1994-23991-Resolution No. 94-052 Recorded 6/10/1994REVIEWED
94~23991 LEGAL dUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Approving a Low
Interest Loan for the Sunriver
Owners Association for the Fire
Department.
0135-20'76
RESOLUTION NO. 94-052
WHEREAS, Sunriver Owners Association, Inc.
Oregon corporation formed to provide certain
property within the area of Sunriver that has
Sunriver Consolidated Plan ("Sunriver"); and
("SROA") is.-J-nogprofit
services t6-"-- owls of
been subjected dt-b the
WHEREAS, one of the primary functions of SROA is to provide fire
suppression services to Sunriver through the Sunriver Fire Department;
and
WHEREAS, Deschutes County has been advised that certain low
interest loans may be made available to SROA as a "qualified volunteer
fire department" within the meaning of the Internal Revenue Code S
150(e); and
WHEREAS, the County has been advised that in order for Sunriver
Fire Department to qualify as a "qualified volunteer fire department"
within the meaning of the Internal Revenue Code, the County must
"approve" the low interest loan being made to SROA; and
WHEREAS, SROA has represented to the County that the proceeds of
such low interest loan shall be used to finance construction of a new
Sunriver fire station for the Sunriver Fire Department, which will
materially assist in providing fire suppression services to Sunriver;
and
WHEREAS, the County Board of Commissioners supports creative
private sector initiatives to assist in providing services within the
County; and
WHEREAS, neither by adoption of this Resolution nor "approval" of
any low interest loan to Sunriver will the County incur any liability
for such loan or repayment thereof or assume any responsibility with
respect to any collateral for such loan; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1.
hereby approves the
SROA in a principal
That the Deschutes County Board of Commissioners
pending loan to be made by Bank of the Cascades to
amount of approximately $825,000.00 repayable in
approximately 10 years at an
5-1/2 percent per annum, and
may be negotiated and agreed
SROA.
PAGE 1 OF 2 - RESOLUTION NO.
initial interest rate of approximately
upon such other terms and conditions as
to between the Bank of the Cascades and
94-052 799-1
'JUN A
0135-20'7
Section 2. That nothing in this Resolution or the approvals
herein contained shall impose upon the County any liability,
responsibility or duty, whether to Bank of the Cascades, SROA, or to
any other party, for the making of the loan, repayment of the loan,
monitoring or tracing proceeds or the application thereof, or the
handling, adequacy, or preservation of any collateral for such loan.
Section 3. That the County shall not be deemed to be a
borrower, co -borrower, guarantor, surety, or otherwise to have any
responsibility or connection with such loan.
DATED this 9 h day of Q —, 1994.
BOARD OF COUNTY COMMISSIONERS
OF PESCHUTES COUNTY, OREPON
ATTEST:
Recording Secretary
Y POPE
r
� v
U
TOM TH OOP, Commissioner
.4" 74L�mmi
BARRY H. SLAUGHTER, Commissioner
PAGE 2 OF 2 - RESOLUTION NO. 94-052