2007-146-Resolution No. 2007-024 Recorded 3/2/2007REykW
LEGAL COUNSEL
COUNTY OFFICIAL
NANCYUTES BLANKENSHIP, COUNTY CLERKDS IBJ ��Q�-i46
COMMISSIONERS' JOURNAL
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2007-146
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For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing the Financing of Local
Improvement Projects in an amount not to exceed * RESOLUTION NO. 2007-024
$780,000.
WHEREAS, the County is authorized by Oregon Revised Statutes Section 271.390 to
enter into loan or financing agreements to finance real or personal property which the Board of County
Commissioners determines is needed; and,
WHEREAS, the County is authorized by ORS 287.053 to make these agreements
"limited tax bonded indebtedness" which the County is unconditionally obligated to pay; and,
WHEREAS, the County is undertaking improvements to a number of local
improvement districts ("LIDs"), including five LIDS (Harper Road, Harrington Loop Road,
Choctaw Road, Choctaw Road II, and Manzanita Lane) that have been completed and signed
assessment contracts pending (collectively, the "LID Projects"); and,
WHEREAS, the Board has determined that the LID Projects are needed, and that it is
desirable to obtain financing for such LID Projects in the aggregate principal amount of not more than
$780,000 pursuant to ORS 271.390 and ORS 287.053.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF DESCHUTES COUNTY, OREGON, as follows:
Section 1. Authorization.
The Finance Director, the County Administrator, or the Finance Director's designee
(the "County Official") is hereby authorized on behalf of the County and without further action by the
Board, to:
1.1. Finance the LID Projects, plus any amounts required to pay costs of the financing,
in an aggregate principal amount of not more than Seven Hundred and Eighty Thousand Dollars
($780,000).
1.2. Negotiate, execute and deliver one or more loan agreements, credit facilities or
other financing documents, which may be secured by notes or other obligations (the "Obligations") for
the financing of the LID Projects which obligates the County to repay the principal amounts of the
Obligations with interest.
PAGE 1 OF 3 —RESOLUTION NO 2007-024 (2/28/07)
1.3. Select one or more commercial banks, negotiate the terms of the Obligations,
including the final principal amount, the interest rate or rates which payments shall bear, the County's
prepayment rights and other terms of the Obligations.
1.4. Renew, extend or refund the Obligations.
1.6. Take any other action and sign any other documents, certificates, and undertakings
required in connection with the execution of the Obligations which the County Official finds will be
advantageous to the County.
Section 2. Security.
The Obligations shall constitute a limited tax bonded indebtedness as defined in ORS
287.053 and the obligation of the County to make payments under the Obligations is unconditional.
The County Official may pledge the County's full faith and credit and taxing power within the
limitations of Section 11 and l lb of Article XI of the Oregon Constitution, and any and all of the
County's legally available funds, including the proceeds of the Obligations, to make the payments due
under the Obligations.
Section 3. Maintenance of Tax -Exempt Status.
3.1. The County covenants to comply with all provisions of the Code which are required
for interest paid on the Obligations to be excluded from gross income for federal income tax purposes.
The County makes the following specific covenants with respect to the Code:
3.1.1. The County shall not take any action or omit any action, if it would cause
the Obligations to become "arbitrage bonds" under Section 148 of the Code and shall
pay any rebates or penalties to the United States which are required by Section 148(f) of
the Code.
3.1.2. The County shall operate the facilities financed or refinanced with the
Obligations so that the Obligations are not "private activity bonds" within the meaning
of Section 141 of the Code.
3.2. The covenants contained in this Section 3 and any covenants in the closing
documents for the Obligations shall constitute contracts with the lenders, and shall be
enforceable by them.
Section 4. Appointment of Bond Counsel and Financial Advisor
The law firm of Kirkpatrick & Lockhart Preston Gates Ellis LLP, is appointed as bond counsel
to the County and Western Financial Group LLC, is appointed as financial advisor to the County with
respect to the Obligations.
PAGE 2 of 3 - RESOLUTION NO 2007-024 (2/28/07)
The foregoing Resolution adopted this day of, 2007.
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
� &,. 1A � " .44
MfC1fAEL M. DALY, Cha
ab-D—
DENNIS &,LUKE. Vice Chair
TAMMY
Record of Adoption Vote
Commissioner Yes No Abstained Excused
Michael M. Daly &-�
Tammy Baney (/
Dennis R. Luke ✓
ATTEST:
(Nux4� 1��
Recording Secretary
PAGE 3 OF 3 — RESOLUTION NO 2007-024 (2/28/07)