1992-13442-Resolution No. 92-030 Recorded 4/22/1992REVIEWED
LE C F ,C CCUN3=L
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES CO'JNTY, OREGON
A Resolution Authorizing Issuance and
Sale of Bond Anticipation Notes, 1992
Series B in the Principal Amount of
$470,000.00, and Related Matters.
92 -13442
RESOLUTION NO. 92 -030
0114 -0035
WHEREAS, there is a need for a flexible method of obtaining
financing upon short notice to reimburse the County for providing
interim financing for the construction of local improvements, The
Ponderosa Cascade, Riverwood Drive, and Sunny Acres Local Improvement
District Projects (collectively, the "Projects "), and that it is in the
best interest of the County to obtain such financing, pursuant to ORS
287.502 (the "Act "); and
WHEREAS, it is in the best interest of the County to issue notes
in an aggregate principal amount not to exceed $470,000.00 for the
purpose of providing interim financing of the projects; and
WHEREAS, the Director of Administration and Personnel or his
designee should be authorized to negotiate the sale of the notes to
achieve the best terms available to the County; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. Notes Authorized. The Board authorizes the
issuance of Bond Anticipation Notes, 1992 Series B (the "Notes "), in an
aggregate principal amount of not more than $470,000.00. The Notes
shall be issued pursuant to ORS 287.502, shall mature within one year,
and shall bear interest at a rate of not more than seven percent
(7.00 %) per annum. The Director of Administration and Personnel or his
designee (the "Director ") are hereby authorized, on behalf of the
County:
A. to establish the final terms of the Notes, including their
dates, interest and principal payment provisions, maturities, and
final principal amounts, subject to the limitations contained in
this section;
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B. to enter into an agreement to sell the notes to a commercial
bank or other investor, and to establish the terms under which the
Notes will be sold; and 0114-0036
54,,,,0036
C. to establish the form of the Notes, to execute and deliver
the Notes, and to take any other action necessary to issue, sell
and deliver the Notes in accordance with this resolution and
order.
The Director shall report the results of the sale of the Notes to
the Board of County Commissioners of the County promptly.
Section 2. Security. The Notes shall be payable from amounts
deposited in the Fund pursuant to Section 3, below, and from all other
legally available funds of the County. The County hereby pledges the
amounts required to be deposited in the Fund to pay the Notes. No
pledge or lien on other revenues or funds of the County shall be given
to secure the Notes.
Section 3. Note Sinking Fund. The Director or his designee is
directed to establish a 1992 Series B Note Fund or Account (the
"Fund "), to which shall be deposited all proceeds from the collection
of unbonded assessments, the proceeds of permanent financing and the
foreclosure of improvement liens for unbonded assessments realized from
the improvements with respect to which such Notes are issued. The
deposits in the Fund shall be used solely to pay the Notes, and shall
not be transferred, borrowed, diverted or used for any other purpose.
Section 4. Covenant to Obtain Permanent Financing. The County
also covenants to use its best efforts to secure timely, permanent
financing, and to apply the proceeds of the permanent financing to
redeem the Notes.
Section 5. Bank Oualified. The County (and all subordinate
entities, if any) hereby designate the Note as a "qualified tax - exempt
obligation" pursuant to Section 265(b)(3) of the Internal Revenue Code
of 1986, as amended (the "Code "). The County covenants not to so
designate tax - exempt obligations in the current calendar year in an
aggregate amount of more than $10,000,000.00. The County does not
reasonably expect to issue more than $10,000,000.00 of tax - exempt
obligations during the current calendar year.
Section 6. Tax - Exempt Status. The County covenants for the
benefit of the owners of the Notes to comply with all provisions of the
Code which are required for Note interest to be excludable from gross
income under Section 103(a) of the Code. The County specifically
covenants to comply with the "arbitrage" requirements of Section 148 of
the Code, and to pay any rebates or penalties which may be due to the
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0114 -0037
United States under Section 148(f) of the Code in connection with the
Notes. The Director or his designee may enter into covenants on behalf
of the County to protect the tax - exempt status of the Notes.
n,
DATED this ,•��c7) of of /� , 1992.
BOARD OF /OUNTY COMMISSIONERS
OF DES B TES COUNTY, OREGON
ge &la
TOM , DROOP$ Commissio
GEN, Commiss; oner
UDLYW, Chairman
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