1998-47108-Resolution No. 98-101 Recorded 10/8/199816 -9 7 REVIEWED
98-47108 -f
LE Ot1NSIL
BEFORE THE BOARD OF COUNTY COMNIISSIONERS OF DESCHUTES COUNTY, OREGON
*
A Resolution Authorizing the Borrowing 98 OCT -8 AM 10.- r6
of $400,000 By the Local Improvement District SUE PENH'OLL_OW
Project Fund From the Road Fund, Providing COUNTY CLERK
for Repayment, and Directing the County
Treasurer to Make Appropriate Entries.
RESOLUTION NO. 98-101
WHEREAS, it is necessary that the Local Improvement District Project Fund borrow $400,000 to
cover the project expenses for Whispering Pines LID until LID Bonds are issued; and
WHEREAS, the Road Fund has sufficient resources to make a loan to the Local Improvement
District Project Fund in the amount of $400,000; now therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. That the Deschutes County Treasurer is hereby authorized to transfer funds, the
aggregate not to exceed FOUR HUNDRED THOUSAND ($400,000) from the Road Fund (05) to the
Local Improvement District Project Fund (74), to be used expenses for Whispering Pines LID.
Section 2. Said loan is to be repaid to the Road Fund in fiscal year 1998-99, immediately upon
receipt of sufficient cash within the Local Improvement District Project Fund to allow repayment.
Section 3. That the Treasurer is hereby directed to make such entries in the records of the County
for the fiscal year 1998-99 as are necessary to reflect these transactions.
DATED this 7th day of October, 1998.
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Recording ecretary
I - RESOLUTION NO. 98-101
BOARD OF COUNTY COMMISSIONERS
�* DESCHU7WH,COUNTYJ OREGON
Chair
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LINDA L. SWEARINGEN, Commissioner
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OCT 2
AUG 2 2 2000
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Road Department
61150 S.E. 27th St., Bend, OR 97702
(541) 388-6581 • FAX (541) 388-2719
MEMORANDUM SEP 2 a 1998
DATE: September 25, 1998
TO: Marty Wynne, Finance Director
FROM: Tom Blust, Road Department Director
RE: Fund 74 Loan
CC: Mike Maier, County Administrator
Per our discussions during the budgeting process, the Department is requesting a loan
from Fund 05 (Road) to Fund 74 (LID) in the amount of $400,000. This loan will cover
the remaining project expenses to complete the Whispering Pines LID. Upon completion
of the project and recording of the final assessment lien, we will issue bonds to finance
the outstanding debt on both the Whispering Pines LID and the Agate (Deschutes River
Woods) LID. The proceeds of the bond issue will be used to repay the loan from Fund
05 and provide working capital for Fund 74. We anticipate issuance of bonds by
February or March, which will allow repayment of the loan prior to the end of the 98-99
Fiscal Year.
FUND 74 — WHISPERING PINES LID
Remaining Project Cost (estimate) $650,000
Fund 74 Balance (9-2-98) $285,939
Loan Amount $364,061
(round to $400,000)
Marty, thanks for your assistance. You've been a big help in the LID process.
Quality Services Performed with Pride