1995-23662-Resolution No. 83-055 Recorded 8/24/1983vol, 48 McE 775
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing the *
County Treasurer to Negotiate *
the Sale of Tax Anticipation * I L E p
Notes for 1983-84.
AUG 24r
RESOLUTION NO. 83-055
MARY SUE PENH
DESCHUTES OLLOW,
COUNTY CLERK
WHEREAS, the Board of County Commissioners has adopted a
budget for the 1983-84 fiscal year and has ad valorem taxes
levied and in the process of collection within the limitation
imposed by Article XI, Section 11 of the Oregon Constitution for
the Sheriff's serial levy in an amount not less than $2,385,091;
and
WHEREAS, Deschutes County will experience a maximum cash
flow deficit during the 1983-84 fiscal year of approximately
$845,000; and
WHEREAS, It is in the best interests of the County to borrow
in anticipation of the taxes levied and in the process of col-
lection for the 1983-84 fiscal year by issuing Tax Anticipation
Notes of the County in an amount of not more than the anticipated
maximum cash flow deficit, plus one month's expenditures; now,
therefore,
BE IS RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. Notes Authorized. The Board shall issue a
principal amount of not greater than $845,000 of Tax Anticipation
Notes, Series 1983, hereinafter referred to as "Notes", pursuant
to ORS 287.442 for the purpose of meeting current expenses. The
Notes shall be dated with the date specified by the County
Treasurer, shall mature on June 15, 1984, and shall bear interest
payable at maturity at a rate to be established by the Treasurer,
which shall not exceed a net effective rate of nine and one-half
per cent (9.5%).
Section 2. Sinking Fund. Deschutes County shall establish
a sinking fund for the Notes. The County covenants for the bene-
fit of the holders of the Notes to deposit into the sinking fund
all monies received by the County from its Sheriff's serial ad
valorem property tax levy for fiscal year 1983-84 until the
sinking fund holds an amount sufficient to pay principal and
interest on the Notes at maturity. Monies in the sinking fund
shall be used solely to pay principal and interest on the Notes.
In determining whether sufficient amounts have been deposited
into the sinking fund, the County may include 'interest e
K
1 - RESOLUTION NO. 83-055 CHAD
JUL
r.
•
VOL 48 ?ACE 776
earned on investments which have been made with sinking fund
monies. Monies in the sinking fund shall not be invested in
instruments which mature after the maturity date of the Notes.
Section 3. Full Faith and Credit. The full faith and
credit of Deschutes County, Oregon are hereby irrevocably pledged
to the punctual payment of the principal of and interest on the
Notes.
Section 4. Purchase Contract. The Treasurer is hereby
authorized to negotiate the terms, and execute, on behalf of the
County a purchase contract for the Notes with a consortium
consisting of Kidder, Peabody & Company, Inc., Foster & Marshall/
American Express, Inc., and the Oregon Bank. The terms of the
note purchase agreement shall be binding upon the County upon
execution by the Treasurer. The Treasurer shall report the terms
of the purchase contract to the Board after it has been executed.
Section 5. Temporary Note. The Notes herein authorized may
be issued as one or more temporary Notes, which may be type-
written. Temporary Notes shall be exchangeable for definitive
Notes when definitive Notes are available.
Section 6. Execution Form and Denominations of Notes. The
Notes shall be executed on behalf of the County with the manual
signature of the Treasurer. The Notes shall be in the customary
form and in convenient denominations.
Section 7. Miscellaneous. The Treasurer is hereby
authorized to enter into any agreement, and to execute any
documents or certificates which may be required to issue, sell
and deliver the Notes in accordance with this Resolution.
DATED this - L44ay of 1983.
ATTEST:
Recording Secretary
2 - RESOLUTION NO. 83-055
BOARD OF COUNTY COMMISSIONERS
OF DEWEWTES COUNTY, OREGON
RI
LAURENCE A.
ssioner
E, Commissioner