29-340-Order Recorded 11/22/1978VOL 29 pw 343
IN THE BOARD OF COUNTY COMMISSIONERS
OF THE STATE OF OREGON
FOR THE COUNTY OF DESCHUTES
In the matter of the issuance )
of pollution control bonds ) ORDER AUTHORIZING THE
for North Pacific Products, ) ISSUANCE OF BONDS
Inc. )
A Memorandum of Agreement having been executed by
Deschutes County and North Pacific Products, Inc.; and,
Proposed forms of a Trust Indenture between the County
and First National Bank of Oregon as Trustee, a Lease between
the County and North Pacific Products, Inc. and the Trustee,
a Guaranty between North Pacific Products, Inc. and the
Trustee, and Bond Purchase Agreements between the County and
the Investment Department of First National Bank of Oregon
and William H. Bauman as purchasers, having been submitted
to the County; and,
First National Bank of Oregon having indicated its
willingness to purchase the proposed bonds under the terms
indicated in the Indenture of Trust, Lease, Guaranty and
Bond Purchase Agreement; and,
The Department of Environmental Quality having certified
that the hogged fuel boiler to be financed with bond proceeds
is capable of being used in furtherance of the purpose of
abating, controlling or preventing, altering, disposing or
storing solid waste; and,
North Pacific Products, Inc. having convenanted to use
the hogged fuel boiler as a solid waste utilization facility
in compliance with Department of Environmental Quality
standards; and
The Board of Commissioners now finding that the loan of
funds to North Pacific Products, Inc. for the hogged fuel
boiler is in furtherance of the laws contained in Oregon
Revised Statutes, Chapter 468, authorizing the Board of
Commissioners to issue revenue bonds to finance pollution
control facilities; now, therefore,
IT IS HEREBY ORDERED by the Board of County Commissioners
of Deschutes County, Oregon:
Section 1. In order to provide funds to finance the
installation, equipping and furnishing of a solid waste
disposal facility to be operated by North Pacific Products,
Inc., Deschutes County shall issue $250,000 of pollution
control bonds. The bonds shall be designated Deschutes
County, Oregon, Pollution Control Bonds, Series 1978 (North
Pacific Products, Inc. Project), shall be dated November 1,
1978, and shall mature on November first in the following
years and amounts:
Year Amount
1979 $20,000
1980 20,000
1981 20,000
1982 20,000
1983 25,000
1984 25,000
1985 25,000
1986 30,000
1987 30,000
1988 35,000
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The bonds shall be redeemable at any time under certain con-
ditions specified in the Indenture of Trust, and shall be
otherwise subject to the terms contained in the Indenture of
Trust. The Bonds shall not be general obligation bonds of
the County, but shall be payable solely from certain revenues
to be paid by North Pacific Products, Inc. under the condi-
tions provided in the Indenture of Trust, Lease and Guaranty.
Section 2. The forms of the Indenture of Trust, Lease,
Guaranty and Bond Purchase Agreement submitted to the County
are hereby approved.
Section 3. The Chairman of the Board of County Com-
missioners of Deschutes County and the County Clerk are
hereby authorized to execute the bonds on behalf of the
County. When bond counsel has indicated that all is in
readiness for closing, the Chairman, any member of the Board
of County Commissioners, or the County Clerk is authorized
to request First National Bank of Oregon, as Trustee, to
authenticate the bonds.
Section 4. The Chairman of the Board of County Commis-
sioners of Deschutes county, any Commissioner, or the County
Clerk of Deschutes county is hereby authorized to execute
the Indenture of Trust, the Lease, the Bond Purchase Agree-
ment, the certificate relating to arbitrage, the bill of
sale to be released to the company when the bonds are retired,
and any other document which may be reasonably required to
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v0L 29 PACE 343
issue, sell and deliver the Series 1978 Bonds.
DATED this Z7- day of November, 1978.
DESCHUTES COUNTY BOARD OF COMMISSIONERS:
Commissioner
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