2000-935-Resolution No. 2000-069 Recorded 10/3/2000VOL: CJ2000
PAGE: 935
RECORDED DOCUMENT
STATE OF OREGON
COUNTY OF DESCHUTES
*02000-935 * Vol -Page Printed: 10/04/2000 14:12:37
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:
Oct. 3, 2000; 4:50 p.m.
Resolution (CJ)
NUMBER OF PAGES: 3
MARY SUE PENHOLLOW
DESCHUTES COUNTY CLERK
KEY C)HEO
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REVIE
LE L OUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
IN THE MATTER OF THE RESOLUTION *'
AUTHORIZING THE EXECUTION AND *
DELIVERY OF AGREEMENTS TO *
FINANCE ACQUISITION OF A *
COMPUTING TECHNOLOGY SYSTEM .y
RESOLUTION NO. 2000-069
The above -entitled matter came on regularly before the Board of County Commissioners at its regular
meeting of September 6, 2000; and
It appearing to the Board of County Commissioners of Deschutes County, Oregon (the
"County") that it is desirable for the County to acquire a server based computing technology system (the
"Project"), by executing and delivering a Financing Agreement (the "Agreement"), by and between the
County and Bank of America, N.A. (the 'Bank") and other related documents (collectively the "Authorizing
Documents"); and
It appearing to the Board of County Commissioners that in such Agreement the County will
agree to acquire the Project from amounts paid to the County by the Bank, and to repay the purchase price to
the Bank in payments which include principal and interest; and
It appearing to the Board of County Commissioners that it is advantageous to the County to
enter into the Authorizing Documents with the Bank; and
It appearing to the Board of County Commissioners that it has authority to enter into such
Authorizing Documents pursuant to ORS 279.101 and 287.053; and
The County has authority to enter into the Authorizing Documents and to perform the actions
contemplated by the Authorizing Documents; now therefore
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. Authorization of Agreement.
The purchase price of the Project shall not exceed $806,000. The terms of the Agreement
shall not exceed four years. The net interest rate for the borrowings shall not exceed 5.5%. The Board of
County Commissioners hereby authorizes the Finance Director to establish the purchase price, the amount,
final interest rates, and all other terms of the Authorizing Documents, and to execute and deliver the
Authorizing Documents on behalf of the County, and any other documents necessary to consummate the
transactions for each Project. The terms and conditions of such Authorizing Documents shall be reported to
the Board of County Commissioners.
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Section 2. Maintenance of Tax -Exempt Status.
The County covenants not to take any action or omit any action if the taking or omission
would cause interest paid pursuant to the Agreement to be includable in gross income for federal income tax
purposes pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"). The
Finance Director may enter into further covenants on behalf of the County to protect the tax-exempt status of
the Agreement.
Section 3. Designation as Qualified Tax -Exempt Obligations.
The County designates the Agreement and Authorizing Documents as "qualified tax-exempt
obligations" pursuant to Section 265(b)(3) of the Code. The County reasonably expects to issue less than
$10,000,000 of tax-exempt obligations during the current calendar year. The County covenants that the
Agreement does not constitute a "private activity bond" as defined in Section 141 of the Code.
Section 4. Security.
4.1. The County represents that the Agreement and the Authorizing Documents constitute
"limited tax bonded indebtedness" for purposes of ORS 287.053 and that the County does not currently have
and will not in the future incur limited tax bonded indebtedness in excess of 1% of the real market value of
all taxable property in the County.
4.2. The County shall pay the amounts due under the Agreement and the Authorizing
Documents from the general non -restricted revenues of the County and other funds which may be available
for that purpose. The County pledges its full faith and credit to pay amounts due under the Agreement and
the Authorizing Documents, including all taxing power available within the limitations of Article XI,
Sections 11 and 11b of the Oregon Constitution and funds received upon the exercise of any remedies
available thereunder. The County hereby covenants to budget and appropriate in each fiscal year moneys
sufficient to pay the principal and interest due under the Agreement and the Authorizing Documents during
the fiscal year.
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Section 5. Other Action.
The Finance Director is hereby authorized to take any other action necessary and execute all
documents to secure appropriate financing for the Project.
The foregoing Resolution adopted this 6 1 day of September, 2000.
Name
TOM DEWOLF
DENNIS LUKE
LINDA L. SWEARINGEN
ATTEST:
Recording Secretary
Page 3 — Resolution
BOARD OF COUNTY COMMISSIONERS
DESCHUTES COUNTY, OREGON
IVDA L. SWEARINGEN, Chair
Abstain Absent
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