1998-16646-Resolution No. 98-035 Recorded 4/23/199898-16646 01 6— 1 381 NS
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
RESOLUTION OF DESCHUTES
COUNTY, OREGON AUTHORIZING
NEGOTIATION OF AN AMENDED
INSTALLMENT PURCHASE
AND TRUST AGREEMENT, AND
RELATED DOCUMENTS AND
ISSUANCE OF REFUNDING
CERTIFICATES OF PARTICIPATION
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SERIES 1998,
Resolution No. 98-035
BE 1T RESOLVED BY THE BOARD OF COUNTY COMMISS10FtS Qf
DESCHUTES COUNTY, OREGON, as follows: o Un
The Board finds:
A. The County previously entered into various financing documents to
provide funds with which to acquire, construct and equip the Central Oregon Welcome Center
and executed the following documents, among others, collectively referred to as the "Welcome
Center Project Documents", to wit:
(i) Resolution No. 88-074 dated October 24, 1988;
(ii) UCC filing No. 88-27072, in favor of Security Pacific Bank as Trustee,
filed November 22, 1988;
August 1, 1988; (ill) Deed to Trustee (Oregon Bank), filing No. 88-2701 (the "Deed") filed
(iv) An Installment Purchase and Trust Agreement (the " Trust
Agreement") filed between County and Security Pacific Bank dated November I, 1988;
(v) An Assignment from Deschutes County to the Oregon Bank, filing No.
88.27070 dated October 19, 1988.
B. It is now appropriate to issue Parity Refinding Certificates under the above
mentioned Trust Agreement for outstanding Certilkates maturing on November I, 1998 to
achieve savirngs to the County and as authorized by the Trust Agreement,
C. Il isbe best Interest of the County to authorize negotiation of an
Amended Trust Agreement, enificate Purchase Agreement and related documents which
provide for the issuance of Refbnding Certificates of Participation. Series 1998 in a principal
amount of not more than S 1,500,000 to finance the refunding corder the Trust Agreement and to
Pay the 00211 of bsuance; thwokm be It
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RESOLVED, that:
I. The County Finance Director or his designee (the "Director") of the
County be authorized to:
a. Negotiate an Amended Trust Agreement in a principal amount of
not more than $1,500,000 and all related documents;
b. 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 Amended
Trust Agreement to be excluded from gross income for federal income tax
purposes, as provided in the Amended Trust Agreement.
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2. The County hereby designates the Certificates as "qualified tax-exempt
obligations" pursuant to Section 265(b)(3) of the Internal Revenue code of 1986, as amended ( e
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"Code"). The County covenants not to so designate tax-exempt obligations in the current
calendar year in an aggregate amount of more than $10,000,00.The County (and all subordinate
entities thereof, if any) does not reasonably expect to issue more than $10,000,000 oftax-exempt
obligations during the calendar year 1998.
The following parties are hereby appointed:
and a. U.S. Bancorp Investments, Inc., as senior managing underwriter;
b. Preston Gates & Ellis, as special counsel.
The Director, 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 $1,500,000),
interest rates (at a true interest cost not to exceed 7%), sale prices and other terms
of the Certificates;
C. Appoint an escrow agent and paying agent for the Certificates.
d. execute and deliver all agreements and documents and the
Certificate Purchase Agreement, with such changes as the Director finds are in the
best interests of the County; and
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