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BERNALILLO COUNTY, NEW MEXICO NOTICE OF ADOPTION OF ORDINANCE NO. 2020-24 NOTICE IS HEREBY GIVEN of the title and of a general summary of the subject matter of an ordinance, duly adopted and approved by the Board of County Commissioners of Bernalillo County, New Mexico (the "County") on October 13, 2020. Ordinance No. 2020-24: AUTHORIZING BERNALILLO COUNTY, NEW MEXICO, TO ENTER INTO AMENDMENTS AND SUPPLEMENTS TO THE LEASE AGREEMENT, MASTER PLEDGE AND ASSIGNMENT, MASTER AGENCY AGREEMENT, TAX REGULATORY AGREEMENT AND OTHER DOCUMENTS RELATING TO THE COUNTY'S OUTSTANDING MULTIFAMILY HOUSING REFUNDING REVENUE BONDS (COTTONWOOD APARTMENTS PROJECT), SERIES 2006A (THE "BONDS") WHICH WERE ISSUED TO FINANCE A 185-UNIT AFFORDABLE HOUSING COMPLEX LOCATED WITHIN THE COUNTY (THE "PROJECT") TO FACILITATE THE REFINANCING OF A PORTION OF THE BONDS WITH PROCEEDS OF A DIRECT LOAN FROM A FANNIE MAE DELEGATED UNDERWRITING AND SERVICING LENDER TO COTTONWOOD I LIMITED PARTNERSHIP, THE OWNER AND OPERATOR OF THE PROJECT, AND THE ENHANCEMENT OF THE REMAINDER OF SUCH BONDS THROUGH THE ISSUANCE BY FANNIE MAE OF A STAND-BY IRREVOCABLE TRANSFERRABLE CREDIT ENHANCEMENT INSTRUMENT; PROVIDING FOR THE EXECUTION OF SUCH AMENDMENTS AND SUPPLEMENTS; APPROVING OTHER DOCUMENTS RELATING THERETO; PROVIDING THAT THE COUNTY SHALL NOT BE PLEDGING ITS FAITH AND CREDIT TO THE PAYMENT OF THE BONDS; AND APPROVING AND RATIFYING ACTION PREVIOUSLY TAKEN IN CONNECTION THEREWITH. The following is a general summary of the subject matter contained in Ordinance No. 2020-24: Preamble recites such matters as the existence of the County; the authority of the County to issue bonds under New Mexico law; a description of the County's outstanding Multifamily Housing Refunding Revenue Bonds (Cottonwood Apartments Project), Series 2006A and the multifamily housing project financed thereby, namely a 185-unit multifamily housing project located at 3601 Seven Bar Loop Road, NW, Albuquerque, Bernalillo County, New Mexico; a description of the existing bond documents under which such bonds are currently outstanding; a transaction proposed to effect the acquisition of such bonds by a new holder, the partial refinancing of such bonds and the credit enhancement of the remainder of such bonds by Fannie Mae; a description of proposed amendments and other supplemental documents to facilitate such transactions; recites that the County is not pledging its faith and credit to the payment of the principal of or interest on the Bonds; recites that all required governmental authorizations or approvals have been obtained or will be obtained by the date of delivery of the Bonds; recites that transaction documents have been reviewed by bond counsel; and recites that the form of Ordinance is on deposit with the County Clerk. SECTION 1 approves the Amending Documents. SECTION 2 authorizes the issuance of a replacement bond. SECTION 3 approves amendments to the Regulatory Agreement. SECTION 4 authorizes, to the extent necessary, the conduct of a public hearing held pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, and the approval of the reissuance of the Bonds pursuant thereto. SECTION 5 is the General Authorization provision which directs the officers of the Board and employees of the County to execute all required documents. SECTION 6 declares the Project to be a housing project as defined in the Municipal Housing Law, Sections 3-45-1 through 3-45-25, NMSA 1978, as amended. SECTION 7 is the severability clause. SECTION 8 provides that the bonds are not a general obligation of the County or a charge against its credit or taxing power, and no individual member of the Board or employee of the County shall be personally liable on the bonds. SECTION 9 provides that the Ordinance is not repealable by the County so long as the Bonds are outstanding. SECTION 10 provides that all inconsistent resolutions and ordinances are repealed. SECTION 11 provides for the effectiveness of this Ordinance 30 days after due adoption of this Ordinance and recording of the same in the book of ordinances of the County kept for that purpose, in accordance with law. SECTION 12 provides for a summary of the Ordinance to be published. COMPLETE COPIES OF THE ORDINANCE ARE ON FILE IN THE OFFICE OF THE COUNTY CLERK, ONE CIVIC PLAZA, 6TH FLOOR, ALBUQUERQUE, NEW MEXICO, 87102, AND ARE AVAILABLE FOR INSPECTION OR PURCHASE DURING REGULAR OFFICE HOURS. THIS NOTICE ALSO CONSTITUTES COMPLIANCE WITH SECTIONS 6-14-4 THROUGH 6-14-7, NMSA 1978. WITNESS my hand and seal of the County this 17th day of October, 2020. (SEAL) /s/ Linda Stover County Clerk Journal: October 17, 2020 Left-red    Print Legal   Email-red   Published on: Sat October 17, 2020