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Home My WebLink Aboutresolution.council.032-81RESOLUTION NO.~ SERIES OF 1981 A RESOLUTION APPROVING AN INTERGOVERNMENTAL AGREEMENT RELATING TO SINGLE-FAMLIY MORTGAGE REVENUE BONDS. WHEREAS, the Pitkin County Housing Authority has requested that the City of Aspen assign any and all~right to its pro rata share~of the[t981rtax~xempt single-family mortgage revenue bond limits to the County in exchange for a reciprocating assignment in 1982; and WHEREAS, the City Council, after investigation of the current status of employee housing projects under construction and planned, has determined that there will be no need for the City to issue such bonds in the calendar year 1982; and WHEREAS, the execution of such agreement will further a legitimate public program and is in the public intrest. NO~, T[~EREFOP~E, BE IT RESOLVED by the City Council of the City of Aspen, Colorado. Section 1. That the Intergovernmental Agreement between the Board of County Commissioners of Pitkin County, Colorado, the City Council of the City of Aspen, Colorado, and the Town Council of the Town of Snowmass Village, Colorado, attached hereto and made a part hereof by this reference is hereby approved and the Mayor is authorized to execute same on behalf of the City Council. ADOPTED the ~ of , 1981. Herman Edel Mayor I, KATHRYN S. KOCH, duly appointed and acting City Clerk of the City of Aspen, Colorado, do hereby certify that the foregoing is a true and accurate copy of the Resolution adopted by the City Council at its meeting held on the TOWN OF SNOWY4ASS VII,LAGE TOWN COUNCIL RESOLUTION NO. 21 SERIES OF ]98] A RESOLUTION APPROVING AN INTERGOVERNMENTAL AGREEMENT RELATING TO SINGLE-FAMILY MORTGAGE REVENUE BONDS. WHEREAS, the Pitkin County Housing Authority has requested that the Town of Snowmass assign any and all right to its pro rata share of the 1981 tax exempt single-family mortgage revenue bond limits to the County in exchange for a reciprocating assignment in 1982; and WHEREAS, the Town Council, after investigation of the current status of employee housing projects under construction and planned, has determined that there will be no need for the Town to issue such bonds in the calendar year 1981 and that such a need may arise in the calendar year 1982; and WHEREAS, the execution of such agreement will further a legi- timate public program and is in the public interest. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado. Section One. That the Intergovernmental Agreement between the Board o~ County Commissioners of Pitkin County, Colorado, the City Council of the City of Aspen, Colorado, and the Town Council of the Town of Snowmass Village, Colorado, attached hereto and made a part hereof by this reference is hereby approved and the Mayor is authorized to execute same on behalf of the Town. INTRODUCED, READ AND ADOPTED by the Town Council of the Town of Snowmass Vii]age, Colorado on this 18th day of May 1981 by a vote of 6 to 0 Councilmember Tippett absent. ATTEST: TOWN OF SNOI~,~,[RSS ~,LLAGE, COLORADO Robert A. Kevan-;' ~layor ~usan S. Hansen, iown Clerk INTERGOVER~ENTAL AGREEMENT THIS AGREEMENT made and entered into this day of 1981, by and between the Board of County Commissioners of Pitkin County, Colorado (hereinafter referred to as "County"), the City Council of the City of Aspen, Colorado (hereinafter referred to as "City") and the Town Council of the Town of Snowmass Village, Colorado (hereinafter referred to as "Town"). WITNESSETH WHEREAS, the Congress has added Section 103A to the Internal Revenue Code of 1954 (the Mortgage Subsidy Bond Act of 1980) the effect of which is to provide that all single-family mortgage subsidy bonds are subject to federal income taxation unless the bonds are "qualified mortgage bonds", and WHEREAS, one requirement of said qualified mortgage bonds is that they not exceed an annual aggregate principal amount for each state ("stat ceiling"), one half of which is to be allocated to state agencies, and the balance to be allocated to other local governmental entities with the authority to issue mortgage revenue bonds, and WHEREAS, local governments' share of the allocation is determined by a ratio using the amounts of mortgages originated in the local governmental unit as the numerator and as the denominator, and WHEREAS, local governmental units the number of mortgages originated can agree to allocate their shares to another governmental unit with a larger geographic area (which includes the area of the smaller) for the purpose of computing the pro-rata share of the state ceiling of the larger governmental unit, and WHEREAS, the parties hereto estimate that the total City, County and Town shares of the state ceiling for 1981 will be approximately $8,953,099, and WHEREAS, the County proposes totaling approximately (for all practical purposes) entities, and to issue mortgage revenue bonds in 1981 ; an amount which would exhaust the shares of all three governmental I~EREAS, the City and Town wish to assign to the County their pro rata~shares in the 1981 local ceiling so that the County may proceed with its program, provided that the County will reciprocate in the year 1982, NOW, THEREFORE, in consideration of the mutual benefits derived herefrom, the parties hereto agree as follows: 1. to be The City and Town assign to the County any and all right to their pro rata share of the 1981 tax exempt single-family mortgage revenue bonds allocated to said City and Town pursuant to the provisions of the Mortgage Subsidy Bond Act of 1980. The County may use the 1981 allocations of the City and Town in computing the County's 1981 share of the state ceiling (all as provided in said Act) without restriction and/or qualification 2. In consideration for said assignment, the County agrees to assign its 1982 allocation to the City and Town in the same proportion as the 1981 shares of the City and Town bear to the overall 1981 allocation assigned to the County (or such other amounts as the City and Town shall agree to). 3. This agreement shall be binding upon the County, City and Town and by their certification below any housing authority of which the Board of County Commissioners, Aspen City Council, or Town Council of the Town of Snowmass Village act as the board of commissioners. IN WITNESS WHEREOF the parties hereto have executed this agreement on the date and year above first given. ATTEST: Lewis Scan±an Deputy Clerk and Recorder ATTEST: ATTEST: Sus~ff S~. Hansen, Town Clerk BOARD OF COUNTY CO~fISSIONERS PITKIN COUNTY, COLORADO Robert W. Child, Chairman CITY COUNCIL OF THE CITY OF ASPEN, COLORADO_ _ By: ~ H~r~an Eden, Mayor~ TOWN COuNCIL~DI~HE TOWN O~OWMASS By:_~._ _ _ b-eft A. Kev~n Mayor CERTIFICATION The To~ of Sn~wmass Village Housing Authority hereby agrees to be bound by the foregoing provisions of the Intergovernmental Agreement and to waive any rights it may have in and to any allocation described therein for the 1981 calendar year. ATTEST: ~~2~t ary TOWN OF SNOWMASS VILLAGE HOUSING AUTHORITY By: ~ TOWN O1' SNOWS~ASS ViLI.A(;E IlOUSINC AUTIlOR1TY RESOI. UT] ON NO. 6 SERIES OF 1!)81 A RESOLUTION AUTttORIZING THE ItOUSINC AUTHORITY TO BE BOUND BY A (;EIiTAIN INTERGOVERNMENTAL AGREEMENT RELATING TO SIN(;LE-FAMILY MOhT(;ACE RI",VENUE BONDS. WItEREAS, the Pitkin Connty ttousing Authority has requested that the Town of Snowiness Vil]aftc assigs aoy and all right to its pro-rata share of the 198] tax exempt single-family mortgage revenue bond limits to thc C, onnty in exchange for a reciprocating assignment in ]982; and WtlEREAS, the agree to be bound right it may have calendar year; and Town Council has requested that the Housing Authoril by the terms of that Agreement and to waive any in and to any allocation of such bonds for the 1981 WItEREAS, thc }lousing Authority, after investigation of the curre~ status of employee housing projects under construction and planned, has determSned that there will be no need for the Town to issue such bonds in the calendar year 1981 and that a need may arise in the calendar year ]982. NOW, TIIEREFORE, BE IT RESOLVED by the Town of Snowiness Village Honsing Authority. Section ()ne. That the Chairman of the ltousing Authority is autbr~rized to execute the certification to the Intergoveromenta] Agreement attached hereto and made a part hereof by this reference by which the Housing Authority of the Tnwn of Snowmass Vii]age agrees to be bonnd by the terms and conditions of such Intergovcrnmeni Agreement and to waive any right it may have in and to any a]locatiou of single-family mortgage revenue bonds for the 1981 calendar year. INTRODUCED, READ AND ADOPTED BY the Town of Snowmass Village Itous]ng Autbority on this 18th day of Hay , 1981 by a vote of 6 to 0 Jeff Tippett absent. TOWN OF SNOWMASS VILLAGE ItOU SING AUTHORITY ./ · BY :,afl ''~ ,,.Z-d' ,: '~ :' - el ' ' Rnbert A. Kewdi, Chairmau ~~ a r y