41-365-Order Recorded 1/28/1982OF THE STATE OF ORE PRO AN2$ 19~
IN THE BOARD OF COUNTY COMMISSIONERS
FOR THE COUNTY OF DESCHUTES u~SCyVrF.S Cp8 TTFR$p
NTy ~ N
In the Matter of Proceedings of
the Seventh Mountain County ) ORDER
Service District. ) ESTABLISHING FUNDS
This matter came before the regular term of the Board of County
Commissioners acting as the governing body of the Seventh Mountain County
Service District on January 20, 1982, at the request of District Counsel
Louis B. Dvorak.
WHEREAS :
1. This Board finds that the District will soon begin receiving
the first installment on its assessment for improvements from persons
who elected to pay their assessment in installments under the Bancroft
Bonding Act, and that it is in the best interest of the District that
these funds be segregated from other District funds, since they are to
be applied exclusively for redemption of the District's forthcoming
issue of Bancroft Bonds;
2. The District has already received $45,473.25 in assessments
pursuant to its Ordinance Spreading Assessment dated August 12, 1981, and
it is in the best interest of the District to segregate these funds,
together with the proceeds anticipated from the District's forthcoming
general obligation bond issue, to be applied to retirement of the District's
outstanding issue of Municipal Improvement Warrants.
Now therefore, it is ORDERED that:
The County Treasurer, as custodian of the funds of the Seventh
Mountain County Service District, shall establish a Capital Improvement Fund
to receive all proceeds of the District's forthcoming general obligation bond
issue and any assessments paid pursuant to the District's Ordinance Spreading
Assessment dated August 12, 1981, and a Bancroft Bond Redemption Reserve Fund
to receive all assessments paid in installments pursuant to ORS 223.205 to
223.295, and all other district funds to be applied exclusively to redemption
of the District's planned general obligation bond issue.
DATED January 20, 1982 BOARD OF COUNTY COMMISSIONERS
acting as the governing body of the
Seventh Mountain Coun Service District
PAULSON, Jli. , YommisSI c ,
DISTRIBUTION:
CLAY C. HEPARD, LnaiT-M&R_-
County Treasurer
Howard Kraus, Budget Officer
Louis Dvorak, Counsel A ERT A. YOUNG, C ission,or