1989-16557-Resolution No. 89-057 Recorded 6/29/1989e
89- 16.559
0096 0048
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTE5`0UNTY, OREGON
A Resolution Amending the
Terms of an Installment
Purchase and Trust Agreement *
to provide for the Refunding *
the County's Certificates
of Participation, Series 1987, *
and Related Matters.
RESOLUTION NO. 89 -057
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. Findings. The Board finds that it is desirable
to refinance the County's outstanding Certificates of Participation,
Series 1987 (the "1987 Certificates "), with a portion of the
proceeds of the County's Certificates of Participation, Series 1989
(the "1989 Certificates ").
Section 2. Authorization of Use of Proceeds and
Documents. The Chair of the Board of Commissioners is hereby
authorized to modify the previously approved Installment Purchase
and Trust Agreement for the 1989 Certificates to provide that a
portion of the proceeds of the 1989 Certificates will be used to
defease the 1987 Certificates. The Chair is further authorized to
enter into an Escrow Deposit Agreement with Security Pacific Bank
Oregon, as Escrow Agent, under which the Escrow Agent will
irrevocably hold and use such proceeds to defease and pay the 1987
Certificates. The Chair is further authorized to request the
Trustee for the 1987 Certificates to convey title for the facilities
financed with the 1987 Certificates to the Trustee for the 1989
Certificates.
Section 3. Redemption of 1987 Certificates. Conditioned
soley upon deposit of proceeds of the 1989 Certificates with the
Escrow Agent to defease the 1987 Certificates, the County hereby
irrevocably determines to prepay all Installment Payments associated
KEW 'CHt
.juL i_19B9
1 - RESOLUTION NO. 89 -057
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0096 0049
with the 1987 Certificates on June 1, 1995, at a price of 101% of
the amount prepaid, plus interest accrued to the date of prepayment.
DATED this 29th day of June, 1989.
BOARD OF COUNTY COMMISSIONERS
TEST :
Recording Secretary
HWRB0061
2 - RESOLUTION NO. 89 -057
OF Dom. CHUTE7 COUNTY, o ' GON
I
OM IT OOPdiCommissioner
D .` MAUDLIN, Commissioner
TOW PRANTE, Chair