1998-53315-Resolution No. 98-127 Recorded 11/20/1998169 - 2
98-523,1;-
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF
A RESOLUTION OF DESCHUTES COUNTY,
767 REV WED
LE A COUNSEL
DESCHUTES COUNTY
OREGON, AUTHORIZING THE FINANCING OF A
CO
HEALTH AND HUMAN SERVICES FACILITY, A
COMMUNITY CENTER AND OTHER
_
GOVERNMENTAL FACILITIES, AND THE
o
ISSUANCE OF CERTIFICATES OF
!`
PARTICIPATION.
RESOLUTION NO. 98-127'
WHEREAS, the County is authorized by ORS 271.390 to enter into agreements to
finance any real or personal property that the Board of County Commissioners of
Deschutes County determines is needed; and,
WHEREAS, ORS 271.390 authorizes the County: to secure financing agreements with
a mortgage or other security interest in the financed property; to provide that the
financing agreements shall be payable out of all or any designated portion of the
lawfully available revenues of the County and to pledge those revenues; to provide for
the issuance of certificates of participation or similar obligations in the payment
obligations of under the financing agreement, and to enter into other covenants,
agreements and provisions as are determined to be necessary or appropriate to better
secure the obligations of the County; and,
WHEREAS, the Board of County Commissioners hereby determines that a new health
and human services facility and a community center are needed by the County and its
citizens and that other properties may become available which can be utilized for
governmental facilities ("Available Properties"); and,
WHEREAS, the Board of County Commissioners adopts this resolution to authorize the
financing of a new health and human services facility, a community center and
Available Properties under ORS 271.390; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON:
Section 1. Financing Authorized.
Pursuant to the authority of ORS 271.390, the Board of County Commissioners (the
"Board") authorizes the County to finance a new health and human services facility, a
community center and Available Properties. The maximum principal amount of the
financings shall not exceed $8,000,000.I41croFI.nnED KEYruc-11- D
DEC 0 2 1998933
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169 -1 2768
Section 2. Security
The Finance Director or any person designated by the Board (collectively, the "County
Official") may, on behalf of the County, determine the sources of security and
repayment of the financing authorized by this resolution, and may pledge those sources
of repayment to secure the financing agreements authorized by this resolution.' Those
sources of repayment may include, but are not limited to, a subject -to -appropriation
commitment of the County's general fund and taxing power within the limitations of
Article XI, Sections 11 and 11 b of the Oregon Constitution, any other legally available
funds, and any amounts realized under any mortgages or trust deeds on the facilities
which are financed with such mortgages, trust deeds or other sources of security.
However, the financing agreements authorized by this resolution shall not be general
obligations of the County.
Section 3. Delegation.
To accomplish the purposes described in Section 1 of this resolution, the County
Official may, on behalf of the County and without further action by the Board:
3.1. Negotiate the terms of, and execute and deliver, one or more lease -purchase
and financing agreements (the "Agreements") with commercial banks, trustees, escrow
agents or other entities;
3.2. Appoint escrow agents or trustees, and negotiate the terms of, and execute and
deliver, one or more escrow agreements or trust agreements which provide for the
issuance of certificates of participation or similar obligations (the "Certificates") in the
payment obligations of the County under the Agreements;
3.3. Negotiate the terms of, and execute and deliver, one or more mortgages or trust
deeds on all or any portion of the financed property to secure the Agreements and the
Certificates;
3.4. Covenant not to take any action which would cause interest on the Agreements
or the Certificates to become includable in gross income under Section 103(a) of the
Code
3.5. Designate that the Agreements and Certificates are not "qualified tax-exempt
obligations" under Section 265(b) of the Code;
3.6. Negotiate the terms of, and enter into an agreement with Seattle -Northwest
Securities to purchase the Certificates;
3.7. Establish the final principal amount, maturity schedule, interest rates, redemption
rights and other terms of the Agreements and the Certificates;
3.8. Prepare, approve, deem final, and authorize the distribution of preliminary and
final official statements for the Agreements and the Certificates;
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3.9. Enter into agreements to provide continuing disclosure in connection with the
Certificates; and,
3.9.1. Enter into other covenants, agreements and provisions which the County Official
determines are necessary or appropriate to better secure the Agreements and sell the
Certificates, and take any other actions which the County Official determines are
appropriate to carry out this resolution.
DATED this /6 day of23�mw�' 1998.
Name Yes/
NANCY POPE SCHLANGEN
ROBERT L. NIPPER
LINDA L. SWEARINGEN
ATTEST:
Recording Secretary
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BOARD OF COUNTY CONMUSSIONERS OF
DESC S COUNTY, OREGON
7
R T L. NIPP , Actingair
No Abstain Absent
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