1994-10493-Resolution No. 94-024 Recorded 3/9/1994REVIEWED
94-10493 LE COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Providing for the -9 -9 P141 2; 14
Execution and Deliver of a Lease
Purchase Agreement and Escrow
Deposit Agreement in a Principal
Amount of Not More than $360,000, * p y(]
Authorizing the Sale of 0128-19'79
Certificates of Participation, and
Related Matters.
RESOLUTION NO. 94-024
WHEREAS, the Board is authorized pursuant to the Constitution and
ORS 287.101 to enter into lease -purchase agreements to finance
authorized projects; and
WHEREAS, it is in the best interest of the County to authorize
negotiation of a Lease -Purchase Agreement, an Escrow Agreement and a
Certificate Purchase Agreement and related documents which provide for
the issuance of Certificates of Participation in a principal amount of
not more than $360,000 to finance acquisition, construction,
reconstruction of a County Sheriff's substation as defined in the
Lease -Purchase Agreement (the "Project") and the costs of issuance;
now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. The Chair of the Board and the Director of
Administrative Services (collectively the "Chair" and "Director") of
the County be authorized to:
a. Negotiate a Lease -Purchase Agreement in a principal amount of
not more than $360,000 in substantially the form attached
hereto as Exhibit A;
b. Negotiate an Escrow Deposit Agreement, which provides for the
issuance of Certificates of Participation, 1994 Series A (the
"Certificates") representing the principal amount payable
under the Lease -Purchase Agreement in substantially the form
attached hereto as Exhibit B; and
C. Covenant for the benefit of the owners of the Certificates to
comply with all provisions of the Internal Revenue Code of
1986, as amended, which are required for the interest
component of lease payments payable under the Lease -Purchase
Agreement to be excluded from gross income for federal income
tax purposes, as provided in the Lease -Purchase Agreement.
Section 2. The following parties are hereby appointed:
a. Seattle -Northwest Securities Corporation, as s for managing
underwriter;
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1 - RESOLUTION NO. 94-024 (3/9/94) %�'' 9
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b. Preston Thorgrimson Shidler Gates & ElliQ;` —J Yal
counsel; and
C. First Bank National Association, as escrow agent and paying
agent for the Certificates.
Section 3. The Chair and Director or their authorized
designees, on behalf of the County, may:
a. Participate in the preparation and distribution of a
preliminary official statement or other disclosure document
for financing;
b. Negotiate the terms of a Certificate Purchase Agreement with
the underwriters, establish the final principal amount (not
to exceed $360,000), interest rates (at a true interest cost
not to exceed 6.5%), sale prices and other terms of the
Certificates;
C. Execute and deliver the Lease -Purchase Agreement, the Escrow
Agreement and the Certificate Purchase Agreement, with such
changes as the Chair and the County Administrator and their
authorized designees find are in the best interest of the
County; and
d. Execute and deliver any other certificates or documents and
appoint other experts, which are reasonably required to
finance the Project with the Lease -Purchase Agreement, and to
issue, sell and deliver the Certificates in accordance with
this resolution.
DATED this 9th day of March, 1994.
RD OF COUNT
DESCHUTfiS) C
A OM THROO ,
Recording Secretary BARRY H SI
APPROVED:
9ISSIONERS
, QRgGON
, unair
ssioner
her
Commissioner
Michael A. Maier
Director of Administrative Services
2 - RESOLUTION NO. 94-024 (3/9/94)