A RESOLUTION OF MONTEZUMA COUNTY, COLORADO AMENDING RESOLUTION NO. 16-2021 BY AWARDING PRIVATE ACTIVITY BOND VOLUME CAP FOR THE SLEEPING UTE APARTMENTS PROJECT BOARD OF COUNTY COMMISSIONERS COUNTY OF MONTEZUMA, STATE OF COLORADO
WHEREAS, Montezuma County, Colorado, is a legally and regularly created, established, organized and existing body politic and corporate of the State of Colorado (the 11State”); and
WHEREAS, the County is authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3, Title 29, Colorado Revised Statutes, as amended (the “Act”) and the Colorado Supplemental Public Securities Act, constituting Article 57, Title 11, Section 201 et seq., Colorado Revised Statutes, as amended (the “Supplemental Public Securities Act” }, to finance and refinance one
or more projects (which includes any land, building or other improvement and real and personal properties) to the end that residential facilities for low- and middle-income persons or families may be provided which promote the public health, welfare, safety, convenience and prosperity; and
WHEREAS, the County is further authorized by the Act and the Supplemental Public Securities Act to issue revenue bonds for the purpose of defraying the cost of financing any project, including the payment of principal and interest on such revenue bonds for not exceeding three years, the funding of any reserve funds which the County may deem advisable to establish in connection with the retirement of such revenue bonds or the maintenance of the project and all incidental expenses incurred in issuing such revenue bonds, and to secure payment of such revenue bonds as provided in the Act; and
WHEREAS, the Board of County Commissioners of the County (the “Board”) previously adopted Resolution No. 16-2021 (the ” Initial Resolution” ) declaring the intent of the Board to authorize the issuance of its multifamily housing revenue bonds, in one or more series (the “Bonds” ), in an aggregate principal amount not to exceed $3,500,000, to finance the acquisition, rehabilitation, construction, improvement and equipping of the Sleeping Ute Apartments Project (or such other name as the Developer may elect for this property, the “Project”), an affordable multifamily housing facility, consisting of approximately 60 units containing complete residential facilities, and the Project will be owned and operated by FishPond Living at Sterling, LP, including any subsidiaries, affiliates, successors
or assigns (but only if such subsidiaries, affiliates, successors or assigns are acceptable to the County) (the “Developer” ); and
WHEREAS, in the Initial Resolution, the County agreed to apply for private activity bond volume cap allocation from the Colorado Department of Local Affairs for the Project; and
WHEREAS, the County has $1,429,086 of 2022 private activity bond volume cap allocation that was directly allocated to the County and an award of $2,050,279 of 2021 private activity bond cap allocation Statewide Balance from the Department of Local Affairs; and
WHEREAS, the Board desires to award private activity bond volume cap allocation to the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONTEZUMA COUNTY, COLORADO, THAT:
Section 1. The Board hereby awards the Project up to $3,479,365 of its private activity bond volume cap allocation.
Section 2. All actions not inconsistent with the provisions of this Resolution heretofore taken by the Board or any officer or employee of the County in furtherance of the issuance of the Bonds are hereby ratified, approved and confirmed.
Section 3. All prior acts, orders, resolutions, ordinances or parts thereof of the County in conflict with this Resolution are hereby repealed, except that this repealer shall not be construed to revive an act, order, resolution, ordinance, or part thereof, heretofore repealed.
Section 4. If any section, paragraph, clause or provision of this Resolution shall be adjudged to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining sections, paragraphs, clauses or provisions of this Resolution.
Section 5. All bylaws, orders, resolutions, ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency, and if so repealed, no other bylaw, order, resolution, ordinance, or part thereof, shall be revived. This repealer shall not be construed as reviving any bylaw, order, resolution or ordinance, or part thereof.
INTRODUCED AND ADOPTED at a regular meeting of the Board of County Commissioners on March 29, 2022