Commissioner Clement moved that the following Resolution be adopted:
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF JEFFERSON
BETWEEN THE COUNTY OF JEFFERSON AND THE COLORADO
HOUSING AND FINANCE AUTHORITY
WHEREAS, Jefferson County is authorized and empowered under the laws of the State of Colorado (the "State") to issue revenue bonds for the purpose of providing single-family mortgage loans to low- and moderate-income persons and families; and
WHEREAS, the County has heretofore issued its Residential Mortgage Revenue Bonds, 1979 Series A and 1980 Series B, and its Single Family Mortgage Revenue Bonds, 1982 Series A and 1984 Series A (collectively, the "Refunded Bonds"); and
WHEREAS, the County Housing and Finance Authority (the "Authority") desires to issue its mortgage revenue bonds in one or more series during 1991 (the "Refunding Bonds") for the purpose of providing funds to be used to pay at maturity or to redeem prior to maturity from sinking funds payments and from prepayments on mortgage loans a portion of the principal amounts of the Refunded Bonds within ninety (90) days after such Refunding Bonds are issued; and
WHEREAS, the purpose of refunding the Refunded Bonds is to make funds available to originate mortgage loans without using volume cap; and
WHEREAS, the County has determined that, in order to increase the availability of adequate affordable housing by low- and moderate-income persons and families within the County and elsewhere in the State of Colorado, it is necessary or desirable to refund the Refunded Bonds by authorizing the exchange of certain funds held by the trustees for the Refunded Bonds (collectively, the "Refunded Bonds' Trustee") with certain funds held by the trustee for the Refunding Bonds (the "Refunding Bonds' Trustee"); and
, CC91-21
WHEREAS, the monies which otherwise would have been used to pay the principal amounts of the respective series of the Refunded Bonds at maturity or prior redemption from sinking fund payments and from prepayments on mortgage loans shall be used to make mortgage loans to low-and moderate-income persons and families within the area within which mortgage loans were eligible to be financed with the proceeds of the Refunded Bonds; and
WHEREAS, the Board of County Commissioners of Jefferson County has determined to authorize the exchange of certain funds held by the Refunded Bonds' Trustee with certain funds held by the Refunding Bonds' Trustee, which exchange is to be evidence by a Funds Exchange Agreement (the "Funds Exchange Agreement") between the Refunding Bonds' Trustee and the Refunded Bonds' Trustee for each series of Refunding Bonds issued by the Authority in 1991.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Jefferson County, Colorado, as follows:
1. The exchange of certain funds consisting of principal payments, sinking fund redemption payments and prepayments held by the Refunded Bonds' Trustee with an equal amount of funds held by the Refunding Bonds' Trustee for each series of Refunding Bonds issued by the Authority in 1991 be and hereby is approved.
2. The Refunded Bonds' Trustee be and hereby is authorized to execute and deliver a Funds Exchange Agreement for each series of Refunding Bonds issued by the Authority in 1991 and to take such other steps or actions as may be necessary, useful or convenient to effect the aforesaid exchange of funds in accordance with the intent of this resolution.
3. If any section, paragraph, clause, or provisions 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.
Commissioner Ferdinandsen seconded the adoption of the foregoing Resolution. The roll having been called, the vote was as follows:
Commissioner Marjorie E. Clement AYE
Commissioner Rich Ferdinandsen AYE
Commissioner John P. Stone, Chairman AYE
The Resolution was adopted by unanimous vote of the Board of County Commissioners of the County of Jefferson, State of Colorado.
Dated: January 14, 1991