1989-15298-Resolution No. 89-043 Recorded 6/22/198989 -1.298
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTEt—00 6610'9
A Resolution Authorizing
Submission of an Advance
Refunding Plan to the State
Treasurer, and Related
Matters.
RESOLUTION NO. 89 -043
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. Findinas. The Board finds:
A. The County is authorized pursuant to the Constitution
and laws of the State of Oregon to issue advance refunding
certificates for its outstanding certificates of participation.
B. The County has reviewed an advance refunding plan
submitted to it by Moore Breithaupt & Associates for its.qut-
standing Certificates of Participation, Series 1987 (the "Refund-
able Certificates "). The Refundable Certificates financed
facilities (the "Project ") which the County now wishes to
improve. The County will finance the costs of the improvements
with additional certificates of participation (the "New Certifi-
cates"). The lien of the Refundable Certificates on the Project
will interfere with issuing the New Certificates.
C. Advance refunding the Refundable Certificates will
permit the County to grant the owners of the New Certificates a
lien on the Project which is on a parity with the lien of the
advance refunding certificates. This will lower the County's
interest cost on the New Certificates, and will therefore achieve
a favorable reorganization of the County's permanent financial
obligations.
D. The approval of the State Treasurer is required before
such advance refunding certificates may be issued.
Section 2. Plan Approval. The County hereby approved the
advance refunding plan proposed by Moore Breithaupt & Associates.
Section 3. Plan Submission. Moore Breithaupt & Associates
is hereby authorized, on behalf of the County, to submit an
advance refunding plan for the Refundable Certificates to the
State Treasurer for review and approval.
Section 4. Implementation of Plan. If the State Treasure
approves the issuance of advance refunding certificates in
accordance with the advance refunding plan proposed by Moore
Breithaupt & Associates, the County expects to authorize the
1 - RESOLUTION NO. 89 -043
KEY t F `ED
JUNE : �, 9