1998-53316-Resolution No. 98-128 Recorded 11/20/1998RE VIE ED
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LE COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY
A RESOLUTION OF DESCHUTES COUNTY,
OREGON, AUTHORIZING THE REFINANCING OF
THE COUNTY'S CERTIFICATES OF UD
PARTICIPATION, SERIES 1989. CO
CD
RESOLUTION NO. 98-128 � `C-)
WHEREAS, the County is authorized by ORS 271.390 to enter into agreemer'fs to
finance or refinance an real or personal property that the Board of Count `T'
Y p p p Y y=fir= �
Commissioners of Deschutes County determines is needed; and, c -n
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 in the payment obligations 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 the property
financed with the County's Certificates of Participation, Series 1989, is needed by the
County and its citizens; and,
WHEREAS, the Board of County Commissioners adopts this resolution to authorize the
refinancing of the County's (the "1989 Certificates"), and the property financed with
those certificates; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON:
Section 1. Refinancing Authorized.
Pursuant to the authority of ORS 271.390, the Board of County Commissioners (the
"Board") hereby authorizes the County to refinance for debt service savings all or any
portion of the outstanding County's 1989 Certificates.
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 securities and
repayment of the refinancing authorized by this resolution, which may include the
sources provided for the 1989 Certificates and may pledge those sources of repayment
to secure the refinancing 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 KEY INCi ED
MXROFILMED INIII.ESCHUTE.,-.i -Cop.98\Res lution authorizing mftnging:
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amounts realized under any mortgages or trust deeds on the facilities which are
refinanced with such mortgages, trust deeds or other sources of security. However, the
refinancing 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 or
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 (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 refinanced 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;
3.9. Appoint an escrow deposit agent, negotiate the terms of, and execute and
deliver, an escrow deposit agreement which requires the escrow deposit agent to hold
the proceeds of the Certificates and apply those proceeds to pay the County's 1989
Certificates, and irrevocably call the 1989 Certificates, for redemption;
3.10. Enter into agreements to provide continuing disclosure in connection with the
Certificates; and,
3.11. Enter into other covenants, agreements and provisions which the County Official
determines are necessary or appropriate to better secure the Agreements and sell the
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Certificates, and take any other actions which the County Official determines are
appropriate to carry out this resolution.
3.12. Provide for a transfer of moneys to cash defease a portion of the 1989
Certificates.
DATED this /6 day of7� , 1998.
BOARD OF COUNTY COMNUSSIONERS OF
DESCHU S COUNTY, OREGON
R "NIPPR,ir
NameYes No Abstain Absent
NANCY POPE SCHLANGEN
ROBERT L. NIPPER
LINDA L. SWEARINGEN
ATTEST:
Recording Secretary
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