1995-14395-Resolution No. 95-064 Recorded 5/4/19959514395
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES CO
A Resolution Calling for the Execution of
Agreements in a Principal Amount of Not
More than $375,000 and Related Matters.
RESOLUTION NO. 95-064
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69 •
014 5- V--22
WHEREAS, the Board is authorized pursuant to the Constitution and ORS 279.101
to enter into agreements to finance authorized projects; and
WHEREAS, it is in the best interest of the County to authorize negotiation of an
Installment Purchase Agreement and related documents and agreements in a principal amount
of not more than $375,000 to finance acquisition of real property adjacent to the Deschutes
County Corrections Facility (the 'Property"); now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. The Chairman of the Board and the Director of Administrative Services
(collectively the "Chairman" and "Director") of the County be authorized to negotiate an
Installment Purchase Agreement, Contract of Sale, or other documents in a principal amount
of not more than $375,000. "'c'R.OFILM�ED
Section 2. The following parties are hereby appointed:
1
MAY 1. 01995
a. The Bank of the Cascades, as senior managing underwriter; and
Cj9), A J y4o
b. Preston, Gates & Ellis, as special counsel. 119196 -
Section 3. The Chairman 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 an Installment Purchase Agreement, Contract of Sale or
other purchase documents with the Underwriters, establish the final principal
amount (not to exceed $375,000), interest rates (at a true interest cost not to
exceed 6.5%), sale prices and other terms of the Agreements;
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C. Execute and deliver the Installment Purchase Agreement, Contract of Sale or
other purchase agreements with such changes as the Chairman and the County
Administrator and their authorized designees find are in the best interest of the
County; and
d. Execute and deliver any other documents and appoint other experts, which are
reasonably required to finance the Property in accordance with this resolution.
Section 4. 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, as amended (the "Code"). The Chairman may enter into further
covenants on behalf of the County to protect the tax-exempt status of the Agreement.
Section 5. The County designates the obligations to be incurred under the
Agreement as "qualified 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
DATED this day of 71995.
BOARD OF COUNTY COMMISSIONERS
OF SCHUTES LINTY, OREGON
/�_� �VA
A T:
Recording Secretary
Lns..EF-A
r5i
7.i.".3/1.
ROMRT L. NIPPER, Comihissioner
APPROVED:
MICHAEL A. MAIER
Director of Administrative Services
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