1990-37612-Resolution No. 90-105 Recorded 12/17/199090-3761Z'
REV!:
105 • 153
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing the *
Execution and Delivery of
Agreements for Financing the *
Acquisition of a Teen Center. *
T.N 8 :2I
'J :,. OF tMED
RESOLUTION NO. 90 -105
WHEREAS, the above - entitled matter came on regularly before
the Board at its regular meeting of December 5, 1990; and
WHEREAS, it appearing to the Board that it is desirable for
the County to acquire land and property for a teen center (the
"Project "), by executing and delivery an Installment Purchase and
Trust Agreement (the "Agreement "), by and between the County and
United States National Bank (the "Bank "); and
WHEREAS, it appearing to the Board that in such Agreement
the County will agree to acquire the Project from amounts paid to
the County by the Bank, and to repay the purchase price to the
Bank in payments which include principal and interest; and
WHEREAS, it appearing to the Board that it is advantageous
to the County to enter into the Agreement with the Bank; and
WHEREAS, it appearing to the Board that it has authority to
enter into such Agreement pursuant to ORS 279.101; and
WHEREAS, the County has authority to enter into the Agree-
ment and to perform the actions contemplated by the Agreement;
now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. AUTHORIZATION OF AGREEMENT. The purchase price
of the Project shall not exceed $300,000. The terms of the
Agreement shall not exceed seven years. The net interest rate
for the borrowings shall not exceed 8.0 %. The Board hereby
authorizes the Chair to establish the purchase price, the amount,
final interest rates and all other terms of the Agreement, and to
execute and deliver the Agreement on behalf of the County, and
any other documents necessary to consummate the transactions for
each Project. The terms and conditions of such Agreement shall
be reported to the Board.
Section 2. MAINTENANCE OF TAX - EXEMPT STATUS. The County
covenants not to take any action or omit any action if the taking
or omission would cause interest paid pursuant to the Agreement
to be includable in gross income for federal income tax purposes
pursuant to Section 103(a) of the Internal Revenue Code of 1986,
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as amended. The Chair may enter into further covenants on behalf
of the County to protect the tax - exempt status of the Certifi-
cates.
Section 3. DESIGNATION AS QUALIFIED TAX - EXEMPT OBLIGATIONS.
The county designates the obligations to be incurred as "quali-
fied tax - exempt obligations" pursuant to Section 265(b)(3) of the
Code. The County reasonably expects to issue less than
$10,000,000 of tax - exempt obligations during the current calendar
year.
Section 4. OTHER ACTION. The Chair is hereby authorized to
take any other action necessary to secure appropriate financing
for the Project.
DATED this ,5Th day of 1990.
BOARD OF COUNTY COMMISSIONERS
OF DESC 1 -TES COUN , OREGON
LOIS BRJS OW PRANTE, ommissioner
44.
cording Secretary CK MAUDLIN, Cchnmissioner
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