2006-954-Resolution No. 2006-127 Recorded 9/28/2006RE c�A�Y,ED
LEGAL COUNSEL
DESCHUTES COUNTY OFFICIAL
NANCY BLANKENSHIP, COUNTY
COMMISSIONERS' JOURNAL
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2006-954
For
RECORDS CBONN
CLERK J
09/28/2006 02:38:29 PM
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing a Loan in the
Amount of $65,000 to Black Butte Ranch
County Service District Pending Collection of
District's 2006-07 Real Property Taxes
* RESOLUTION NO. 2006-127
WHEREAS, Black Butte Ranch County Service District has the authority to levy property
taxes during FY 2006-07; and
WHEREAS, collection of such taxes will not be substantially realized until on or about
November 30, 2006; and
WHEREAS, Black Butte Ranch County Service District is anticipating the need for financial
resources prior to the collection of such taxes; and
WHEREAS, Black Butte Ranch County Service District and Deschutes County anticipated the
need for a short term loan from County to District to meet District's financial obligations prior to
collection of District's FY 2006-07 real property taxes and, therefore, included the anticipated loan in
each their respective adopted FY 2006-07 budgets; 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 make a loan to
Black Butte Ranch County Service District in the amount of SIXTY FIVE THOUSAND and no/100
DOLLARS ($65,000.00) from the Deschutes County General Fund upon execution by parties
authorized to do so on behalf of Black Butte Ranch County Service District of a Promissory Note in
the form of Exhibit "A" attached hereto and incorporated herein by reference.
Section 2. Said loan is to be repaid to the Deschutes County General Fund in accordance with
the terms of the Promissory Note (Exhibit A).
Section 3. Interest shall accrue on the loan principal at the County's estimated monthly net
earnings rate, compounded monthly. Accrued interest shall be paid with the principal payment on or
before November 30, 2006.
PAGE I OF 2 -RESOLUTION NO. 2006-127 (9/20/06)
DATED this th day of September, 2006.
ATTEST:
- (P2� Aual�
Recording Secretary
ATTEST:
o
Recording Secretary
PAGE 2 OF 2 -RESOLUTION No. 2006-] 27 (9/27/06)
BOARD OF COUNTY COMMISSIONERS OF
DESCHUT OUNTY,OREGON
tet._
D I R. LUKE, Chair
BEV CLARNO, Vice -Ch 'r
11yie'11,4 -0
KWftAEf M. DAL)/Commissioner
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
ACTING AS THE GOVERNING BODY OF
THE BLACK BUTTE RANCH COUNTY
SERVICE DISTRICT
LUKE, Chair
BEV gARNO, Vice -Chair
MfMAft M. br, Commissioner
EXHIBIT "A"
Deschutes County
Promissory Note
Date: October 2, 2006
Promisor: Black Butte Ranch County Service District
Attn: Tom Mayberry
P.O. Box 8244
Black Butte Ranch, Oregon 97759
Promisee: Deschutes County
Attn: Marty Wynne
1300 NW Wall Street, Ste. 200
Bend OR 97701
FOR VALUE RECEIVED, Promisor promises to pay Promisee, at Promisee's order, the
principal sum of SIXTY FIVE THOUSAND and no/100 DOLLARS ($65,000.00).
Principal, and accrued interest thereon, shall be payable in one -lump sum installment
which shall be due by November 30, 2006. There is no penalty for prepayment.
Borrower: Black Butte Ranch County Service District
Principal: $65,000.00
Interest Rate: Estimated net monthly earnings rate of Deschutes County
Term: 60 days
Maturity Date: November 30, 2006
1. Disputes.
With respect to any dispute relating to this agreement, or in the event that a suit,
action, arbitration, or other proceeding of any nature whatsoever, including,
without limitation, any proceeding under the U.S. Bankruptcy Code and involving
issues peculiar to Federal bankruptcy law, or any action seeking a declaration of
rights, is instituted to interpret or enforce this agreement or any provision of this
agreement, the prevailing party shall be entitled to recover from the losing party
its reasonable attorney's fees and all other fees, costs, and expenses actually
incurred and reasonably necessary in connection therewith, as determined by the
judge or arbitrator at trial or other proceeding or on any appeal or review, in
addition to all other amounts provided by law.
2. Waivers
Presentment, notice of dishonor, and protest are hereby waived by all makers,
sureties, guarantors, and endorsers hereof. This note shall be the joint and several
obligation of all makers, sureties, guarantors and endorsers, and shall be binding
upon them and their successors and assign.
3. Notices
Any notice to Promisor provided for in this Note shall be given by mailing such
notice by certified mail addressed to Promisor at the property address stated, or to
such other address as Promisor may designate by notice to Promisee. Any notice
to Promisee shall be given by mailing such notice by certified mail, return receipt
requested, to Promisee at the address stated in the first paragraph of this Note, or
at such other address as may have been designated by notice to Promisor.
Under Oregon Law (Chapter 9.67 OR laws 1989), most agreements, promises, and
commitments made by us after October 3. 1989, concerning loans and other credit
extensions which are not for personal, family, or household purposes or secured solely by
the Borrower's residence, must be in writing, express consideration, and be signed by us
to be enforceable.
PROMISOR: BLACK BUTTE RANCH COUNTY SERVICE DISTRICT
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