2005-101-Resolution No. 2005-020 Recorded 2/8/2005' REVI WED
� DESCHUTES COUNTY OFFICIAL RECORDS ^}
J LEGAL COUNSEL NANCY BLANKENSHIP, COUNTY CLERK yJ Z005'
COMMISSIONERS' JOURNAL
02/
1111 01:04:10 PM
II III -103
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing a Loan for the Final
Site Infrastructure Associated with Development
of the Newberry Neighborhood in La Pine in the
Amount of $400,000, to the New Neighborhood
Fund from the Community Development
Department Reserve Fund, Providing for
Repayment, and Directing the County Treasurer to
Make Appropriate Entries.
* RESOLUTION NO. 2005-020
*
WHEREAS, it is necessary that the New Neighborhood Fund borrow $400,000 as a loan to complete
the financing package required for site infrastructure associated with development of the Newberry
Neighborhood in La Pine, including quadrant 2C in accordance with the contract between Deschutes County and
Elk Horn Development, LLC; and
WHEREAS, the Community Development Department Reserve Fund has sufficient resources to make a
loan to the New Neighborhood Fund; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. That the Deschutes County Finance Director is hereby authorized to transfer funds, the
aggregate not to exceed FOUR HUNDRED THOUSAND DOLLARS ($400,000) from the Community
Development Department Reserve Fund (300) to the New Neighborhood Fund (411).
Section 2. Said loan (principal and interest) is to be repaid to the Community Development Department
Reserve Fund (300) as funds become available in the New Neighborhood Fund (411) from land sales to the
developer.
Section 3. Interest shall accrue at an annual earnings rated based on the County's actual earnings rate
and will be paid with the annual installment.
PAGE 1 OF 2 — RESOLUTION NO. 2005-020 (02/09/05)
Section 4. That the Treasurer is hereby directed to make such entries in the records of the
County for the fiscal year 2004-05 as are necessary to reflect these transactions
DATED this "? day of I1.f 2005.
BOARD OF COUNTY COMMISSIONERS
OF DESC1 UTES COUNTY[„ OREGON
TOM
ATTEST:
DALY,
Recording Secretary 6ENNIS R. L KE, Commissioner
PAGE 2 OF 2 — RESOLUTION NO. 2005-020 (02/09/05)