1987-11033-Resolution No. 87-025 Recorded 6/5/198787-11033
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Adopting the
Preliminary Official State-
ment Relating to Deschutes
County's Issuance of Certifi- *
cates of Participation in the *
Principal Amount of
$240,000.00, Dated as of June *
1, 1987.
KEYPUNCHED
JUN 8 199 7
RESOLUTION NO. 87 -025 0083-01
o1 , I9
•
WHEREAS, the Board of County Commissioners authorized the
issuance of Certificates of Participation in the principal amount
of Two Hundred and Forty Thousand Dollars ($240,000.00), dated as
of June 1, 1987; and
WHEREAS, a preliminary Official Statement was prepared for
this issue by Shearson Lehman Brothers Inc., Foster and Marshall
Division, the County's financial consultant; and
WHEREAS, the preliminary Official Statement was available
prior to the offer for sale of the Certificates of Participation;
and
WHEREAS, the Board of County Commissioners has reviewed the
preliminary Official Statement, and finds that, to the knowledge
and belief of the Board of County Commissioners, as of the date
of the preliminary Official Statement, the preliminary Official
Statement did not contain any untrue statement of material fact,
omit to state a material fact in light of the circumstances under
which the statements were made, contain any misleading state-
ments, and that the preliminary Official Statement is representa-
tive of the financial condition of the County and the Issue; now,
therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. That the preliminary Official Statement, marked
Exhibit "A ", attached hereto and by this reference incorporated
herein, is adopted as the County's preliminary Official Statement
relating to the Certificates of Participation, to be issued by
Deschutes County, Oregon, dated as of June 1, 1987.
1 - RESOLUTION NO. 87 -025
DATED this � day of Q60--4-- , 1987.
BOARD OF COUNTY COMMISSIONERS
ATTEST:
Recording Secretary
2 - RESOLUTION NO. 87 -025
0083-0150
OF ;SCHUT.S COU N OREGON
C .411Mr.
PRANTE, Chair
TOM T:,�'OOP, Commissioner
K MA DLI
missioner
1
1
1
1
0082,-0151
PRELIMINARY OFFICIAL STATEMENT DATED: May 15, 1987
NEW ISSUE — NEGOTIATED RATING: No rating has been or will be applied for.
In the opinion of Bond Counsel, under existing law, assuming compliance with the Issuer's covenants relating
to the Tax Exemption, interest on the Certificates is exempt from all federal income taxes, except for: (i) alternative
cn minimum taxes on the book income of corporations, and, (ii) taxes on corporate alternative minimum taxable
H income imposed under the Superfund Amendments and Reauthorization Act of 1986, and is also exempt from
o present state of Oregon personal income taxes.
u
ii 2
CERTIFICATES OF PARTICIPATION
00
Evidencing Proportionate Ownership Interests
o in an Installment Purchase and Trust Agreement with
0
�
DESCHUTES COUNTY, OREGON
o
a, v Dated: June 1, 1987 Due: June 1, 1988 -2002
4
TS o The Certificates will be issued in fully registered form without coupons in denominations of $5,000 each or any
G integral multiple thereof. Interest due with respect to the Certificates will be payable semi - annually on June 1 and
ca
December 1, commencing December 1, 1987, by check or draft of the Trustee, currently The Oregon Bank, mailed to
z
o the registered Owner on the record date at the address shown on the registration books. Principal is payable
o w commencing June 1, 1988 and annually thereafter through June 1, 2002, at the principal trust office of the Trustee in
Portland, Oregon. The Certificates are subject to redemption prior to their stated maturities as described hereinafter.
o, The Certificates represent undivided proportional ownership interests in the Installment Payments, as provided
•. herein, and are additionally secured by the mortgage on the Project, the Security Agreement, the Reserve Account
v
Gand other accounts held by the Trustee hereunder, and any sums the Trustee may realize in connection with the
O o exercise of default remedies. The obligation of the County to make Installment Payments under this Agreement is
et
o subject to annual appropriation. The Certificates are not secured by the unlimited taxing power of the County and
v are not a general obligation of the County or the Trustee, but are secured solely as provided herein. To the extent
E ccs that funds are appropriated to make Installment Payments hereunder, the faith and credit of the County are pledged
`rs to the payment of the Installment Payments.
c
uE Principal Interest Principal Interest
v Due June 1 Amount Rate Price Due June 1 Amount Rate Price
O rs
1988 $10,000 % 1996 $15,000 %
Z 8 1989 10,000 1997 20,000
E" w 1990 10,000 1998 20,000
v O 1991 10,000 1999 20,000
'" 1992 10,000 2000 20,000
c 1993 15,000 2001 25,000
cn . 1994 15,000 2002 25,000
.� 1995 15,000
P.'-' The Certificates are offered when, as and if delivered and received by the Underwriter, subject to an approving
legal opinion of Lindsay, Hart, Neil & Weigler, Portland, Oregon, Bond Counsel, and certain other conditions. It is
expected that the Certificates will be available for delivery in Portland, Oregon,on or about June , 1987.
$240,000
an
Shearson Lehman Brothers Inc.
1 Foster & Marshall Division
I
0083 -0152
No dealer, broker, salesperson or other person has been authorized by Deschutes
County to give any information or to make any representations, other than those
contained in this Official Statement, and, if given or made, such other information
or representations must not be relied upon as having been authorized by the
County. The statements of law made in this Official Statement under the captions
"General Description," "Redemption Provisions," "Notice of Redemption," "Security
for the Certificate," and "Summary of Provisions" have been reviewed by bond
counsel. All other representations of law and fact have not been reviewed by bond
counsel and have not, therefore, been approved by bond counsel.
0083-0153
PRELIMINARY
OFFICIAL STATEMENT
OF
DESCHUTES COUNTY
OREGON
Relating to
$240,000
Certificates of Participation, Series 1987
BOARD OF COUNTY COMMISSIONERS
Lois Bristow Prante, Chair
Dick Maudlin
Tom Throop
COUNTY OFFICIALS
County Counsel:
County Treasurer:
County Assessor:
District Attorney:
County Clerk:
County Sheriff:
County Surveyor:
Richard Isham
Helen Rastovich
Oscar Bratton
Mike Dugan
Mary Sue Penhollow
Darrell Davidson
David Hoerning
PROFESSIONAL SERVICES
Lindsay, Hart, Neil & Weigler, Bond Counsel
The Oregon Bank, Registrar /Paying Agent and Trustee
THE DATE OF THIS OFFICIAL STATEMENT IS MAY 15, 1987.
TABLE OF CONTENTS
MAP OF THE STATE OF OREGON
0083 -0154
Page
INTRODUCTION 1
THE CERTIFICATES 1
General Description 1
Redemption Provisions 1
Notice of Redemption 2
Security for the Certificates 2
SUMMARY OF CERTAIN PROVISIONS OF THE
INSTALLMENT PURCHASE AND TRUST AGREEMENT 3
Agreement to Purchase Project and Pay Purchase Price 3
Title 3
Default and Remedies 3
Assignment and Leasing 4
Modifications 4
Security for Certificates 5
Nonappropriation of Funds 5
Trust Accounts 5
Representations and Covenants of the County 5
Additional Obligations Secured by the Project 6
Insurance 6
The Trustee 7
Defeasance 7
THE PROJECT
Project Financing
SOURCES AND USES OF FUNDS
8
8
8
INSTALLMENT PAYMENTS 9
DEBT AND PROPERTY TAX INFORMATION
Debt Summary
Debt Limitations
Debt Authorization
Debt Management
Future Debt Plans
Table 1: Oustanding Obligations
Table 2: Combined Debt Service Requirements
Table 3: Overlapping Debt
SYNOPSIS OF PROPERTY TAX ADMINISTRATION
10
10
10
10
10
10
11
12
13
14
Table 4: Tax Collection Record 16
Table 5: Consolidated Tax Rate 17
Table 6: Major Taxpayers 17
0083-0155
FINANCIAL INFORMATION 18
3asis of Accounting 18
Fiscal Year 18
Audits 18
Budgeting Process 18
Table 7: Summary of 1986 -87 Budget 19
Table 8: General Fund Statement of Revenue and Expenditures 20
Table 9: General Fund Consecutive Balance Sheets 21
Table 10: General Fund Current Statement of Revenues and Expenditures 22
DESCHUTES COUNTY 23
General Information 23
Government and Administration 23
Table 11: Board of Commissioners and Major Officials of the County 23
ECONOMIC AND DEMOGRAPHIC INFORMATION 24
Population 24
Employment 24
Municipal Services 24
Information 25
Economic and Demographic Tables 25
Table 12: Population Estimates 26
Table 13: Average Annual Unemployment as a Percent of Labor Force 26
Table 14: Employment - Annual Averages and Percent Distribution
By Industry Group 27
Table 15: Major Employers 28
Table 16: Income Estimates 29
Table 17: Miscellaneous Economic Information 29
LITIGATION 30
AUDITS '30
UNDERWRITING 30
APPROVAL OF LEGAL PROCEEDINGS 30
TAX EXEMPTION 30
MISCELLANEOUS 30
CONCLUDING STATEMENT 31
APPENDIX A: JUNE 30, 1986 AUDITED FINANCIAL STATEMENT (partial)
APPENDIX B: DRAFT LEGAL OPINION
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$240,000
CERTIFICATES OF PARTICIPATION, SERIES 1987
Evidencing Proportionate Ownership Interests
in an Installment Purchase and Trust Agreement with 0083
DESCHUTES COUNTY, OREGON
INTRODUCTION
-0157
The purpose of this Official Statement, which includes the cover page, table of contents and
appendices hereto, is to provide certain information with respect to the sale and delivery of
Certificates of Participation (the "Certificates "), in the aggregate principal amount of
$250,000, evidencing proportionate ownership interests in the Installment Payments due under
Installment Purchase and Trust Agreement dated June 1, 1987 between Deschutes County, as
lessee and The Oregon Bank, Trustee, as lessor. The County is authorized to enter into the
Agreement by a County Resolution adopted , 1987.
The County is entering into the Agreement to finance acquisition of a warehouse storage
facility and to pay costs associated with the issuance of the Certificates.
Payment of the Certificates will be secured solely by (i) the right to receive installment
payments (the "Installment Payments ") from the County under the Agreement, (ii) money held in
the accounts under the Agreement (including the reserve account) and (iii) the right of the
Trustee to foreclose the Agreement against the Project. The obligation of the County to make
installment payments is subject to annual renewal and the County's covenant to make Lease
Payments is subject to and dependent upon annual appropriations.
THE CERTIFICATES
GENERAL DESCRIPTION
The Certificates are being executed and delivered in the aggregate principal amount of
$240,000 and mature on the dates set forth on the cover hereof. The interest represented
thereby will be calculated from June 1, 1987 at the rates per annum set forth on the cover
page hereof, payable semi - annually on June 1 and December 1 of each year commencing December
1, 1987.
The Certificates will be prepared only in fully registered form without coupons in
denominations of $5,000 or any integral multiple thereof. Interest is payable by check or
draft mailed on the payment date to the Owners of the Certificates whose names appear on the
registration books as of the fifteenth day of the month immediately preceding each interest
payment date at the address shown on the registration books of the paying agent /registrar.
Principal is payable on surrender of the Certificates at the principal trust offices of the
paying agent /registrar in Portland, Oregon. Fully registered Certificates may be transferred
at the corporate trust office of the paying agent /registrar.
REDEMPTION PROVISIONS
Certificates due on or after June 1, 1996 are subject to optional redemption, in whole or in
part, as a result of the exercise by the County of its option to prepay all or a portion of
the principal component of the Installment Payments on the following dates at the redemption
prices set forth in the following table (expressed as a percentage of the principal amount of
Certificates to be redeemed), together with accrued interest to the date fixed for redemption.
Year
June 1, 1995 and December 1, 1995
June 1, 1996 and thereafter
Percentage
101.0%
100.0
The Certificates are subject to mandatory redemption, in whole or in part without premium, at
any time prior to their stated maturities, upon the occurrence of an Event of Default under
the Agreement, from proceeds of any amounts received by the Trustee in connection with
default remedies, or from certain fire and casualty insurance.
If less than all outstanding Certificates are called for redemption, the Trustee will redeem
the Certifictes in inverse order of maturity and by lot within a maturity.
NOTICE OF REDEMPTION
0083 -0158
Notice of optional redemption shall be given by certified mail, postage prepaid, to each
Owner of Certificates, at least thirty (30) days prior to the date fixed for redemption.
Failure to mail such notice to any Owner shall not impair the validity of the redemption
proceedings with respect to those Owners who have received such notice.
SECURITY FOR THE CERTIFICATES
The Certificates are secured solely by: Installment Payments paid by the County to the
Trustee pursuant to the Agreement; accounts held under the Installment Purchase and Trust
Agreement (the "Agreement "); and, any amounts realized by the Trustee from the foreclosure of
the Project. The obligation to pay amounts due under the Agreement does not constitute a
general obligation of the County, or any political subdivision or municipal corporation of
the State of Oregon and is not secured by the unlimited taxing power of the County.
Each Certificate represents a proportionate interest in a particular principal payment due
from the County under the Agreement, together with the interest due from the County on that
principal payment.
The obligation of the County to make payments under the Agreement is subject to annual
renewal. If the County fails to appropriate funds to make payments under the Agreement, the
Certificate Owners are entitled to be paid solely to the extent of previously appropriated
but unpaid moneys, moneys held in the trust accounts under the Agreement, and moneys which
become available from the foreclosure of the Project. The County is not liable to pay any
deficiency in the event such sums are not adequate to pay the unpaid amounts due under the
Agreement.
The amounts due under the Agreement are payable from the general fund of the County. To the
extent that moneys are appropriated for payments due under the Agreement, the Certificate
Owners will have a status equivalent to that of a general unsecured creditor of the County.
To the extent that moneys are appropriated in a fiscal year for amounts due in that fiscal
year under the Agreement, the obligation of the County to pay such appropriated amounts is a
full faith and credit obligation of the County.
If the County fails to appropriate money to pay sums due under the Agreement, the ability of
the Certificate Owners to collect unpaid amounts will depend on the foreclosure value of the
Project, and the amounts held in the trust accounts under the Agreement. In the Agreement,
the County establishes a Reserve Account equal to the maximum annual debt service on the
Certificates. The Reserve Account may be used only to pay Installment Payments. If the
Reserve Account is used to pay Installment Payments, it is an Event of Default unless the
County has filed an MAI appraisal with the Trustee, indicating that the unpaid principal due
under the Agreement is 75% or less of the appraised value of the Project. If the County has
filed such an appraisal, the reserve may be used to pay Installment Payments without causing
an Event of Default, if the Reserve Account is replenished by August 31 of the following
fiscal year.
The County has received an MAI appraisal of the Project dated January , 1987 stating that the
Project has a value of $245,000. The appraisal is based on certain assumptions which may not
be accurate in the future, and the value received by the Trustee on foreclosure of the
Project may be significantly less. No representation is made by the County that the value of
the Project will be sufficient at any time to pay the amounts due under the Agreement if the
County fails to appropriate funds therefore, or otherwise defaults on the Agreement.
The Agreement requires the County to maintain standard fire and casualty insurance on the
Project in an amount at least equal to the unpaid principal due under the Agreement.
However, not all risks are covered by such insurance, and the amount of insurance proceeds
actually received may not fully compensate the County or the Owners for damage to, or loss
of, the Project. Please see the sub - section titled "Insurance" in the summary of the
Agreement.
SUMMARY OF CERTAIN PROVISIONS OF THE 008
3-0159
59
INSTALLMENT PURCHASE AND TRUST AGREEMENT
The following is a brief summary of the provisions of the Installment Purchase and Trust
Agreement (the "Agreement "), which is not intended to be definitive or complete. Copies of
the complete Agreement are available from Shearson Lehman Brothers Inc., Portland, Oregon.
Agreement to Purchase Project and Pay Purchase Price
The County agrees to purchase the Project from the Trustee for a price of $240,000, payable
in annual installments of principal, together with semiannual installments of interest (the
"Installment Payments ").
To provide additional security for the Owners, the County agrees to transfer each fiscal year
to the Trustee the sum of the following amounts: (i) for deposit in the Installment Payment
Account, the full amount of all Installment Payments due in that fiscal year; plus (ii) for
deposit into the Reserve Account, the amount by which. the Debt Service Reserve Requirement
exceeds the balance in the Reserve Account. Such transfers shall be made as soon as possible
after the beginning of each fiscal year, but no later than August 15th of each year. Amounts
on deposit in these accounts on the date of the transfer shall be credited against the
transfers required by this paragraph. Such transfers are called the "August 15th Transfers."
Title
The County has caused marketable title to the Project to be conveyed to the Trustee. Upon
payment of all sums due under the Agreement, the Trustee will convey title to the Project to
the County.
Default and Remedies
(a) The occurrence of one or more of the following events shall constitute an Event
of Default:
(i) The County's failure to make any Installment Payment when due;
(ii) The County's failure to make the August 15th transfers to the Trustee
prior to September 1 of any year;
(iii) The County's failure to comply in any material respect with any other
covenant, condition, or agreement of the County hereunder for a period of
thirty (30) days after notice thereof from the Trustee;
(iv) Any representation or warranty made by the County hereunder shall be
untrue in any material respect as of the date made; and /or
(v) The County becomes insolvent or admits in writing an inability to pay its
debts as they mature or applies for, consents to, or acquiesces in the
appointment of a trustee or receiver for the County or a substantial part
of its property; or in the absence of such application, consent, or
acquiescence, a trustee or receiver is appointed for the County or a
substantial part of its property and is not discharged within sixty (50)
days; or any bankruptcy, reorganization, debt arrangement or moratorium,
or any proceeding under any bankruptcy or insolvency law, or any
dissolution or liquidation proceeding, is instituted by or against the
County and, if instituted against the County, is consented to or
acquiesced in by the County or is not dismissed within ninety (90) days.
It shall not constitute an Event of Default under subsection (a)(ii) of this Section in any
fiscal year if, by September 1: the County has previously filed with the Trustee an MAI
appraisal satisfactory to the Trustee indicating that the unpaid principal due under this
Agreement is 75% or less of the appraised value of the Project; any August 15th transfer in
that fiscal year, plus amounts available in the Reserve Account, at least equals the
Installment Payments due in that fiscal year; and the full amount of the August 15th
Transfers was made in the prior fiscal year.
0083 -0160 1
(b) Upon the occurrence of any Event of Default, the Trustee may, and shall upon
written request of the Owners of Certificates representing not less than
twenty -five percent (25 %) of the principal amount of unpaid Installment
Payments, exercise any or all of the following remedies:
(i) Declare the unpaid principal balance, together with accrued interest
immediately due and payable but such balance and interest may be paid only
to the extent of moneys on deposit in any accounts held under the
Agreement, moneys appropriated by the County for payments due under the
Agreement and moneys realized from the exercise of remedies listed in
subsections (b)(ii) and (b)(iii) of this Section;
(ii) Judicially foreclose the lien of the Agreement against the Project, in the
same manner as mortgages are foreclosed;
(iii) Exercise its rights as a secured party under the Uniform Commercial ode;
9 p Y Code;
and /or
(iv) Pursue and exercise any other remedy available at law or in equity. 1
(c) If an Event of Default occurs as a result of a failure to appropriate funds, the
remedies available to the Trustee and the Owners shall be restricted to those
described in subsections (b)(i), (b)(ii) and (b)(iii) of this Section. No other
remedies shall be available for a default which results from a failure to
appropriate funds.
(d) The Trustee may rescind any declaration made under subsection (b) of this
Section and abandon any exercise of remedies if there has been no failure to pay
Owners Installment Payments, and the Event of Default is cured by the County.
Such recision and abandonment shall not constitute a waiver of any other Event
of Default.
Assignment and Leasing
The County may not assign or dispose of the Agreement or the Project without the prior
written consent of the Owners of Certificates representing at least two - thirds of the unpaid
purchase price. The County may lease the Project without consent of the Owners, but the
Trustee must receive a security interest in the lease. Prior to any assignment or leasing,
the County must obtain the opinion of nationally recognized bond counsel that the assignment
or leasing will not cause the interest component of Installment Payments to be taxable under
federal income tax laws.
Modifications
(a) The County may modify the Project if:
(i) The modifications do not reduce the value of the Project, and the County
so certifies to the Trustee; and,
(ii) The County provides the Trustee with prior written notice that there will
be modifications to the Project; and,
(iii) The modifications become part of the Project, are secured by the lien of
this Agreement, and the County provides the Trustee with such documents as
the Trustee determines are necessary to evidence the Trustee's interest in
the modifications.
(b) The County may remove portions of the Project which are worn out, obsolete or
unserviceable if the County notifies the Trustee in writing prior to the removal
and,
(i) The County replaces the removed property with property which performs the
functions of the removed property and such replacement property satisfies
the conditions of subsection ( a)(iii) of this Section; or
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1
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0083 -0161
(ii) Any proceeds from the sale of the removed property are deposited with the
Trustee and used to prepay principal on the earliest possible date; or
(iii) The value of the removed property does not exceed $50,000 in any fiscal
year and $160,000 in aggregate during the term of the Agreement.
Security for Certificates
The Certificates represent undivided proportional ownership interests in the principal
portion of particular Installment Payments due from the County under the Agreement and the
interest due on such principal, and are additionally secured by the accounts held under the
Agreement and any sums the Trustee may realize in connection with the exercise of default
remedies. The obligation of the County to make Installment Payments under this Agreement is
subject to annual appropriation. The Certificates are not secured by the unlimited taxing
power of the County, and are not general obligations of the County or the Trustee, but are
secured solely as provided in this section. To the extent that funds are appropriated to
make Installment Payments, the faith and credit of the County are pledged to the payment of
the Installment Payments.
Nonappropriation of Funds
The County, by entering into the Agreement, acknowledges its current intention to make all
Installment Payments on the dates such Installment Payments are due. In the event the
County's governing body fails to appropriate sufficient funds to fully fund all of the
County's legal obligations to make Installment Payments for any future fiscal period, then
the County will immediately notify the Trustee or its assignee of such occurrence and the
County's right to possession of the Project, and all its interest in the Project shall
terminate as of September 1 of the fiscal year in which the failure to appropriate occurs.
In such case, the obligation of the County for the unpaid purchase price shall be limited to
previously appropriated money, money held in accounts under the Agreement, and money received
from foreclosure of the Project.
The County agrees (1) that County staff will, for each fiscal period in which Installment
Payments are scheduled to be made, present to the County's Board of Comnissaoners a request
that the Board of Commissioners budget for and approve the expenditure of an amount
sufficient to allow County to make all Installment Payments due in that fiscal period; (ii)
that, to the extent funds are appropriated therefore, it will make all Installment Payments;
and (iii) that it will not cancel the Agreement under the provisions of this section if
sufficient funds are appropriated and budgeted to it, or by it, for the acquisition,
retention or operation of the Project.
Trust Accounts
The Trustee will hold an Installment Payment Account, a Reserve Account and a Rebate
Account. Moneys in the Installment Payment Account and Reserve Account may be used only to
pay Installment Payments. Moneys in the Rebate Account will be used to pay rebates required
under federal law, if any. Earnings on each account will be credited to each account. If
the Reserve Account reaches an amount equal to the highest amount of Installment Payments due
in any remaining fiscal year, as a result of interest earnings on the reserve, interest
earnings thereafter will be transferred to the Installment Payment Account. The Reserve
Account is initially funded with $24,000.
Representations and Covenants of the County
The County's obligation to the Owners of Certificate is limited to its specific covenants
under the Agreement. The County is not liable for the execution, delivery or transfer of any
Certificates, the distribution of Installment Payments to the Certificate Owners by the
Trustee, or for any other performance by the Trustee of its obligations under the Agreement.
The County covenants with the Trustee and the Owners of the Certificates not to take any
action which, or omit to take any action which, would cause the interest component of the
Installment Payments to be included in gross income under federal income tax laws (except for
certain corporate taxes). The County also covenants to comply with the applicable provisions
of the Internal Revenue Code of 1986, as amended (the "Code "), unless the County obtains an
opinion of nationally recognized bond counsel that such compliance is not required. The
County makes the following specific covenants with respect to the Code: 0083-0162
(1) The County will not take any action or omit any action if it would cause the
Series 1987 Bonds to become "arbitrage bonds" under Section 148 of the Code.
(2) The County shall operate the facilities financed with the bonds so that the
Series 1987 Bonds are not "private activity bonds" within the meaning of Section
141 of the Code.
(3) The County shall comply with appropriate reporting requirements.
(4) The County shall pay, when due, all rebates on the gross proceeds of the Series
1987 Bonds which are required under Section 148 of the Code.
The County agrees to pay any and all taxes or other charges imposed on the Project.
The County shall service, repair and maintain the Project in good condition, repair,
appearance and working order.
Additional Obligations Secured by the Project
The County shall not issue obligations secured by the Project which have a lien on the
Project superior to or on a parity with the Agreement. The County may issue obligations
secured by the Project which have a lien on the Project which is subordinate to the Agreement
only if:
(a) The obligations are issued to finance modifications to the Project; and,
(b) Prior to issuing the obligations the County files with the Trustee an MAI
appraisal, reasonably satisfactory to the Trustee, appraising the value of the
Project as it is proposed to be modified; and
(c) The unpaid principal of this Agreement is 75% or less of the MAI appraised value
of the modified project.
Insurance
The County shall maintain standard fire and casualty insurance on the Project in an amount at
least equal to the unpaid principal of this Agreement. Policies evidencing this insurance
shall be filed with the Trustee, and the Trustee shall be named as loss payee. Any proceeds
of such insurance shall be paid to the Trustee. If the County has breached any of its
promises in the Agreement (regardless of whether such breach constitutes an Event of Default)
and the breach has not been cured by the time insurance proceeds are paid to the Trustee, the
insurance proceeds shall be used to prepay Agreement principal 30 days after the Trustee
receives the insurance proceeds. If the County has not breached its promises hereunder, or
any breach has been cured, and:
(a) If the amount of insurance proceeds paid to the Trustee is less than $50,000,
the Trustee shall transfer the proceeds of insurance to the County and the
County shall use the proceeds, to the extent required, to repair the Project; or
(b) If the amount of insurance proceeds paid to the Trustee equals or exceeds
$50,000, the County may elect to use the proceeds to prepay agreement principal
or to repair or replace the Project. The County shall have 120 days after the
Trustee receives the insurance proceeds in which to file a written election with
the Trustee to use the proceeds to prepay agreement principal, or to rebuild the
Project.
(i) If the County elects to use the proceeds to prepay Agreement principal,
the insurance proceeds shall be applied to the prepayment 30 days after
the County files its election to prepay, or 150 days after the Trustee
receives the proceeds if the County fails to file an election within 120
days.
0083 -0163
(ii) If the County elects to use the insurance proceeds to repair or rebuild
the Project, the insurance proceeds shall be deposited in the Proceeds
Account, and disbursed by the Trustee to the order of the County as the
costs of the repair or rebuilding are payable. Mo such proceeds shall be
disbursed until the County files with the Trustee an "1AI appraised market
value of the structure as it is proposed to be repaired or rebuilt. If
the County fails to commence within one year, or complete within three
years, the repair or rebuilding of the Project, all available insurance
proceeds shall be applied by the Trustee to prepay Agreement principal.
(c) If an Event of Default occurs after the Trustee receives insurance proceeds, any
proceeds of insurance held by the Trustee shall be applied to the payment of
amounts due under the Agreement.
The Trustee
The Trustee is not liable for actions taken in good faith, unless such actions are negligent
or constitute willful default. The Trustee may rely on documents believed by it to be
genuine, without conducting additional investigations. The Trustee may deal in the
Certificates in the same manner as an Owner. The Trustee is not responsible for any of the
statements or representations in the Agreement.
Prior to taking any action in connection with an Event of Default, the Trustee may require
that the Owners post a bond, or otherwise agree, in a manner satisfactory to the Trustee, to
indemnify the Trustee for all of its expenses and any liability it may suffer as a result of
such action.
The Trustee shall not be liable for any action taken or omitted to be taken by it in good
faith unless such action shall constitute negligence or willful default.
Defeasance
If the County deposits cash or government obligations in escrow which are calculated by a
certified public accountant to be sufficient to pay the Installment Payments, without further
reinvestment, and the County obtains an opinion from nationally recognized bond counsel that
the deposits will not cause the interest component of Installment Payments to be taxable
under federal income tax laws, then the Installment Payments shall be payable solely from the
cash and government obligations placed in escrow, and the County shall have no further
obligation to make Installment Payments.
THE PROJECT
0083-0164
Proceeds of this offering will be used by the County to purchase an existing building in
downtown Bend, Oregon, for use as storage and warehouse space. The property is zoned for
commercial uses.
The County is in the process of developing a centralized purchasing system. By instituting
the centralized purchasing system along with the availability of adequate storage and
warehouse space, the County anticipates significant cost savings in acquiring materials and
supplies needed for County operations. The storage and warehouse space will allow the County
to purchase supplies in large quantities and receive volume discounts.
PROJECT FINANCING
The County has requested an MAI appraisal to assist in establishing the market value of the
building. The appraisal, conducted in January 1987, established a market value for the
building of $245,000.
The following tables show the financing plan for purchasing the building. Sources of funds
total $240,000 and comprise proceeds from the sale of Certificates of Participation. Uses of
funds include the purchase of the building in the amount of $200,000, debt service reserve of
$24,000 and costs of issuance, including underwriter's discount, of $16,000.
SOURCES AND USES OF FUNDS
The proceeds to be received from the sale of the Certificates (other than accrued interest
which will be deposited into the Lease Payment Account) are to be applied as follows:
Sources of Funds:
Principal Amount of Certificates $240,000
Total Sources of Funds
Uses of Funds:
Building Purchase $200,000
Deposit to Reserve Account 24,000
Cost of Issuance
Underwriter's Discount
Total Uses of Funds
INSTALLMENT PAYMENTS
The Agreement requires semi- annual Installment
Trustee. In accordance with the Agreement the
Trustee in the Installment Payment Account and
principal and interest payments due with respec
following schedule:
Fiscal Year
1987 -88
1988 -89
1989 -90
1990 -91
1991 -92
1992 -93
1993 -94.
1994 -95
1995 -96
1996 -97
1997 -98
1998 -99
1999 -00
2000 -01
2001 -02
0083 -0165
Payments to be made by the County to the
Installment Payments will be deposited by the
applied on a semi - annual basis to make
t to the Certificates, sufficient to meet the
Certificate Lease Payments
Principal
$10,000
10,000
10,000
10,000
10,000
15,000
15,000
15,000
15,000
20,000
20,000
20,000
20,000
25,000
25,000
Interest
Total
Payments
DEBT AND PROPERTY TAX INFORMATION
DEBT SUMMARY - As of June 1, 1987 (includes this issue)
Outstanding debt:
Short -term
Long -term:
Gross bonded debt (all debt paid with a general obligation pledge)
Net direct debt (all debt paid in whole or in part of taxes)
Net overlapping debt (as of March 31, 1987)
TOTAL NET DIRECT AND OVERLAPPING DEBT
DEBT RATIOS
0083-0166
None
$ 2,495,000
95,000
48,086,136
$48,181,136
Percent of
Assessed
Per Capita Valuation
Assessed Value $36,554 --
Gross Bonded Debt $ 38 0.10%
Net Direct Debt $ 1 0.004%
Net Direct and $ 737 2.02 %
Overlapping Debt
NOTE: 1986 -87 Assessed Value = $2,390,606,753; 1986 population estimate = 65,400.
DEBT LIMITATIONS
Certificates of Participation
Certificates of Participation and the Agreement are not debts within the meaning of
constitutional and statutory debt limitations.
General Obligation Bonds
Oregon Revised Statutes 287.054 limits indebtedness for general obligation bonds issued by
counties to two percent of the true cash value of the County.
True Cash Value, 1986 -87
Debt Limitation (2% of TCV)
Applicable Bonded Debt
Debt Margin
Percent of limit issued
Bancroft
Improvement Bonds
$2,390,606,753
47,812,135
2,495,000
45,317,135
5.2%
DEBT AUTHORIZATION
No election is required to issue Certificates of Participation. The Certificates were
authorized by a County Resolution adopted , 1987.
DEBT MANAGEMENT
The County has not defaulted on any debt obligation.
The County has not used bond proceeds for operational purposes.
FUTURE DEBT PLANS
The County may refund an outstanding Bancroft issue currently outstanding in the amount of
$1,045,000 this year. In addition, the County may issue tax anticipation notes for cash flow
purposes.
-10-
TABLE 1
DESCHUTES COUNTY
OUTSTANDING OBLIGATIONS
As of June 1, 1987
0083--0167
Final
Date Maturity Amount Amount
GENERAL OBLIGATION BONDS Issued Date Issued Outstanding
A. Tax - supported
Libraries 10/1/78 10/1/88 $ 383,097 $ 95,000
TOTAL TAX SUPPORTED (NET DIRECT) DEBT: $ 95,000
B. Self- supporting
one
C. General Obligation Improvement (Bancroft) 3onds
Improvements 10/1/81 10/1/91 $1,635,000 $1,045,000
Improvements 10/1/84 10/1/94 550,000 475,000
Improvements 12/1/85 12/1/95 940,000 380,000
TOTAL IMPROVEMENT BONDS: $2,400,000
TOTAL GENERAL OBLIGATION BONDS (GROSS DIRECT DEBT): $2,495,000
SHORT - TERM DEBT
The County has no short -term debt outstanding.
INSTALLMENT PURCHASE AGREEMENTS
Certificates of Participation (This issue) 6/1/87 6/1/02 $ 240,000 $ 240,000
Source: Municipal Debt Advisory Commission, Oregon State Treasury.
Deschutes County.
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0083-0168
financial statements.
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aOverlapping District
Bend School District #1 - Bond 1979
City of Bend
City of Redmond
Bend School District #1 - Bond 1977
Central Oregon Hospital District
Redmond School District #2J
Bend School District #1 - Bond 12/77
Sisters School District #6
Bend School District #1 - Bond 1973
Central Oregon Community College
IICentral Oregon Park & Recreation District 355,990
Bend Metro Park & Recreation District
Redmond School District #23 - Bond 1968
City of Sisters
IIBlack Butte Ranch RFPD
Send School District #1 3ond 9/73
Lapine REPO
Laidlaw :later District
Cloverdale RFPD
TABLE 3
DESCHUTES COUNTY
OVERLAPPING DEBT
As of March 31, 1987
0083-0169
1986 -87 Gross (1) Net (2)
Assessed Bonded Direct
Valuation Debt Debt Percent
(in $000) (in $000) (in $000) Overlap
OVERLAPPING
cross ( I) Net (z )
Bonded Direct
Debt Debt
(in $000) (in $000)
$1,660,576 $13,310 $13,310 100.00% $13,310 $13,310
564,066 13,440 7,875 100.00 13,440 7,875
181,481 6,919 6,719 100.00 6,919 5,719
1,560,576 4,745 4,745 100.00 4,745 4,745
355,990 3,685 3,685 100.00 3,685 3,585
484,241 3,300 3,300 93.32 3,030 3,030
1,660,576 2,660 2,660 100.00 2,660 2,660
271,731 1,800 1,800 100.00 1,800 1,300
1,660,411 720 720 100.00 720 720
3,309,025 1,034 960 72.25 747 594
575 575 100.00 575 575
912,286 540 540 100.00 540 540
523,483 570 570 93.80 535 535
37,581 409 409 100.00 409 409
132,014 275 275 100.00 275 275
1,660,411 175 175 100.00 175 175
139,902 110 110 100.00 110 110
6,086 98 98 100.00 98 98
36,992 82 82 100.00 32 82
$53,90.4 $48,085
IINOTE: Columns may not foot due to rounding.
I(1) Gross bonded debt includes all bonds backed by a general obligation pledge including Bancroft
Act general obligation improvement bonds and self- supporting general obligation bonds.
(2) Net direct debt includes all tax - supported bonds. Bancroft Act general obligation improvement
bonds and self- supporting bonds are excluded.
1
1
Source: Municipal Debt Advisory Commission, Oregon State Treasury.
-13-
SYNOPSIS OF PROPERTY TAX ADMINISTRATION
(Portions of narrative from the Multnomah County Tax Supervising and Conservation Commission.
Procedures apply statewide.)
0083 -01'70
The property tax is used by Oregon cities, counties, schools and other special districts to raise
revenue to defray the expense of local government. The State of Oregon has not levied property taxes
since;1941 and obtains its revenue principally from income taxation.
Property tax administration, governed by the Oregon Constitution, the state's taxation laws and
regulations of the Department of Revenue, involves the process of assessment, equalization, levy and
collection of taxes.
Assessment and Equalization
The process of identifying and assigning a value to taxable property is termed assessment and the
process of maintaining uniformity of values between property owners and various classes of property is
termed equalization. Assessment of property is administered by the county assessor except for public
utility property which is assessed by the State Department of Revenue. All property is reappraised in
6 -year cycles and values are adjusted annually to maintain assessments within a 5% deviation of
county -wide market value. Equalization of values is performed by the county Board of Equalization.
Administrative and judicial remedies are available to property owners who disagree with assessments.
Property which is assessed for taxation includes all privately owned real property (land, buildings and
improvements) and personal property (machinery, office furniture, equipment and livestock). There is
no property tax on household furnishings (exempt in 1913), personal belongings, automobiles (exempt in
1920), crops, orchards, business inventories or intangible property such as stocks, bonds, or bank
accounts. Property used for religious, fraternal and governmental purposes is exempt and reductions in
assessments are granted for veterans' homesteads and certain farm lands. The assessment roll, a
listing of all taxable property, is prepared as of January 1st of each year.
Prior to 1980 assessed and true cash value were identified as market value for all classes of
property. Beginning with 1980 -81 taxable property is divided into two classes: "Homestead" and "All
Other" (distinction has since been eliminated -- see following sections). The Homestead class consists
of owner occupied single family residences. Property is appraised at true cash value (market value)
but is assessed in a manner that limits the state -wide annual growth to 5% for either class. The
statewide ratios of assessed to true cash values have been:
1980 -81
1981 -82
1982 -83
1983 -84
1984 -85
1985 -86
Homesteads
84.2%
81.6
83.8
90.3
96.0
100.0
All Other
87.6%
84.4
85.1
90.9
96.0
100.0
This distinction between T.C.V. and A.V. was eliminated effective fiscal year 1985 -86.
Tax Levy
The process of ascertaining and declaring the amount of taxes to be raised from taxpayers is termed
making the levy. Authority to levy property taxes is vested with the governing body of each local
government unit. The governing body determines the levy annually before July 15th as part of the
budget process. Annual budgets for local units are based on a fiscal year which begins July 1st and
ends the following June 30th. Constitutional and statutory limitations on the amount that a governing
body may levy are:
1. Levy Within 6% Limitation (Tax Base Levy). A tax base, approved by a majority of
voters at a general election, represents permanent authority to annually levy a dollar
amount which cannot exceed the highest amount levied in the three most recent years in
which a levy was made, PLUS six percent thereof. Tax Base levies may also be
increased in proportionate amounts for annexed territory. A local unit is permitted
to have but one tax base levy and proceeds may be used for any purpose for which the
unit may lawfully expend funds.
2. Levy Outside 6% Limitation (Special, Serial or Continuing Levy). Special and serial
levies are temporary taxing authority permitting the levy of a specific dollar amount
for one year (Special) or for two or more years up to ten years (Serial). Continuing
levies are those approved by voters prior to 1953, are permanent in nature and are
limited in amount by the product of the voted tax rate and the assessed value of the
unit. Since 1978 Serial levies may also be established based on a specified tax rate
but the term may not exceed three years. Not more than four serial levy measures may
be proposed in a given year. Special levies are limited in size by the net tax rate
freeze described later in this section.
3. Levy Not Subject to 6% Limitation (Debt Levy). Local units are required to annually
levy an amount sutticrent to pay principal and interest costs for a bonded debt. Bond
measures to be paid from future tax levies must first be approved by a majority of
those voting unless otherwise provided by law. Proceeds from a debt levy cannot be
diverted to another purpose.
1
1
t
1
1
1
1
Collection
The County Assessor extends authorized levies and computes tax rates. The Tax Collector bills and
collects all taxes and makes periodic remittances of collections to tax levying units. As each year's
taxes for all taxing bodies within a county are collected, the money is placed in an unsegregated pool
and each taxing body shares in the pool on the basis of its tax rate regardless of the actual
collection experience within each taxing body. Therefore, in application, the amount of each taxing
body becomes a pro rata share of the total tax collection record of all taxing bodies within the
County. Thus, an overall collection rate of 90 percent of the county -wide levy ind p-��,p0
tax,levy collection for each taxing body. U)(i '1�:��
Taxes are levied and become a lien on July 1st (the lien date for personal property is January 1) and
tax payments are due November 15th of the same calendar year. Under the partial payment schedule the
first third of taxes are due November 15, the second one -third on February 15 and the remaining
one -third on May 15. Prior to 1980 -81, taxes were paid in quarterly installments with a final payment
on August 15. Since the fiscal year ends June 30, the final August 15 payment made the collection rate
for years prior to 1980 -81 lower; however this payment was not "delinquent" and was allocated toward
the proper levy in the recent tax collection rates. For 1980 -81 and thereafter, the collection rate
reflects actual current -year levy collections during each fiscal year.
A 3% discount is allowed if full payment is made by the due date, 2% for a two- thirds payment. For
late payments interest accrues after each tri- mester at a rate of 1% per month. Property foreclosure
proceedings are initiated four years after the tax due date.
Tax statements mailed to property owners state the assessed value of property, the tax rate and the
amount of taxes due and levied by each local unit. Tax rates, expressed as an amount per $1000 of
assessed value, are obtained by dividing the taxable assessed value of a local unit into the taxes
levied.
Property Tax Limitation Measures
In 1978, 1980, 1982, 1984 and again in November 1986, voters rejected 1.5% property tax
limitation measures. The most recent measure included a limitation upon property taxes of
$15 per $1000 assessed valuation, a roll back of assessed valuation to July 1, 1981, an
annual 2% limitation upon assessed valuation increases, a provision that taxing units in
1985 -86 divide collected taxes in the same proportion as for fiscal year 1983 -84 (leaving
future allocations to the State Legislature), and provision for two elections annually
wherein the tax levy may be increased outside the 1.5% limitation by a majority of voters
provided that at least 50% of legal voters of the taxing unit vote on the question. The
measure also exempted bonded indebtedness authorized prior to the election.
In January 1987, proponents of this same measure filed a prospective petition with the Oregon
Secretary of State, to place it on the ballot in the 1988 general election. In order to get
this constitutional measure on the ballot, petitioners must collect signatures equal to eight
percent of the vote for all candidates for governor at the previous general election, which
in this case is 84,770 signatures. The deadline for returning these signatures to the
Secretary of State's office is July 8, 1988.
-15-
1
Fiscal Assessed
Year Valuation
1981 -82 $2,008,766,982
1982 -83 2,119,156,914
1983 -84 2,302,855,955
1984 -85 2,372,020,585
1985 -86 2,430,599,685
1986 -87 2,390,606,753
1981 -86 Compounded
Annual Rate of Change:
TABLE 4
DESCHUTES COUNTY
TAX COLLECTION RECORD
Percent Tax Rate
Change Total Levy Per $1000
-- $3,783,483 $1.87
5.5% 4,539,388 2.14
8.7 4,535,715 1.96
3.0 4,608,990 1.94
2.5 4,863,483 2.00
-1.6 5,095,492 2.10
3.5%
Percent
Collected
Year of Levy
83.2%
84.1
84.7
85.6
86.6
80.53
I
0083 -0172 I
Total Percent
Collections Collected
as a Percent as of
of Current Levy 04/30/87
92.0%
93.8
97.3
101.1
100.9
1The levy shown in this table was adjusted by certain offsets before calculations of the
tax rate.
2Does not include interest, therefore the percentage cannot exceed 100 percent.
3lncludes collections through April 30 only.
Source: Deschutes County Assessor's and Tax Collector's Offices.
99.6% II
99.3
96.8
94.4
92.2 II
80.53
r
r
r
1
I _
I _
I
I_
F_
I _
i
TABLE 5
DESCHUTES COUNTY
CONSOLIDATED TAX RATE
(Code Area 1 -1)
District
Bend Administrative School District
No. 1
City of Bend
DESCHUTES COUNTY
Central Oregon Community College
Deschutes Educational Service District
Deschutes County Extension & 4 -H
Central Oregon PUD
TOTAL
1986 -87
Tax Rate
Per $1000
$12.56
6.25
2.10
1.53
0.26
0.04
0.00
$22.74
008, 0173
Percent
of Total
55.2%
27.5
9.2
6.7
1.1
0:2
0.0
100.0
NOTE: Code Area 1 -1 has a total assessed value of $497,919,575 or approximately
20.8 percent of the County's total assessed valuation.
Source: Deschutes County Assessor's Office.
Name
Pacific NW Bell Telephone Co.
Daw Forest Products Co.
Pacific Power & Light Co.
Sunriver Properties Oregon Ltd.
United Telephone Co. of NW
Willamette Industries Inc
Brooks Resources Corp.
Concord Equity Multiplier
Cascade Natural Gas Corp.
Mt. Bachelor Inc.
El Dorado Properties
Pacific Gas Transmission
Bend Millwork Inc.
Eagle Crest Partners Ltd.
ATT Communications
TABLE 6
DESCHUTES COUNTY
MAJOR TAXPAYERS
Enterprise
Phone utility
Lumber mill
Electric utility
Recreation resort
Phone utility
Particleboard plant
Real estate
Shopping mall
Gas utility
Ski resort
Real estate
Gas utility
Door frames, window parts
Recreation resort
Phone utility.
'Total 1986 -87 assessed value of the County is $2,390,606,753.
Source: Deschutes County Assessor's Office.
-17-
1986 -87 Percent
Assessed of Total
Valuation A.V.
$40,664,115 1.70%
21,027,135 0.88
20,286,923 0.85
16,238,600 0.68
11,318,667 0.47
11,280,250 0.47
9,842,210 0.41
9,276,460 0.39
7,226,957 0.30
6,515,900 0.27
5,843,620 0.24
5,628,705 0.24
5,093,280 0.21
4,925,855 0.21
4,661,500 0.19
FINANCIAL INFORMATION
BASIS OF ACCOUNTING
0083 -0174
The governmental fund types are maintained on the modified accrual basis of accounting. The
proprietary fund types are accounted for utilizing the accrual basis of accounting.
FISCAL YEAR: July 1 to June 30
AUDITS
The Oregon Municipal Audit Law (ORS 297.405 - 297.555) requires an audit and examination be
made of the accounts and financial affairs of every municipal corporation at least once each
year, unless that municipal corporation's aggregate receipts and expenditures did not exceed
$100,000 for the year. Unless the municipality elects to have the audit performed by the
State Division of Audits, the audit shall be made by accountants whose names are included on
the roster prepared by the State Board of Accountancy.
The County audits for the fiscal years 1981 -82 through 1985 -86 were performed by Donaca,
Battleson & Co., P.C., C.P.A., Bend, Oregon. The auditors did not review the tables and
offer no opinion regarding the tables. A partial copy of the County's June 30, 1986 audited
financial statement is contained in Appendix A.
BUDGETING PROCESS
The County prepares an annual budget in accordance with the Oregon Local Budget Law. ORS 294
establishes standard procedures for preparing, presenting and administering the operating
budget for all local governments. The law mandates public involvement in budget preparation
and public exposure of its proposed programs. The law also requires that the budget be
balanced.
Prior to adoption, the proposed budget must be approved by a budget committee consisting of
three commissioners and an equal number of laypersons. In an advertised public meeting, the
budget committee reviews the budget and the "budget message," which explains the budget and
significant changes in the local government's financial position. All budget committee
meetings are open to the public.
Following budget approval by the budget committee, another public hearing is held. A budget
summary and notice of hearing are published prior to the hearing. Publication is governed by
strict requirements as to time and mode.
After the budget hearings, the governing body considers citizens' testimony and, if
necessary, alters the budget subject to statutory limitations upon increasing taxes or fund
allocations without further publication and hearing.
An election must be held to approve the County's tax levy to the extent that the budget
exceeds the County's "Tax Base ". A tax base is equal to 106 percent of the largest regular
tax levy within the prior six percent limitation for the prior three years. The County's
1986 -87 tax base is $4,959,705. In addition, the County has levied $40,950 for bonded debt
service. Beginning with fiscal year 1987 -88 the County will levy the first of a two -year,
$250,000 per year, serial levy for 9 -1 -1 emergency communications.
After the election, if one is required, the governing body prepares a formal resolution or
ordinance that adopts the budget, authorizes taxes to be levied and sets out a schedule of
appropriations. This resolution or ordinance must be adopted not later than June 30. Two
copies of the budget are submitted to the Assessor's Office before July 15 so that the tax
levy may be certified.
Appropriation transfers may be prepared as needed during the fiscal year. Supplemental
budgets for unanticipated revenues are considered and adopted by the same process as the
regular budget, including public hearings and are appropriated upon adoption of the
supplemental budget.
-18-
1
1
1
1
1
1
1
t
1
1
1
1
1
t
1
Fund
General
School
Library
Sheriff's Levy
Road
Solid Waste
TABLE 7
DESCHUTES COUNTY
SUMMARY OF 1986 -87 BUDGET
0083 -0175
Percent
Allocation Amount of Fund
(in $000) Major Revenue Sources' (in $000) Revenue
$9,287 Property taxes $4,650 50.1%
Beginning cash balance 1,300 14.0
Transfers from other funds 937 10.1
1,490 Forest receipts 1,256 84.3
Tax on electric co -ops 140 9.4
Federal mineral leases 88 5.9
913 Transfer from General Fund 626 68.5
Beginning cash balance 150 16.4
Prior year tax collections 110 12.0
3,120 Transfer from General Fund 1,930 61.8
Beginning cash balance 600 19.2
Prior year tax collections 375 12.0
5,842 Forest receipts 3,013 51.6
Motor vehicle revenue 1,491 25.5
Beginning cash balance 914 15.6
1,209 Franchise fees 360 29.8
Beginning cash balance 350 29.0
Private disposal fees 295 24.4
Commercial disposal fees 115 9.5
Mental Health Services 1,692 State grant 996 58.9
Transfer from General Fund 332 19.6
Title 19 124 7.3
Transient Room Tax 800 Room tax 750 93.8
Beginning cash balance 50 6.3
Revenue Sharing 938 Beginning cash balance 609 64.9
Revenue sharing 314 33.5
Insurance Reserve 1,229 Beginning cash balance 840 68.4
Bancroft Bond Redemption
Other Funds2
County Totals
Less Interfund Transfers
Final County Totals
Transfer from General Fund 152 12.3
Transfer from Road Fund 128 10.4
860 Assessment payments 450 52.3
Beginning cash balance 400 46.5
2,204
29,584
(4,570)
$ 25,014
'Includes revenue sources in excess of five percent of total fund revenues.
2lncludes 19 funds with allocations of less than $500,000.
Source: Deschutes County 1986 -87 Adopted Budget.
-19-
TABLE 8
DESCHUTES COUNTY
GENERAL FUND
STATEMENT OF REVENUES AND EXPENDITURES
(in $000)
0083 -0176
Percent of
1985 -86 Total
Revenues/
1981 -82 1982 -83 1983 -84 1984 -85 1985 -86 Expenditures U
REVENUES:
Local sources:
Taxes $1,057 $1,897 $1,273 $1,424 $1,541 41.3%
Licenses and fees 1,185 710 801 840 974 26.1
Fines and forfeitures 201 158 --
Charges for services 334 170 149 196 154 4.1
Interest 306 234 339 271 215 5.8
Other local sources 38 134 121 89 165 4.4
Intergovernmental:
Federal 264 287 407 262 148 4.0
State 526 372 379 427 493 13.2
Counties and cities 31 33 35 35 39 1.0
Total Revenues 3,942 3,994 3,505 3,543 3,730 100.0%
EXPENDITURES:
General government 538 712 612 820 1,086
General services 2,351 2,508 2,233 2,929 3,403
Health and welfare 519 413 501 458 401
Sanitation 603 139 -- -- --
Capital Outlay 120 277 4 7 67
Total Expenditures 4,131 4,048 3,350 4,215 4,956
Revenues over (under) expenditures (190) (54) 155 (672) (1,226)
OTHER FINANCING SOURCES (USES):
Operating transfers in 530 564 1,182 1,134 1,427
Operating transfers out (375) (361) (390) (398) (453)
Total other financing sources 155 203 792 736 968
(uses)
Revenues over (under) expenditures
and other financing sources.
(uses) (34) 149 947 64 (258)
Fund Balance, Beginning of Year
Fund Balance, End of Year
509 475 624 1,571 1,635
$ 475 $ 624 $1,571 $1,635 $1,378
Source: Derived from annual financial statements.
61.7%
68.7
8.1
1.3
100.0%
i
i
1
i
1
1
i
1
i
TABLE 9
DESCHUTES COUNTY
GENERAL FUND
CONSECUTIVE BALANCE SHEETS
As of June 30 of Given Year
1984 1985
0083-0177
1986
ASSETS:
Cash and investments $1,499,940 $1,585,107 $1,266,553
Property taxes receivable 461,236 444,414 424,024
Accounts receivable 81,224 41,197 66,464
TOTAL ASSETS $2,042,400 $2,070,718 $1,757,041
LIABILITIES AND FUND EQUITY:
Liabilities:
Accounts payable
Deferred revenue
Total Liabilities
Fund Balance:
Undesignated
Total Fund Equity
$ 33,045 $ 50,563
438,143 384,711
$ 471,188 $ 435,274
1,571,212 1,635,444
1,571,212 1,635,444
TOTAL LIABILITIES AND FUND EQUITY $2,042,000 $2,070,718
Source: Derived from annual financial statements.
$ 40,081
339,371
$ 379,452
1,377,589
1,377,589
$1,757,041
TABLE 10
uESCHUTES COUNTY
GENERAL FUniD
CURRENT STATEMENT OF REVENUES AND EXPENDITURES
As of April 30, 1987 (Unaudited)
0083 -0178
Percent of
Budget
Received/
Budgeted Actual Expended
REVENUES:
Local sources:
Taxes $4,650,000 $4,168,154 89.6%
Interest 150,000 153,017 102.0
Licenses, fees and permits 1,002,505 838,636 83.7
Other local sources 50,140 30,528 60.9
Intergovernmental:
Federal 139,800 139,452 99.8
State 894,660 794,316 88.8
Other governmental 163,642 111,499 68.1
Total Revenues 7,050,747 6,235,602 88.4
Beginning Fund Balance 1,300,000 1,226,472 94.3
Interfund transfers 936,500 675,000 72.1
TOTAL RESOURCES 9,287,247 8,137,074 87.6
TOTAL EXPENDITURES 9,287,247 6,405,253 69.0
FUND BALANCE, APRIL 30, 1987 $1,731,822
Source: Deschutes County. (unaudited).
DESCHUTES COUNTY
0083-0179
GENERAL INFORMATION
Deschutes County, located in Central Oregon, was formed in 1916 from a portion of Crook County. The
County contains an area of approximately 3,060 square miles. Population in the County is estimated
at 65,400 in 1986 with concentrations in three cities: Bend, the County seat (pop. 18,575), Redmond
(6,830) and Sisters (725). The County's population has grown at an annual rate of 4.5 percent over
the past ten years with most of the growth occurring in the unincorporated portion. About 60
percent of the County's population now lives in unincorporated areas compared to 49 percent in 1976.
In recent years, recreational activities have emerged as a major economic force °within the County.
The Mt. Bachelor Ski Resort, one of the major ski areas in the Pacific Northwest, the Inn of the
Seventh Mountain, the Sunriver Resort and other local resort areas provide recreational activities
on a year -round basis while employing many of the approximately 3,000 people employed in
tourist- related industries within Deschutes County. Expansion activities at Mt. Bachelor have
further enhanced the recreational sector of the County's economy. During the past decade, the
development of these resort areas brought corresponding increases in construction, finance, real
estate and services employment.
The wood products industry dominates the manufacturing activity in the County providing an annual
average of 2,150 jobs in 1984, 73 percent of all manufacturing employment. Plywood, particleboard,
millwork, furniture components and mobile homes are the major wood products of the region with
manufacturing plans located primarily in Bend and Redmond. During the 1970s, employment in the
remanufacturing of wood products surpassed employment in basic lumber production. According to the
State Employment Division, the County has attracted a number of non - lumber manufacturers, giving the
County one of the most varied manufacturing bases east of the Cascades.
GOVERNMENT AND ADMINISTRATION
The County is governed by the Board of County Commissioners consisting of three elected full -time
members. The Board is responsible for the administration of the County in general. Other elected
officials, which are responsible for the administration of their specific departments, include the
District Attorney, Clerk, Sheriff, Treasurer, Assessor, and Surveyor.
TABLE 11
DESCHUTES COUNTY
BOARD OF COMMISSIONERS
AND MAJOR OFFICIALS OF THE COUNTY
Prior Service Term
Commissioner Occupation Began Ends
Lois Bristow Prante, Chair Management & Marketing 1/1/83 12/31/90
Consultant
Tom Throop State Legislator 1/1/87 12/31/90
Dick Maudlin Insurance Broker 1/1/85 12/31/88
Elected Officials
District Attorney: Mike Dugan (Term Expires - 1990) County Treasurer: Helen Rastovich (1990)
County Clerk: Mary Sue Penhollow (1990) County Assessor: Oscar Bratton (1990)
County Sheriff: Darrell Davidson (1988) County Surveyor: David Hoerning (1988)
Appointed Officials
Administrative Services Director: Michael A. Maier
County Legal Counsel: Richard L. Isham
Source: Deschutes County.
ECONOMIC AND DEMOGRAPHIC INFORMATION
POPULATION
0083-0180
The population of Deschutes County increased from 41,800 in 1976 to 65,400 in 1986, an annual
increase of 4.6 %. Population centers include the City of Bend which has experienced a growth
of 2,575 persons over the ten year period 1976 to 1986, and the City of Redmond, which
experienced an annual growth rate of 4.1 percent for the past ten years. But the primary
growth in the County occurred in the unincorporated portions of the County. About 60 percent
of the County's population resides in unincorporated areas compared to 49 percent in 1976.
Preliminary population figures as of July 1, 1986 estimated the County's 1986 population to
be 65,400.
EMPLOYMENT
The civilian labor force in Deschutes County increased from 19,380 in 1976 to 33,350 in 1986,
a 5.6 percent annual increase. In 1976, 20.7 percent of workers were employed in
manufacturing, while 79.3 percent were in non - manufacturing jobs. By 1986 manufacturing
employment had decreased to 19.2 percent, while non - manufacturing employment increased to
80.8 percent.
Trade
Employment in wholesale and retail trade accounted for 23.5 percent of jobs in 1985, making
it the largest employment sector in the County. In 1974, trade made up 22.5 percent of
employment. The sector had an annual growth rate of over 5 percent, while showing a net
increase of 2,280 jobs.
Service and Miscellaneous
This sector is the second largest in the County providing 23.1 percent of jobs in 1985. The
sector experienced an annual growth rate of over 9 percent during the ten year period from
1975 to 1985. The number of jobs available in this sector more than doubled during the ten
year period. In 1975, there were 2,280 positions; by 1985 the number of positions increased
to 5,410.
Government
The third largest employment sector in Deschutes County is government with 17.3 percent of
jobs in 1985. The sector experienced an annual growth rate of 2.5 percent between 1975 and
1985. Though the number of jobs increased by 880, the employment share of the County
decreased from 22.2 percent in 1975 to 17.3 percent in 1985.
TOURISM
In recent years, recreational activities have emerged as a major economic force within the
County. The Mt. Bachelor Ski Resort, one of the major ski areas in the Pacific Northwest,
the Inn• of the Seventh Mountain, the Sunriver Resort and other local resort areas provide
recreational and tourist activities on a year -round basis while employing many of the
estimated 3,000 persons employed in tourist - related industries within the County. On -going
expansion at Mt. Bachelor will further enhance the recreational sector of the County's
economy.
MUNICIPAL SERVICES
Water and Sewer
In unincorporated areas of the County there are a number of independent water districts.
Incorporated cities and towns are responsible for their own water supplies. Sewer services
are provided primarily by incorporated cities within the County. Unincorporated areas
generally are served by septic tanks and independent sanitary districts, except Seventh
Mountain County Service District.
0083 -0181
Sheriff and Fire
Deschutes County, along with the Oregon State Police, assumes considerable responsibility for
law enforcement within the County. The cities in the County contract with a number of rural
fire protection districts to provide protection services in most unincorporated areas.
Incorporated cities are responsible for their own protection services. Beginning with fiscal
year 1987 -88, the County will levy the first of a two -year serial levy in the amount of
S25O,OOO per year for the 9 -1 -1 Emergency Communications.
Transportation
The maintenance and repair of county roads is one of Deschutes County's responsibilities.
Routine maintenance is provided on a regular basis with major repairs, extensions and
replacements financed through state and federal revenues. A number of special road districts
have been formed to provide for road maintenance and repair.
Health Care
Health care services in Deschutes County are provided by St. Charles Medical Center and
Central Oregon District Hospital. In addition, health care services to the elderly are
provided by four convalescent homes, three of which are located in Bend, and one is located
in Redmond.
Library and Parks
Deschutes County operates a library with its main branch in Bend and other branch offices at
two sites around the County. Major park facilities are provided by the Central Oregon Park
and Recreation District and the Bend Metropolitan Park and Recreation District.
Schools
The County has no direct responsibility to provide school facilities and services. This
responsibility lies with independent school districts #1 (Bend), #2J (Redmond), #6 (Sisters),
and #15 (Brothers).
INFORMATION
Historical data has been collected from generally accepted standard sources, usually from
public bodies. In Oregon, data is frequently available for counties and also, to a somewhat
lesser degree, for cities. This statement presents data for Deschutes County, as well as
cities within the County when available.
ECONOMIC AND DEMOGRAPHIC TABLES
The tables that follow provide further information about the economic and demographic nature
of the County.
Year
1976
1981
1982
1983
1984
1985
1986
1976 -86
Compounded
Annual Rate
of Change:
1981 -86
Compounded
Annual Rate
of Change:
Source:
March
Deschutes
County
41,800
63,650
64,350
63,300
64,000
65,400
65,400
TABLE 12
DESCHUTES COUNTY
POPULATION ESTIMATES
0083-0182
City of City of City of
Bend Redmond Sisters Unincorporated
16,000 4,560 760 20,480
17,425
17,800
17,840
18,270
18,450
18,575
6,575
6,615
6,605
6,675
6,740
6,830
4.6% 1.5% 4.1%
0.5% 1.3% 0.8%
690
730
730
720
740
725
38,960
39,205
38,125
33,335
39,920
39,270
-0.5% 6.7%
1.0% 0.2%
Under state law, the State Board of Higher Education must estimate annually the
population of Oregon cities and counties so that shared revenues may be properly
apportioned. The Center for Population Research and Census at Portland State
University performs this statutory duty.
Year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
19872
TABLE 13
DESCHUTES COUNTY
AVERAGE ANNUAL UNEMPLOYMENT
AS A PERCENT OF LABOR FORCE1
Deschutes
County
9.6%
7.6
6.8
9.0
11.9
13.9
16.0
12.7
12.0
10.9
10.3
8.8
State of
Oregon
9.6%
7.3
6.0
6.8
8.2
9.7
11.5
10.8
9.4
8.8
8.5
6.9
United
States
7.7%
7.0
6.0
5.8
7.1
7.6
9.7
9.6
7.5
7.3
6.9
6.9
lAnnual averages derived from monthly data.
2March 1987 figures are raw rates. Seasonally adjusted rates for Oregon and the U.S. were 6.3 and
6.6 percent, respectively. Seasonally adjusted rates are not available below the state level.
Source: State of Oregon Employment Division, Department of Human Resources.
TABLE U 0083
EMPLOYMENT - D ANNUAL EAVERAGES AND PERCENT -Ol 83
DISTRIBUTION BY INDUSTRY GROUP
1976 -86
Compound
Annual
Percentl Percentl Rate of
1976 of Total 1986 of Total Change
CIVILIAN LABOR FORCE 20,900 34,830 5.2%
UNEMPLOYMENT 2,000 3,590 6.0
Percent of Labor
Force 9.6% 10.3%
TOTAL EMPLOYMENT 18,900 31,240 5.2
TOTAL WAGE AND SALARY
EMPLOYMENT 15,980 100.0% 24,730 100.0% 4.5%
MANUFACTURING TOTAL 3,420 21.4% 4,550 18.4 2.9%
Durable Goods:
Lumber & Wood 2,510 15.7 3,020 12.2 1.9
Other Durable Goods 570 3.6 950 3.8 5.2
Non - Durable Goods:
Food Products 90 0.6 120 0.5 2.9
Other Non - durable 250 1.6 460 1.9 6.3
Goods
NON- MANUFACTURING TOTAL 12,560 78.6% 20,180 81.6% 4.9%
Trade 3,580 22.4 6,200 25.1 5.6
Services & 2,550 16.0 5,690 23.0 8.4
Miscellaneous
Government 3,380 21.2 4,300 17.4 2.4
Finance, Insurance 1,290 8.1 1,760 7.1 3.2
& Real Estate
Construction 850 5.3 1,250 5.1 3.9
Transportion, 910 5.7 990 4.0 0.8
Communications &
Utilities
LABOR- MANAGEMENT DISPUTES 0 50
NOTE: Columns may not foot due to rounding.
1Percent of Total is based on total wage and salary employment.
2lncludes non - agricultural wage and salary, self - employed, unpaid
family workers, domestics, agricultural workers and labor disputants.
Source: State of Oregon Department of Human Resources, Employment Division.
Manufacturing
Bend Millwork Systems
DAW Forest Products
DAW Forest Products
DAW Forest Products
Willamette Industries
Beaver Coaches
Fuqua Homes
The Bulletin
Tektronix
Non - Manufacturing
Sunriver
Mt. Bachelor
St. Charles Medical Center
Public Employers
TABLE 15,
DESCHUTES COUNTY
MAJOR EMPLOYERS
Product or Service
Millwork
Sawmill (Bend)
Sawmill (Redmond)
Softwood Veneer & Plywood
Particleboard
Motor Homes
Mobile Homes
Newspaper
Electronic Components
Resort
Ski Resort
Hospital
Deschutes County Government
School Districts Education
Federal Government Government
State Government Government
Central Oregon Community College Education
0083-0184
June. 1985 May 1987
650 1,4001
550 550
190 2.14
203 212
200 196
180 150
100 120
100 110
140 140
'Includes former employees of Pozzi Window Co., now part of Bend Millwork Systems.
2Sunriver has approximately 200 year -round employees and 200 -300 seasonal employees
during the peak season of May through September.
3Mt. Bachelor estimates they have 120 off - season employees and up to 575 employees
during the ski season.
4Employment exceeds 800 during the summer months.
Full -time employees only. College also has a number of part -time employees.
Source: Contact with company or agency.
Oregon Economic Development Department, Directory of Oregon Manufacturers.
State of Oregon, Employment Division.
200 -5002
120 -5753
720
380
681
5404
500
1705
TOTAL1
PERSONAL
INCOME
Year (in millions)
1980
1981
1982
1983
1984
1985
$510
545
559
606
673
N.A.
0083 -0185
TABLE 16
DESCHUTES COUNTY
INCOME ESTIMATES
MEDIAN HOUSEHOLD
PER CAPITA INCOME1 EFFECTIVE BUYING INCOME2
Deschutes
County
$ 8,079
8,597
8,772
9,516
10,337
N.A.
State of
Oregon
$ 9,356
9,959
10,167
10,734
11,613
N.A.
Deschutes
County
$17,984
18,552
17,823
19,615
21,364
19,9823
State of
Oregon
$17,953
19,036
19,571
20,825
22,796
21,385
1Source: U.S. Department of Commerce, Bureau of Economic Analysis,
Survey of Current Business.
2Source: Sales & Marketing Management, Survey of Buying Power.
3Due to revised estimating procedures used in the "Survey of Buying Power," Median Household
Effective Buying Income (MHEBI) figures were revised downward by an average of 12% in 1985.
Therefore, a decline in MHEBI from the prior year may reflect the revised estimating
procedure rather than an actual decline in income.
RETAIL
SALES
Year (in $000)
1980 $380,296
1981 403,304
1982 416,133
1983 436,535
1984 340,299
1985 353,106
1986 N.A.
TABLE 17
DESCHUTES COUNTY
MISCELLANEOUS ECONOMIC INFORMATION
BUILDING ACTIVITY2
Residential
Construction
Value
(in $000)
$49,974
27,824
19,311
25,353
20,855
39,030
37,206
Non - Residential
Construction
Value
(in $000)
$25,570
15,799
5,865
4,387
10,456
15,487
11,376
BANK3 GROSS FARM
DEPOSITS SALES4
(in $000) (in $000)
$292,366 $11,905
273,812 12,559
277,117 13,416
312,588 20,323
316,073 24,785
333,441 24,949
N.A. 24,613
1Source: Sales & Marketing Management, Survey of Buying Power.
2Source: Oregon Department of Commerce, Housing Division.
3Source: Oregon Department of Commerce, Banking Division.
4Source: Extension Economic Information Office, Oregon State University.
LITIGATION
0083-0186
Upon delivery of the Certificates to the Underwriter, a certificate of no litigation will be
provided by the County which will state that there is no litigation pending, seeking to
restrain or enjoining the issuance or delivery of the Certificate or questioning or affecting
the legality of the Certificates or the proceeds and authority under which the Certificates
are issued or which in any manner question the right of the County to adopt the Indenture to
the Lease- Purchase Agreement.
AUDITS
The most recent audit report is for the fiscal year ended June 30, 1986, which was rendered
by Donaca, Battleson & Co., P.C., independent certified public accountants. Donaca,
Battleson & Co. was not requested to review this Official Statement and has not completed any
additional auditing or review procedures subsequent to the issuance of the report on the 1986
fiscal year.
UNDERWRITING
The Certificates are being purchased by Shearson Lehman Brothers Inc., Foster & Marshall
Division, as Underwriter at a price of plus accrued interest. The purchase
contract provides that the Underwriter will purchase all the Certificates, if any are
purchased, subject to certain terms and conditions set forth in the purchase contract,
including the approval of certain legal matters by counsel. The Underwriter intends to offer
the Certificates to the public at the initial offering prices shown on the cover page hereof,
wnich price may subsequently change without any requirement of prior notice. The Underwriter
may offer and sell the Certificates to certain dealers and certain dealer banks acting as
agents at prices lower than the public offering prices stated on the cover page hereof.
APPROVAL OF LEGAL PROCEEDINGS
Legal matters incident to the authorization, issuance and sale of the Certificates are
subject to the opinion of Lindsay, Hart, Neil & Weigler, Portland, Oregon, Bond Counsel,
whose opinion will be available at the time of delivery of the Certificates.
TAX EXEMPTION
In the opinion of Bond Counsel, assuming compliance by the County with its covenants relating
to the tax - exempt status of the Certificates, interest on the Certificates is excludible from
gross income under the income tax laws of the United States and is not includible in taxable
income under the personal income tax laws of the State of Oregon. However, under the income
tax laws of the United States, interest is subject to: (i) alternative minimum taxes on the
book income of corporations; and, (ii) taxes on corporate alternative minimum taxable income
imposed under the Superfund Amendments and Reauthorization Act of 1986. The Commission has
the legal authority to comply with its covenants relating to the tax - exempt status of the
Certificates. The Certificates are not "private activity Certificates" under Section 141 of
the Internal Revenue Code.
The Certificates are "qualified tax - exempt obligations" under Section 265(b)(3) of the
Internal Revenue Code.
MISCELLANEOUS
All quotations from and summaries and explanations of provisions of law herein do not purport
to be complete and reference is -made to said laws for full and complete statements of their
provisions.
This Official Statement is not to be construed as a contract or agreement between the County
and the purchasers or holders of any of the Certificates. Any statements made in this
Official Statement involving matters of opinion are intended merely as opinion and not as
representation of fact. The information and expressions of opinion herein are subject to
change without notice and neither the delivery of this Official Statement nor any sale made
hereunder shall, under any circumstances, create any implication that there has been no
change in the affairs of the County since the date hereof.
0083-0187
CONCLUDING STATEMENT
All estimates, assumptions, statistical information and other statements contained herein,
while taken from sources considered reliable, are not guaranteed by the Underwriter. So far
as any statement herein includes matters of opinion, whether or not expressly so stated, they
are intended merely as such and not as representations of fact.
The information contained herein should not be construed as representing all conditions
affecting the County or the Certificates. Additional information may be obtained directly
from the County.
The contents hereof, starting with the cover page and including the following Appendices are
all parts of this Official Statement and have been approved by the County. The County will
deliver to the Underwriter'at the time of delivery of the Certificates, a statement
substantially to the effect that, after due review, the facts contained in this Official
Statement are as of the date of delivery of the Certificates, true and correct in all
material respects and that the Official Statement did not, and does not, contain any untrue
statement or omit to state a material fact required to be stated or necessary to make a
statement not misleading in light of the circumstances under which it is made.
0083 -0188
APPENDIX A: JUNE 30, 1986 AUDITED FINANCIAL STATEMENT (partial)
DESCHUTES COUNTY, OREGON
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Note 3 - Property Taxes Receivable
Budget Policy
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Vacation and Sick Pay
Note 2 - Cash and Investments
Cash and investments were comprised of the following at June 30, 1986:
Note 5 - Special Assessments Receivable
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Note 6 - Property, Plant, and Equipment
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Balance June 30, 1986 S 16.614.796 S 379,553
Note 7 - Bonds Payable
Bancroft Improvement Bonds, County Road Issue October 1, 1981:
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Improvement Bonds, County Road Issue, October 1, 1984:
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APPENDIX B: DRAFT LEGAL OPINION
ABS BUILDING
2-4-18 KUDAN MINAMI
CHIYODA- KU
Too 102 JAPAN
(03) 239-2815
2011 EYE STREET, N. W.
WASHINGTON. D. C. 20038
(202) 296.3006
•
LINDSAY, HART, NEIL & WEIGLER
LAWYERS
SUITE 1800
222 S.W. COLUMBIA
PORTLAND, OREGON 97201-8618
TELEPHONE (503) 226.1191
TELECOPIER (503) 226-0079
TELEX 494-7032
LEGAL OPINION'
Deschutes County, Oregon
1164 N. W. Bond
Bend, Oregon 97701
Shearson Lehman Brothers Inc.
Foster & Marshall Division
222 S. W. Columbia Street
Portland, Oregon 97201
0083--0205
JEFFERSON PLACE
050 N. 9TH, SUITE 400
BOISE, IDAHO 83702
12081 308-8844
345 CALIFORNIA STREET
SUITE 2200
SAN FRANCISCO. CALIFORNIA 94104
(4151 984.5858
Re: $250,000
Certificates of Participation
Evidencing Proportionate Ownership Interests in an
Installment Purchase and Trust Agreement with
Deschutes County, Oregon
We have acted as bond counsel in connection with the
authorization and execution by Deschutes County, Oregon (the
"County") of an Installment Purchase and Trust Agreement between
the County and (the "Trustee "), which is
dated as of , 1987 (the "Agreement "). The Agreement
provides for the execution and delivery by the Trustee of
Certificates of Participation (the "Certificates ") in the
Installment Payments to be made under the Agreement by the
County.
We have examined the law, a duly certified transcript of
proceedings of the County, prepared in part by us, and other
documents which we deem necessary to render this opinion.
We have not been engaged or undertaken to review the
accuracy, completeness or sufficiency of the official statement
or other offering material relating to the Certificates, except
to the extent stated in the official statement, and we express no
opinion relating thereto, except to the extent stated in the
official statement.
As to questions of fact material to our opinion, we have
relied on the representations of the County contained in the
Agreement and in the certified proceedings and other
certifications of public officials furnished to us without
1
Legal Opinion
Page 2
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LINDSAY, HART, NEIL & WEIGLER
0U61`0P06
undertaking to verify the same by independent investigation.
Based on our examination, we are of the opinion, under
existing law, as follows:
A. The County is duly created and validly existing as
a body corporate and politic and public instrumentality of the
State of Oregon with the corporate power to enter into and
execute the Agreement and perform the agreements on its part
contained therein.
B. The Certificates are payable solely from
Installment Payments made by the County under the Agreement, from
funds deposited with the Trustee for accounts under the
Agreement, and from moneys received by the Trustee from
foreclosure of the project.
C. The rights of the holders of the Certificates and
the enforceability thereof may be subject to bankruptcy,
insolvency, reorganization, moratorium and other similar laws
affecting creditors' rights heretofore or hereafter enacted to
the extent constitutionally applicable, and their enforcement may
also be subject to the exercise of judicial discretion in the
appropriate cases.
D. The portion of each Installment Payment made under
the Agreement which is designated as interest ( "Interest ") (a) is
excluded from gross income for federal income tax purposes and
(b) is not an item of tax preference for purposes of the federal
alternative minimum tax imposed on individuals and corporations;
however, it should be noted that with respect to corporations (as
defined for federal income tax purposes), such Interest is taken
into account in determining adjusted net book income (adjusted
current earnings for taxable years ending after December 31,
1989) for the purpose of computing the alternative minimum tax
imposed on such corporations. The opinion set forth in clause
(a) above is subject to the condition that the County comply with
all requirements of the Internal Revenue Code of 1986 (the
"Code ") that must be satisfied subsequent to the execution and
delivery by the Trustee of the Certificates in order that
Interest be (or continue to be ) excluded from gross income for
federal income tax purposes. Failure to comply with certain of
such requirements could cause Interest to be so included in gross
income retroactive to the date of execution and delivery of the
Certificates by the Trustee. The County has covenanted to comply
with all such requirements. The Certificates are not "private
LINDSAY, HART, NEIL & WEIGLER
Legal Opinion
Page 3
0083-0207
activity bonds" under Section 141 of the Code. We express no
opinion regarding other federal tax consequences arising with
respect to the Certificates.
E. Interest is exempt from Oregon personal income
taxation.
F. The Certificates are "qualified tax - exempt
obligations" under Section 265(b)(3) of the Code, and, in the
case of certain financial institutions under Section 265(b)(5) of
the Code, a deduction is allowed for 80 percent of that portion
of such financial institutions' interest expense allocable to
Interest.
Respectfully submitted,
LINDSAY, HART, NEIL & WEIGLER
Lawyers
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