing regarding
the Bonds and the Single Family Mortgage Loan Program and the County's approval thereof,
and any action previously taken by the County Clerk with respect to the publicadon of such a .
. notice is hereby ratified and confirmed.
.AY*�.
Section 3. The Board of County Commissioners hereby approves the Bonds and the
Single Family Mortgage Loan Program for puiposes of Section 147(�of the Intemal Revenue
Code of 1986,as amended.
Section 4. The Chair of the Board of County Commissioners is hereby authorized and
directed to execute and defiver and the County Clerk is hereby authorized and directed to attest
and deliver such other agreements and certificates and to take such other actions as may be
necessary or convenient to carry out and give effect to the Delegation Agreement and this
Resolution, including any agreement or certificate approving the Bonds or the Single Family
� Mortgage Loan Progiam for purposes of Section 147(�of the Internal Revenue Code of 1986,
— as amended.
Sedion 4. Nothing contained in this Resolution shall constitute a debt,indebtedness or
multiple-fisc�l year direct or indirect debt or other financial obligauon of the County within the
meaning of the Constitu6on or statutes of the State of Colorado or the home ivte charter of any `
_ - political subdivision theieof, nor give rise to a pecuniary liability of the County or a chazge
against its generai ciedit or taxing powers.
��^f -
Section S. If any section,paragraph,clause or provision of this Resolution shall for any
, - reason be held to be invalid or unenforceable, the invalidity or unenfonceability of any such
section,puagraph, clause or provision shall not affed any of t6e remaining provisions of this
Resolution.
� Sectiors 6. This Resolution shall be in full force and effect upon its passage and
approval.
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PASSED,ADOPTED AND APPROVED this�day of 94. 4;.,,,
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�+''' � � Chair, Board of County Commissioners
ISEAI- �'�r j°� Q,z �i.� ':.
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Attest:
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ounty Clerk � �
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F EXHIBTf B .
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; DELEGATION AGREEMFIVT ' • +
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� F.::a: :
� TEIIS DBLEGATION AGREEMENT(this"Deiegation Agreement")is between PITTQN i,:'.::.
� COUNTY, CDIARADO, a county and political subdivision of the Srate of Colorado (the �m `
� "County"),and BOiJLDER COIJNTY, COLORADO,a county and political subdivision of the ��
i State of Colorado(the"Issuer"). �`
� ' :.
� RECTTALS: �:
,� WHEREAS, the County and the Issuer are each authorized by the County and r
Municipality DeveloQment Revenue Bond Act, constituting azYicle 3 of title 29, Colorado �
� � Revised Statutes, as amended (the"Act"), to finance az►d refinance projects as defined in the �
� Act, including residential housing facilities for low-and middle-income persons and families; �
� and f
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WHEREp.S,Section 29-3-104(2)of the Act provides that a county or municipafity may
�
delegate by resolution or ordinance, as the case may be, to any other county or municipality '
� authority to act on its behalf in the fmancing and refinancing of projects under the Act and that
any such delegation may be general or limited in scope and time and may be irrevocable for the
term or terms of any fmancing agreement or bond issue, alt as provided in such resolution or �
ordinance; and s
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WIiERF,AS,the Tssuer proposes to issue single family mortgage revenue bonds pursuant
- to the Act (the °Bonds") to fmance or refinance residenaal housing facilities for !ow- and
middle-income persons and families within the County and oiher cities and counties in the State
of Colorado(it►e"Single Family Mortgage Laan Program");and .
� WHEREAS,the County desires to deiegate ro the Issuer the authority of the County to �
:- �` - - fmance,refmance and otherwise take action and exercise power under the Act on behalf of the
County with respect to the Single Faznily Mortgage Loan Program wit6in the County.
NOW THEREFORE,in consideration of the mutual covenants and undertakings sex forth
' herein,the County and the Issuer hereby agree as follows:
4 _
� SeclioR 1. The County hereby delegates to the Issuer the authority of the County to
finance,refinance and otherwise take action and exercise power under the Act on behalf of the ,'
� County with respect to the Singla Family Mortgage I.oan Progiam within the County. , ;
Seclion 2. The Issuer hereby (i} accepts the delegation of authority from We County � N
� pursuant to Section 1 herwf and(ii)agrees to abide by each of t6e terms and conditions of this �,'_'-
� d ► .
� Delegation Agreement in connection with the ase of such delegation. �.
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` , IN WITNESS WF�REOF, the County and the Issuer have caused this Delegation ' i; ':
Agreement to be executed to be effective as of _, 1994. , .�.
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[SEAL] P1TI�T COUNTY, COLORADO �.'r;,.
$ ����-����r' :;
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Chair,Board of County Commissioners �,'
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Attes.
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.. . ..By . � .. � E ,
County Clerk �
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[SEAL] BOULDER COUNTY, COLORADO,as Issuer
,`�A�. . �� � . .. . . . .
' �. Chair,Soard of County Commissioners
AttesE:
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By :
— Coumy Clerk
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