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Resolution 2023-21
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Resolution 2023-21
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Last modified
8/22/2024 10:21:04 AM
Creation date
4/6/2023 9:03:35 AM
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City Council Records
Also Known As (aka)
Private Bond Allocation Assignment to Housing Authority of Boulder County 2023
Meeting Date
4/4/2023
Doc Type
Resolution
Signed Date
4/4/2023
Ord/Res - Year
2023
Ord/Res - Number
21
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DocuSign Envelope ID: 68E4AFED-A51C-413C1-96A8-E78EA1D671C9 <br />ASSIGNMENT OF ALLOCATION <br />THIS ASSIGNMENT (the "Assignment"), dated April , 2023, is between the CITY <br />OF LOUISVILLE, COLORADO, a Colorado home rule municipal corporation (the "Assignor"), <br />and the HOUSING AUTHORITY OF THE COUNTY OF BOULDER, COLORADO, a body <br />corporate and politic of the State of Colorado (the "Assignee"). <br />RECITALS <br />A. The Assignee intends to finance "projects" within the meaning of Title 29, Article <br />4, Part 5, Colorado Revised Statutes, as amended (the "Act"), located within the County of <br />Boulder, Colorado (the "Project"). <br />B. The Assignee intends to provide for the issuance of its Multifamily Housing <br />Revenue Bonds (the "Proposed Bonds"), pursuant to the provisions of the Act for the purpose of <br />financing the Project. <br />C. The Assignee has requested that the Assignor assign to the Assignee all $1,256,728 <br />of the Assignor's 2023 allocation (the "Allocation") under the bond ceiling for the State of <br />Colorado and its issuing authorities (the "State Ceiling") computed under Section 146(d) of the <br />Internal Revenue Code of 1986 (the "Code") as provided for the Assignor as a "designated local <br />issuing authority" under part 17 of article 32 of title 24, Colorado Revised Statutes (the "Allocation <br />Act"), for use in connection with the financing of the Project located in the Assignee's jurisdiction. <br />D. Subject to the terms and conditions set forth herein, the Assignor desires to assign <br />to the Assignee, and the Assignee desires to accept, $1,256,728 of the Assignor's 2023 allocation <br />from the State Ceiling. <br />ASSIGNMENT <br />In exchange for the agreements set forth herein and other good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: <br />1. The Assignor hereby assigns and transfers to the Assignee the Assignor's 2023 <br />Allocation from the State Ceiling for private activity bonds in an amount equal to $1,256,728. The <br />Assignor and the Assignee understand that such assigned allocation shall automatically be <br />relinquished to the "Statewide Balance" as defined under the Allocation Act unless (a) the <br />Proposed Bonds are issued by the Assignee on or before September 15, 2023; or (b) Section 24-32- <br />1706(3)(c), Colorado Revised Statutes, pertaining to the carryforward of the assigned allocation <br />applies. <br />2. The Assignor represents that it has received no monetary consideration for the <br />assignment set forth above. <br />3. The Assignee hereby: <br />(a) accepts the assignment of $1,256,728 of the Assignor's Allocation from the <br />State Ceiling described above; <br />4872-2650-7607.2 <br />
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