2007-1387-Resolution No. 2007-114 Recorded 7/27/2007J--
DESCHUTES
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REVIEW D NANCYUBLANKENSHIP, COUNTY CLERK 1�J 2V07'1J87
COMMISSIONERS' JOURNAL 07/27/2007 04:27:28 PM
LEGAL COUNSEL II VIII IIIIIIIIIIIIIIIIIII)III
2 07-1387
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing a Loan for the Costs of
Acquiring Land and Constructing and Equipping a * RESOLUTION NO. 2007-114
Jail Facility.
WHEREAS, it is necessary that the Jail Construction Fund borrow $4,000,000 as a loan to acquire land
and construct and equip a jail facility; and
WHEREAS, the Solid Waste Landfill Closure Fund has sufficient resources to make a loan to the Jail
Construction 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 MILLION DOLLARS ($4,000,000) from the Solid Waste Landfill Closure Fund
(611) to the Jail Construction Fund (456).
Section 2. Said loan (principal and interest) is to be repaid to the Solid Waste Landfill Closure Fund
(611) with resources from long term external financing.
Section 3. Interest shall accrue at the County's actual net earnings rate, compounded monthly, and
shall be paid at the time the principal is repaid.
Section 4. That the Treasurer is hereby directed to make such entries in the records of the County for
the fiscal year 2007-08 as are necessary to reflect these transactions.
DATED this ,-S' th day of July, 2007.
ATTEST:
Recording Secretary
PAGE 1 OF I-RFSOLUTION NO. 2007-114 (7/25/07)
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON