1999-758-Resolution No. 99-034 Recorded 6/10/1999VOL: CJ1999
PAGE: 758
RECORDED DOCUMENT
STATE OF OREGON
COUNTY OF DESCHUTES
*CJ1999-758 * Vol -Page Printed: 06/16/1999 08:58:19
DO NOT REMOVE THIS CERTIFICATE
(This certificate constitutes a part of the original instrument in accordance with
ORS 205.180(2). Removal of this certificate may invalidate this certificate and affect
the admissibility of the original instrument into evidence in any legal proceeding.)
I hereby certify that the attached instrument was received
and duly recorded in Deschutes County records:
DATE AND TIME:
DOCUMENT TYPE:
Jun. 10, 1999; 12:32 p.m.
Resolution (CJ)
NUMBER OF PAGES: 1
&"L-Jmz I &IF, WOM
MARY SUE PENHOLLOW
DESCHUTES COUNTY CLERK
l;EaC��EO
�� l�,Y ; b 1999
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
A Resolution Authorizing the Borrowing
of $1,400,000 by the Local Improvement District
Project Fund From the Insurance Fund, Providing
for Repayment, and Directing the County
Treasurer to Make Appropriate Entries.
REVI
LEGf;I!/C-?'1NS'EL
RESOLUTION NO. 99-034
RECEIVED
JUN 10 1999
DESCHUTES
COUNTY Cl_ERK
WHEREAS, it is necessary that the Local Improvement District Project Fund borrow $1,400,000
to cover the project expenses; and
WHEREAS, the Insurance Fund has sufficient resources to make a loan to the Local
Improvement District Project Fund in the amount of $1,400,000; 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 ONE MILLION FOUR HUNDRED THOUSAND ($1,400,000) from the
Insurance Fund (7 1) to the Local Improvement District Project Fund (74), to be used expenses.
Section 2. Said loan is to be repaid to the Insurance Fund in fiscal year 1999-00, immediately
upon receipt of cash into the Local Improvement District Project Fund as a result of the sale of L.I.D.
bonds related to completed special assessment projects. In no event shall this loan be repaid later than
June 30, 2000.
Section 3. Said loan will accrue interest expense at a rate of 5.5%, to be paid in full at the time
of loan repayment.
Section 4. 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 9th day of June, 1999.
BOARD OF COUNTY COMMISSIONERS
OF D HUTES COUNTY, OREGON
Linda Z. Swearingen, (air
A ES T. IT be lf� ommissioner
Recording Secretary D nnis R. Luke, Commission
I - RESOLUTION NO. 99-034