HomeMy WebLinkAboutRes 033 - Bonding - Jail ExpansionDeschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701-i960
(541) 388-6570 -Fax (541) 385-3202 -www.deschute .or
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of May 6, 2013
Please see directions for completing this document on the next page.
DATE: May 1,2013
FROM: Marty Wynne Finance Phone # (541) 388-6559
TITLE OF AGENDA ITEM:
Consideration and signature of Resolution #2013-036.
PUBLIC HEARING ON THIS DATE? NO
BACKGROUND AND POLICY IMPLICATIONS:
Consideration of Resolution #2013-036. A resolution amending Resolution No. 2013-033 and
authorizing Full Faith & Credit Obligations for the Jail Expansion Project in an amount not to
$8,700,000.
FISCAL IMPLICATIONS:
Bond debt service will be paid by the General Fund & the Sheriffs Office. The total bond issue is
estimated not to exceed $8,700,000, with total annual debt service estimated to be approximatel
$500,000.
RECOMMENDATION & ACTION REQUESTED:
Approval and signature of Resolution #2013-036.
ATTENDANCE: Marty Wynne
DISTRIBUTION OF DOCUMENTS:
Marty Wynne, Finance Department 388-6559
REVIEWED
LEGAL COUNSEL
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Amending Resolution No.2013*
033 and Authorizing Full Faith and Credit RESOLUTION NO. 2013-036 *
Bonds for Jail Projects in an amount not to *
exceed $8,700,000
WHEREAS, the Board of County Commissioners of Deschutes County the
"Board") adopted Resolution No. 2013-033 on April 24, 2013 authorizing full faith and cr dit
obligations pursuant to ORS 271.390 for a jail expansion project, including a n. w,
medium/maximum security inmate housing unit, improvements and renovations to the exis~ing
jail facility and related site work (collectively, the "Projects"); •
WHEREAS, Deschutes County, Oregon (the "County") is authorized to l~sue
revenue bonds for a public purpose by ORS 287 A.lSO (the "Act"), which states that those bo ds
may be payable from all or any portion of the "revenue" of the County, as defined in .RS
287A.00l(16); and,
WHEREAS, the County now desires to issue revenue bonds under the Act that are
secured by all lawfully available revenues and funds of the County and a pledge of the County's
full faith and credit and taxing power, as permitted by ORS 287 A.31S, to the Projects; and,
WHEREAS, the Board desires to amend Resolution No. 2013-033 in order to
finance the Projects with revenue bonds under the Act; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF DESCHUTES COUNTY, OREGON, as follows:
Section 1. Amendment to Section 1 of Resolution No. 2013-033.
Section 1 of Resolution No. 2013-033 is hereby amended and restated as follows:
Section 1. Full Faith and Credit Bonds Authorized Under the Act. The Countt
hereby authorizes the issuance offull faith and credit bonds (the "Bonds") pursuant to the Ad in
amounts sufficient to provide up to $8,700,000 for costs related to the Projects, plus additionait
amounts sufficient to pay estimated costs related to the Bonds authorized by this Section. Th~
Bonds authorized by this Section shall be payable from all lawfully available funds of the CoJnty
PAGE 1 oF4 RESOLUTION NO. 2013-036 (05/06/13)
I
I
and shall be secured by the County's full faith and credit and taxing power within the limitatio~s
of Article XI, Sections 11 and 11 b of the Oregon Constitution. The Finance Director, the County
Administrator or the Finance Director's designee (the "County Official") is hereby authorized bn
behalf of the County and without further action by the Board, to:
1.1 Publish the Notice required by Section 2 of this Resolution.
1.2 Issue the Bonds authorized by Section 1 of this Resolution in one or more series,
which may be sold at different times.
1.3 Participate in the preparation of, authorize the distribution of, and deem final
preliminary and final official statements or other disclosure documents for each
series of the Bonds.
1.4 Subject to the limits in this resolution, establish the final principal amounts,
maturity schedules, interest rates, sale prices, redemption terms, payment terms
and dates, record dates and other terms for each series of the Bonds, and either 1·
publish a notice of sale, receive bids and award the sale of each series to the
bidder complying with the notice and offering the most favorable terms to the
County, or select one or more underwriters or lenders and negotiate the sale of y
series with those underwriters or lenders. .
1.5 Undertake to provide continuing disclosure for any series of the Bonds in
accordance with Rule I5c2-12 of the United States Securities and Exchange j
Commission.
1.6 Finalize the terms of, execute, and deliver bond declarations or other document
that describe the terms of each series of the Bonds. The bond declarations or .
other documents may also contain covenants for the benefit of the owners of thel
Bonds. l·
1.7 Appoint and enter into agreements with paying agents and other service provide s
for the Bonds. I
1.8 Apply for ratings for each series of Bonds, determine whether to purchase
municipal bond insurance or obtain other forms of credit enhancements for each
series of Bonds, enter into agreements with the providers of credit enhancement].
and execute and deliver related documents.
1.9 Issue any qualifYing series of Bonds as "tax-exempt bonds" bearing interest tha. is
excludable from gross income under the Internal Revenue Code of 1986, as
amended, (the "Code") and enter into covenants for the benefit of the owners !of
those series of Bonds to maintain the excludability of interest on those series from
gross income under the Code. i
1.10 Issue any qualifYing series of Bonds as "federal subsidy bonds" that are eligible
for federal interest rate subsidies but bear interest that is includable in gross
PAGE 2 OF 4 RESOLUTION NO. 2013-036 (05/06/13)
income under the Code and take any actions that are required to qualify for tho~
federal interest rate subsidies.
1.11 Issue any series of Bonds as "taxable bonds" bearing interest that is includable n
gross income under the Code.
1.12 Designate any series of Bonds as a qualified tax-exempt obligation pursuant to •
Section 265(b )(3) of the Code, if applicable.
1.13 Execute any documents and take any other action in connection with the Bonds·
that the County Official finds will be advantageous to the County.
Section 2. Amendment to Section 2 of Resolution No. 2013-033.
Section 2 of Resolution No. 2013-033 is hereby amended and restated as follows:
Section 2. Notice; Procedure.
2.1 No Bonds may be sold, and no purchase agreement for the Bonds may be
executed, until at least sixty (60) days after publication of the Notice of Reven e
Bond Authorization, which is attached to this resolution as Exhibit "A" (the
"Notice"). The Notice shall specify the last date on which petitions may be i
submitted, and shall be published in at least one newspaper of general circulation
in the County in the same manner as are other public notices of the County. I
2.2 If petitions for an election, containing valid signatures of not less than five per~ent
(5%) of the County's electors, are received within the time indicated in the Not~ce,
the question of issuing the Bonds shall be placed on the ballot at the next legally
available election date. If such petitions are received, no Bonds may be sold u4til
this resolution and the question of issuing the Bonds is approved by a majority of
the electors of the County who vote on that question. .
2.3 The Bonds shall be issued and sold in accordance with the Act.
Section 3. Resolution No. 2013-033, as amended herein, shall remain in full
force and effect.
Section 4. Effective Date.
This Resolution shall take effect immediately upon its adoption.
PAGE 3 OF 4 RESOLUTION NO. 2013-036 (05/06/13)
1
The foregoing Resolution adopted this __day ____,2013.
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
ALAN UNGER, Chair
TAMMY BANEY, Vice Chair
ANTHONY DEB ONE, Commissioner
ATTEST:
Recording Secretary
Record of Adoption Vote
Commissioner Yes No
Alan Unger
Tammy Baney
Tony DeBone
Abstained Excused
PAGE 4 OF 4 RESOLUTION NO. 2013-036 (05/06/13)
EXHIBIT A
Notice of Revenue Bond Authorization
NOTICE IS HEREBY GIVEN that the Board of County Commissioners of i
Deschutes County, Oregon (the "County"), adopted Resolution No. 2013-036 on May 6, 2013,!
authorizing the issuance of revenue bonds. The bonds will be issued to finance a jail expanSior·
project, including a new, medium/maximum security inmate housing unit, improvements and
renovations to the existing jail facility and related site work.
The County estimates that the bonds will be issued in an aggregate principal .
amount of not to exceed $8,700,000. The bonds will not be general obligations of the County.
and neither the authorization nor the issuance of the bonds shall authorize the County to levy ah y
additional taxes. The bonds will be payable from all lawfully available funds of the County ani·
shall be secured by the County's full faith and credit and taxing power within the limitations 0
Article XI, Sections 11 and 11 b of the Oregon Constitution.
If written petitions, signed by not less than five percent (5%) of the County's .
electors, are filed at the office ofthe County Clerk on or before July 8, 2013 (the 61st day afterj
the date of publication of the notice), the questions of issuing the revenue bonds shall be placed
on the ballot at the next legally available election date. l
The office of the County Clerk is located at 1300 NW Wall S1. Bend, Oregon.
The resolution authorizing the bonds is available for inspection at the office of t e
County Clerk.
The bonds will be issued and sold pursuant to Oregon Revised Statutes
Section 287A.l50(3) and (4).
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTESCOlmTY, OREGON
Exhibit A (Notice of Revenue Bond Authorization)
254966.1 036770 RSIj'lD