1985-09230-Resolution No. 85-015 Recorded 5/1/1985•
REVIE D
85- 9230 EE 1 COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
Ay PM 9;05
A Resolution Authorizing
the Issuance of Limited Tax
General Obligation Improvement*
Warrants, Series 1985, for
the Interim Financing of Local*
Improvement Districts.
RESOLUTION NO. 85 -015
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C1..ERK ,
. VOL 63 PAGE 817
WHEREAS, Deschutes County finds that it previously created
local improvement districts W -96, 16th Street L.I.D.; W -18,
Special Road District No. 4 L.I.D.; and W -85, Special Road
District No. 1 L.I.D.; and
WHEREAS, it now appearing that the proposed improvements for
said districts are local improvements within the meaning of ORS
371.605, that final assessments for the improvements cannot be
made until the completion of construction, and that it is neces-
sary that interim financing be obtained to fund the costs of the
improvements; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. Warrants Authorized. The Board of County
Commissioners of Deschutes County, Oregon (the "Board ") author-
izes the issuance of Limited Tax General Obligation Improvement
Warrants, Series 1985 (the "Warrants ") in a principal amount not
to exceed $1,500,000.00 pursuant to ORS 287.502, as amended, for
the purpose of funding the interim construction of County improve-
ments and the costs of issuing these Warrants. The Warrants
shall be dated with the date specified by the County Treasurer,
shall mature December 31, 1985, and shall bear interest at a rate
which shall not exceed a net effective rate of 8.0 %. The
Warrants shall be in denominations as specified by the County
Treasurer in consultation with the purchaser of such Warrants.
Section 2. Security. The Warrants are payable from the
proceeds of bonds to be sold upon completion of the projects and
as otherwise provided in Section 3 hereof. The full faith and
credit of the County are also pledged to the punctual payment of
principal and interest on the Warrants.
Section 3. Warrant Sinking Fund. The County Treasurer is
directed to establish a sinking fund, commonly known as the Ban-
croft Bonded Debt Sinking Fund (the "Fund "), to which shall be
deposited all proceeds from the collection of unbonded assess-
ments, the sale of improvement bonds pursuant to ORS 223.205 et
1 - RESOLUTION NO. 85 -015
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seq. or ORS 223.785 and the foreclosure of improvement liens for
unbonded assessments realized from the improvements with respect
to such Warrants.
The deposits in the Fund shall be applied to the call and
payment of such Warrants and such funds shall not be transferred,
borrowed, diverted or used for any other purpose and for failure
to hold, account for and apply such funds as provided in this
Section, the County Teasurer shall be personally liable and shall
also be liable on the official bond to the holder of such
Warrants.
Section 4. Purchase Contract. The County Treasurer is
hereby authorized to negotiate on behalf of the County the terms
of a purchase agreement for the Warrants and report the terms of
the purchase contract to the Board. The Board Chairman is
authorized to execute a warrant purchase agreement upon further
approval by the Board.
Section 5. Form and Denominations. The Warrants herein
authorized may be in typewritten form. The Warrants shall be
executed on behalf of the County with the manual signature of the
Chairman and shall be payable at the office of the Treasurer of
Deschutes County, Bend, Oregon. The Warrants shall be issued in
customary form and in convenient denominations.
Section 6. Authority of Chairman and County Treasurer. The
Chairman of the Board and the County Treasurer are hereby author-
ized to enter into any agreements and to execute any documents
and deliver the Warrants in accordance with this Resolution.
ADOPTED by the unanimous vote of the Board, with a quorum in
attandance, this fa- day of , 1985.
ATTEST:
(
`mil LwLL/ Vi7G4 1 404 - (Z . /4:.>';;7
Record] Secretary D MAUDLIN, Commissioner
D OF COUNTY COMMISSIONERS
0 DESCHUTES COUNTY, OREGON
TITTLE, - irman
LOIS B STO
PRANTE, Commissioner
2 - RESOLUTION NO. 85 -015