34-719-Order Recorded 5/15/1980von 34 PAGE 719
A
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1 IN THE BOARD OF COUNTY COMMISSION 4S 0 /,q,
2 OF THE STATE OF OREGON COQ llr~
3 FOR THE COUNTY OF DESCHUTES Ceti
e* -
4 Proceedings of the ) ORDER ACCEPTING PROPOSAL FOR
Seventh Mountain ) PURCHASE AND AUTHORIZING ISSUANCE
5 County Service ) OF GENERAL OBLIGATION IMPROVEMENT
District ) WARRANTS, AND DIRECTING COMMENCE-
6 MENT OF PREPARATION OF BUDGET
7 The Board of County Commissioners of Deschutes County,
8 Oregon, sitting as the governing body of the Seventh
9 Mountain County Service District pursuant to ORS 451.485
10 finds:
11
1. The attached proposal for the purchase of the
12
District's General Obligation Improvement Warrants has
13
been received by the District Engineer, on behalf of the
14
District, from First National Bank of Oregon. No other
15
proposals were received for the District's warrants.
16
2. It is now appropriate to commence preparation
17
of a fiscal year 1980-1981 budget for the District.
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NOW, THEREFORE, IT IS HERBY ORDERED by the Board of
19
County Commissioners of Deschutes County, Oregon, acting as
20
the governing body of the Seventh Mountain County Service
21
District:
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Section 1. The proposal for the purchase of the
23
District's General Obligation Improvement Warrants to
24
finance the sewage system facilities for the District which
25
was submitted by First National Bank of Oregon is hereby
26
accepted. Warrants shall be issued in accordance with the
Page
1-ORDER ACCEPTING PROPOSAL FOR PURCHASE OF AND AUTHORIZING
ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT WARRANTS, AND
DIRECTING COMMENCEMENT OF PREPARATION OF BUDGET
VOL 34 PAGE 72®
1
proceedings of
the District, the request for
proposals
2
circulated by
the Engineer, and the proposal
of First
3
National Bank
of Oregon. Warrants shall be
issued as
4 required to finance construction, shall be signed by the
5 Chairman of the Board of County Commissioners and the County
6
Treasurer, and shall be in substantially the form attached
7
as Exhibit "A." The warrants shall be general obligations
8
of the District, and shall be repaid from assessment
9
payments received in connection with the sewage system
10
facilites, and from the proceeds of Bancroft Bonds to be
11
issued by the District, in accordance with the applicable
12
provisions of ORS 287.502 to 287.510.
13
Section 2. Each Warrant shall mature two years from
14
the date of its issue. Warrants shall be subject to
15
redemption at the option of the District at any time.
16
Warrants shall bear interest at the rate of eleven percent
17
(11%).
18
Section 3. It is anticipated that the Warrants will be
19
repaid from Bancroft Bonds, which will be secured by
20
installment payments on assessments imposed against
21
benefited property. In order to enhance the security of the
22
Bancroft Bonds and increase their marketability, the
23
governing body of the Seventh Mountain County Service
24
District hereby announces its intention to charge benefited
25
property owners an assessment installment interest rate in
26
excess of the rate anticipated to be received on the
Page
2-ORDER ACCEPTING PROPOSAL FOR PURCHASE OF AND AUTHORIZING
ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT WARRANTS, AND
DIRECTING COMMENCEMENT OF PREPARATION OF BUDGET
VOL 34 FACE 721
1 Bancroft Bonds when they are subsequently issued; however,
2 that interest rate will under no circumstances exceed the
3 rate established by ORS 288.510.
4 Section 4. Howard G. Kraus is hereby appointed budget
5 officer for the Seventh Mountain County Service District, to
6 prepare and supervise the preparation of the budget document
7 for the District. The budget officer is directed to
8 commence preparation of a draft budget document pursuant to
9 the applicable provisions of Chapter 294 of the Oregon
10 Revised Statutes, and to recommend to the governing body of
11 the District the names of three individuals willing to
12 serve, together with the members of the governing body of
13 the District, on the budget committee for the District. The
14 recommendation shall be submitted to the governing body in
15 sufficient time for the budget committee to be appointed
16 prior to the time the draft budget document is available for
17 review.
18
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20
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DATED this/10day of May, 1980.
DESCHUTES COUNTY BOARD OF
COMMISSIONERS, acting as the
governing body of the Seventh
Mountain County Service District
B Y
Chairman
By C~
Commissioner
26 BY Xis-&
Commissioner
Page 3-ORDER ACCEPTING PROPOSAL FOR PURCHASE OF AND AUTHORIZING
ISSUANCE OF GENERAL OBLIGATION IMPROVEMENT WARRANTS, AND
DIRECTING COMMENCEMENT OF PREPARATION OF BUDGET