Resolution 2017-52 - Laserfiche WebLink

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ASSIGNMENT OF ALLOCATION THIS ASSIGNMENT (the "Assignment"), dated September 19, 2017, is between the City of Louisville, a Colorado home rule municipal corporation (the "Assignor"), and the Housing Authority of the City of Fort Collins, dba Housing Catalyst, a body corporate and politic (the "Assignee") RECITALS A The Assignee intends to finance the rehabilitation of a 180 -unit rental housing project known as Lakeview on the Rise located at 6740 South College Ave , in the City of Fort Collins, Laruner County, Colorado (the "Project") The Project will be designed to qualify as a "project" within the meaning of Title 29, Article 4, Part 2, Colorado Revised Statutes, as amended (the "Act") B The Assignee intends to provide for the issuance of its Multifamily Housmg Revenue Bonds (the "Proposed Bonds"), pursuant to the provisions of the Act for the purpose of financing the Project C The Assignee has requested that the Assignor assign to the Assignee all $1,011,200 of the Assignor's 2017 allocation (the "Allocation") under the bond ceiling for the State of Colorado and its issuing authonties (the "State Ceiling") computed under Section 146(d) of the Internal Revenue Code of 1986 (the "Code") as provided for the Assignor as a "designated local issuing authority" under part 17 of article 32 of title 24, Colorado Revised Statutes (the "Allocation Act"), for use in connection with the financing of the Project D Subject to the terms and conditions set forth herein, the Assignor desires to assign to the Assignee, and the Assignee desires to accept, $1,011,200 of the Assignor's 2017 allocation from the State Ceiling ASSIGNMENT In exchange for the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows 1 The Assignor hereby assigns and transfers to the Assignee the Assignor's 2017 Allocation from the State Ceiling for pnvate activity bonds in an amount equal to $1,011,200 The Assignor and the Assignee understand that such assigned allocation shall automatically be relinquished to the "Statewide Balance" as defined under the Allocation Act unless (a) the Proposed Bonds are issued by the Assignee on or before September 15, 2017, or (b) Section 24-32-1706(3)(c), C R S., pertaining to the carryforward of the assigned allocation applies 2 The Assignor represents that it has received no monetary consideration for the assignment set forth above