2024-45-Resolution No. 2024-004 Recorded 2/20/2024REVIEWED,
LEGAL COUNSEL
Recorded in Deschutes County CJ2024-45
Steve Dennison, County Clerk
Commissioners' .journal 02/20/2024 1:27:42 PM
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2024-45
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY,
OREGON
A Resolution Increasing Appropriations
Within the 2023-24 Deschutes County * RESOLUTION NO. 2024-004
Budget
WHEREAS, the Finance department is requesting a budget adjustment in order to payoff
Full Faith & Credit Series 2013 bonds, and
WHEREAS, ORS 294.471 allows a supplemental budget adjustment when authorized by
resolution of the governing body, and
WHEREAS, it is necessary to recognize Bond Proceeds of $5,919,919 and increase Debt
Service appropriations by the same amount in the Full Faith & Credit Debt Service Fund; now,
therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. That the following revenue be budgeted in the 2023-24 County Budget:
Full Faith & Credit Debt Service Fund
Bond Proceeds for Refunding Bonds $ 5,919,919
Total Full Faith & Credit Debt Service 5,919,919
Section 2. That the following amounts be appropriated in the 2023-24 County Budget:
Full Faith & Credit Debt Service Fund
Debt Service $ 5,919,919
Total Full Faith & Credit Debt Service S 5,919,919
Section 3. That the Chief Financial Officer make the appropriate entries in the Deschutes
County Financial System to show the above appropriations:
DATED this �' 1 day of January 2024.
Page 1 OF 2-Resolution no. 2024-004
ATTEST:
Recording Secretary
Page 2 OF 2-Resolution no. 2024-004
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
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PATTI air
TONY DEBONE, Vice -Chair
PHIL CHANG, Commissioner
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o I BOARD OF
MEETING DATE: January 31, 2024
SUBJECT: Public hearing and consideration of Resolution No. 2024-004 adopting a
supplemental budget and increasing appropriations in the Full Faith & Credit
Debt Service Fund
RECOMMENDED MOTION:
First, hold a public hearing. Thereafter, move approval of Resolution No. 2024-004
increasing appropriations within the 2023-24 Deschutes County Budget.
BACKGROUND AND POLICY IMPLICATIONS:
The County refinanced Series 2013 Full Faith & Credit bonds in November 2023. Proceeds
of $5,919,919 were received with the Series 2023 issuance and will be used to pay off Series
2013. A budget adjustment is required to recognize the bond proceeds and increase Debt
Service appropriations by $5,919,919.
This adjustment changes budgeted requirements in the Full Faith & Credit Debt Service
Fund by more than 10%; therefore, a public hearing is required.
BUDGET IMPACTS:
If approved, revenue of $5,919,919 will be recognized and Debt Service appropriations
increased by the same amount within the Full Faith & Credit Debt Service Fund.
ATTENDANCE:
Dan Emerson, Budget and Financial Planning Manager