2004-1082-Resolution No. 2004-089 Recorded 8/10/2004DESCH
TES COUNTY
FICIAL
REV [Ilii][111
EDNANCYUBLANKENSHIP,F000NTY CLERKDSCOMMISSIONERS' JOURNAL 08/10/2004 04;12;02 PM
EGAL COUNSEL 11111111111111111111
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BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Declaring the County's Intent
to Reimburse Expenditures For Local
Improvement Projects With the Proceeds of
Future Issues of Bonds or Obligations.
* RESOLUTION NO. 2004-089
WHEREAS, the County is authorized by Oregon Revised Statutes Sections 223.205 to
223.295, 371.605 to 371.660, and the Deschutes County Code Chapter 12.48 (collectively, the "LID
Act"), to construct publicly owned and operated local improvements which specially benefit properties
and to assess the specially benefited property for the costs of local improvements; and,
WHEREAS, the LID Act provides that the County may cause a local improvement to be
constructed, and the County may cause such construction to occur with the use of its own funds, with
the proceeds of interim financing, or preliminarily with the use of its own funds that will subsequently
be financed through interim financing; and,
WHEREAS, the LID Act provides that the County may determine the final assessments for the
local improvement against the property benefited thereby or liable therefore, according to the LID Act;
and,
WHEREAS, the LID Act provides that the owner of any property to be assessed shall have the
right to make application to the County for payment of the final assessment in installments; and,
WHEREAS, the LID Act provides that the County may issue bonds in the amount of the
unpaid balance of all final assessments, plus amounts necessary to fund any debt service reserve and to
pay any other financing costs associated with the bonds, in order to finance the installment payments
and reimburse the County for costs of the local improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF DESCHUTES COUNTY, OREGON, as follows:
Section 1. The County from time to time will undertake the construction of local
improvements pursuant to the LID Act and at such time will reasonably expect to issue interim or
long-term financing (the "LID Obligations") to reimburse the County for expenditures to construct
those local improvement projects (the "LID Projects").
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Section 2. To permit interest on the LID Obligations to be excludable from gross income, the
Internal Revenue Code of the United States requires that the County declare its intent to reimburse
from LID Obligations proceeds within 60 days after the expenditure is made.
Section 3. The principal amount of such LID Obligations will not exceed the amount which the
County reasonably expects to spend on LID Projects which it has properly initiated under the LID Act.
Section 4. The County hereby declares its intention to reimburse itself from proceeds of LID
Obligations for all expenditures it makes on Local Improvement Projects, in amounts that do not
exceed the amounts described in Section 3 of thiw1solution.
The foregoing Resolution adopted this ja=r' day of August, 2004.
ATTEST:
Recording Secretary
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
MICR L M. DAL , C Ir
V-5c� —
DENNIS R. LUKE, Commissione
TOM EWOLF, Com ' s r
PAGE 2 of 2 — RESOLUTION NO. 2004-089 (08/11/04)
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