1992-28240-Resolution No. 92-070 Recorded 8/26/199201 92-28240
I LEqAy COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES'CUUNTY', -OREGON
In the Matter of Authorizing the
Issuance and Sale of Limited Tax 92 AUG 26 PM 4: 4 7
General Obligation Bond Anticipation
Notes, 1992 Series D in the Principal PEN"HOLLIOW
COUNTYCLERK,
Amount of not more than $210,000
and Related Matters.
RESOLUTION NO. 92-070
WHEREAS, Deschutes County issued its Limited Tax General
obligation Bond Anticipation Notes, Series 1992 (the 11 1992 BANs") ,
dated March 2, 1992, in the principal amount of $205,000 to finance
local improvements; and
WHEREAS, the 1992 BANs mature on September 1, 1992, and
Deschutes County needs to refinance the 1992 at maturity; and
WHEREAS, the Deschutes County Board of Commissioners ("Board")
finds it in the best interest of the County to issue refunding
notes in an aggregate principal amount not to exceed $210,000, for
the purpose of refinancing the 1992 BANs; and
WHEREAS, the Unites States National Bank of Oregon has offered
to purchase the refunding notes on the terms contained in its
letter to the County dated August 23, 1992; 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 Limited Tax General Obligation Bond Anticipation Notes,
1992 Series D (the "Notes"), in an aggregate principal amount of
not more than $210,000. The Notes shall be issued pursuant to ORS
287.502, shall mature on February 1, 1993, and shall bear interest
at a rate of three percent (3.00%) per annum. The Director of
Administration and Personnel or his designee (the "Director") is
hereby authorized, on behalf of the County:
a. to enter into an agreement to sell the Notes to United
States National Bank of Oregon pursuant to the letter of the
bank dated August 23, 1992.
b. 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.
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
1 - RESOLUTION NO. 92-070 (8/26/92)
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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 will continue to
maintain its 1992 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 Qualified. The County (and all subordinate
entities, if any) hereby designate the Note as a 11 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. The
County does not reasonably expect to issue more than $10,000,000 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 United States under Section 148(f) of the
Code in connection with the Notes. The Director may enter into
covenants on behalf of the County to protect the tax-exempt status
of the Notes.
DATED this 26th day of August, 1992.
BOARD OFICOUNTY COMMISSIONERS
OF DE>�TES COUNTY, OREGON
TJOV[THROOP ommissiOner
4
AT S NANC E Commisp1oher
Recording Secretar-y VnX-MM1nT.TN1, ehairm5�_n___
2 - RESOLUTION NO. 92-070 (8/26/92)