1996-19510-Resolution No. 96-066 Recorded 5/23/1996REVIEWED
96-195100�-j
LEGAL COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Establishing the
Limited Tax Improvement Bond
Series 1996 Redemption Fund and
Directing the Deschutes County
Treasurer to Deposit Monies
Received from Series 1996 Limited
Tax Improvement Bonds into the
LID Project Fund.
RESOLUTION
WHEREAS, the Board of County Commissioners authorized and caused
to be constructed certain local improvements, to be paid for through
local improvement district assessments on benefitting properties; and
WHEREAS assessments to cover actual costs of construction have
been imposed on said benefitting properties in the 73rd St., Commanche,
Seminole, Squaw Creek Canyon Recreational Estates, Apache and Galen
LIDs, and the owners of certain benefitting properties have chosen to
pay those assessments in installment payments over a 10 -year period;
and
WHEREAS, the Board of County Commissioners has determined it
should issue bonds to finance said outstanding assessment amounts and
pursuant to Resolution 96-062 has authorized and issued Limited Tax
Improvement Bonds in the amount of $660,000.00 to finance the County's
as -yet unreimbursed expenditures represented by the assessments payable
in said installment payments; and
WHEREAS, security for payment of the bonds includes the
outstanding installment assessment payments for the local improvements
for the subject LIDs; now therefore;
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. That there is hereby established the 1996 Series
Limited Tax Improvement Bond (Bancroft Bond) Redemption Fund, from
which principal and interest payments on the Series 1996 Limited Tax
Improvement Bonds are to be made. The Treasurer is directed to deposit
into and/or credit to said fund all payments made of principal,
interest and any other penalties or fees pursuant to any installment
payment agreement entered into on or before May 1, 1996 for the 73rd
St., Commanche, Seminole, Squaw Creek Canyon Recreational Estates,
Apache or Galen LIDs, starting as of May 15, 1996.
Section 2. That the Treasurer is directed to invest such funds in
accordance with ORS 223.285.
1 - RESOLUTION NO. 96-066 (5-22-96)
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NO. 96-066
WHEREAS, the Board of County Commissioners authorized and caused
to be constructed certain local improvements, to be paid for through
local improvement district assessments on benefitting properties; and
WHEREAS assessments to cover actual costs of construction have
been imposed on said benefitting properties in the 73rd St., Commanche,
Seminole, Squaw Creek Canyon Recreational Estates, Apache and Galen
LIDs, and the owners of certain benefitting properties have chosen to
pay those assessments in installment payments over a 10 -year period;
and
WHEREAS, the Board of County Commissioners has determined it
should issue bonds to finance said outstanding assessment amounts and
pursuant to Resolution 96-062 has authorized and issued Limited Tax
Improvement Bonds in the amount of $660,000.00 to finance the County's
as -yet unreimbursed expenditures represented by the assessments payable
in said installment payments; and
WHEREAS, security for payment of the bonds includes the
outstanding installment assessment payments for the local improvements
for the subject LIDs; now therefore;
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. That there is hereby established the 1996 Series
Limited Tax Improvement Bond (Bancroft Bond) Redemption Fund, from
which principal and interest payments on the Series 1996 Limited Tax
Improvement Bonds are to be made. The Treasurer is directed to deposit
into and/or credit to said fund all payments made of principal,
interest and any other penalties or fees pursuant to any installment
payment agreement entered into on or before May 1, 1996 for the 73rd
St., Commanche, Seminole, Squaw Creek Canyon Recreational Estates,
Apache or Galen LIDs, starting as of May 15, 1996.
Section 2. That the Treasurer is directed to invest such funds in
accordance with ORS 223.285.
1 - RESOLUTION NO. 96-066 (5-22-96)
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JUN 2 7 1996
EYP CHEZ)
6
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01 i
Section 3. That the Treasurer is directed to deposit all the
proceeds received from the 1996 Series Limited Tax Improvement Bonds
into the LID Projects Fund.
DATED this day of May, 1996.
BOARD OF COUNTY COMMISSIONERS
OF,nQESCHUTE"OUNTY, OREGON
NANCY POPE SCH EN; Chair
ATTEST: BARRY LIGHTER, Co issioner
Recording Secre ary ROBERT L. NIPPER, Commissioner
2 - RESOLUTION NO. 96-066 (5-22-96)