1996-00559-Resolution No. 96-003 Recorded 1/4/1996A
9C-00559
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
REVIEWED
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LEG_ LL COUNSEL
COUNTY, OREGON
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A Resolution Authorizing the Execution
and Delivery of Agreements for Financing *:
the Acquisition of Real Property and the
Construction, Equipping and Furnishing of
a Community Development Building.
0149-0226
RESOLUTION NO. 96-003
WHEREAS, the above matter came on regularly before the Board at
its regular meeting on January 3, 1996; and
WHEREAS, the County is authorized pursuant to the Constitution and
laws of the State of Oregon 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, a Trust Agreement, a
Certificate Purchase Agreement and related documents which provide for
the issuance of Certificates of Participation in a principal amount of
not more than $2,465,000 to finance the acquisition of real property
and the construction, equipping and furnishing of a community
development building and related facilities (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. AUTHORIZATION OF AGREEMENT. The Administrator of the
County is authorized to negotiate a Lease -Purchase Agreement in a
principal amount of not more than $2,465,000, a Trust Agreement, which
provides for the issuance of Certificates of Participation, Series 1995
(the "Certificates"), representing the principal amount payable under
the Lease -Purchase Agreement and related financing documents, and
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. APPOINTED PARTIES. The following parties are hereby
appointed: (a) Seattle Northwest Securities Corporation as senior
managing underwriter, (b) Preston Gates & Ellis as special counsel, and
(c) First Bank National Association as trustee and paying agent for the
Certificates.
1 - Resolution No. 96-003 (1-3-96)
GA_
1996;.
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Section 3. THE ADMINISTRATOR. The Administrator or his
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 $2,465,000), interest rates (at
a true interest cost not to exceed 8 percent), sale prices and other
terms of the Certificates; (c) execute and deliver the Lease -Purchase
Agreement, the Trust Agreement and the Certificate Purchase Agreement,
with such changes as the Administrator and his authorized designees
find are in the best interest of the County; and (d) execute and
deliver such other certificates or documents which are reasonably
required to finance the Project, and to issue, sell and deliver the
Certificates in accordance with this resolution.
DATED this 3rd day of January, 1996.
RD OF COUNTY CISSIONERS
DESCHUTS COUN Y, OREGON
, Chair
ATTEST: BARRY H. SLAUGHTE , Commissioner
ecording Secreta y RbERT L. NIPPER, Commissioner
2 - Resolution No. 96-003 (1-3-96)