HomeMy WebLinkAboutRes 100 - Intent to Reimburse - Tax Exept BondsyrES ,
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Deschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701-1960
(541) 388-6570 - Fax (541) 385-3202 - www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of June 29, 2011
Please see directions for completing this document on the next page.
DATE: June 15, 2011
FROM: Marty Wynne Finance (541) 388-6559
TITLE OF AGENDA ITEM:
Consideration and signature of Resolution #2011-100, declaring the County's intent to reimburse
expenditures with the proceeds of future tax-exempt obligations.
PUBLIC HEARING ON THIS DATE? NO
BACKGROUND AND POLICY IMPLICATIONS:
Consideration of Resolution #2011-100. The County expects to make expenditures from its available
funds to pay for the costs of acquiring and renovating a building that will house several County
departments and will be used as the County's "North County Campus". The County expects to issue
bonds or other obligations and to use the proceeds of the Reimbursement Obligations to reimburse the
County for the expenditures it makes from its available funds for the Project. The County expects that
the principal amount of the Reimbursement Obligations will not exceed $3,000,000.
FISCAL IMPLICATIONS:
Until such times as tax-exempt obligations are issued, resources will be provided by the County's
Project Development Fund.
RECOMMENDATION & ACTION REQUESTED:
Approval and signature of Resolution #2011-100.
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 Declaring the County's Intent to
Reimburse Expenditures with the Proceeds of
Future Obligations
*
*
RESOLUTION NO. 2011-100
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. Deschutes County, Oregon (the "County") expects to make expenditures from its
available funds to pay for the costs of acquiring and renovating a building that will house several
County departments and will be used as the County's "North County Campus" (the "Project").
Section 2. The County reasonably expects to issue bonds or other obligations (the
"Reimbursement Obligations") and to use the proceeds of the Reimbursement Obligations to reimburse
the County for the expenditures it makes from its available funds for the Project.
Section 3. To permit the Reimbursement Obligations to be issued as tax-exempt or another
type of tax advantaged obligations, the Internal Revenue Code of the United States requires that the
County declare its intent to reimburse from Reimbursement Obligation proceeds within 60 days after
the expenditures are made.
Section 4. The County expects that the principal amount of the Reimbursement Obligations
will not exceed $3,000,000.
Section 5. This Resolution shall take effect immediately upon its adoption.
PAGE 1 OF 2 — RESOLUTION NO. 2011-100 (06/29/11)
DATED this th day of June, 2011.
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
TAMMY BANEY, Chair
ATTEST: ATHONY DEBONE, Vice -Chair
Recording Secretary ALAN UNGER, Commissioner
Record of Adoption Vote
Commissioner Yes No Abstained Excused
Tammy Baney
Anthony DeBone
Alan Unger
PAGE 2 OF 2 — RESOLUTION NO. 201 1-100 (06/29/11)
Lacy Nichols
From: Marty Wynne
Sent: Wednesday, June 15, 2011 12:45 PM
To: Lacy Nichols
Subject: FW: North County Project Reimbursement Resolution
Attachments: NorthCoProjReimbursementresolution.doc
Follow Up Flag:
Flag Status:
Lacy,
Follow up
Flagged
Would you please check to see if there is anything else that needs to be done to this resolution before it goes to the
Board.
Marty
Original Message
From: Mark Pilliod
Sent: Wednesday, June 15, 2011 11:09 AM
To: Marty Wynne
Cc: Dave Kanner
Subject: RE: North County Project Reimbursement Resolution
Based upon the response I received today from Carol McCoog, I'm fine with this resolution.
Mark Pilliod
Deschutes County Legal Counsel
541-388-6625
This mail may contain confidential or privileged information. If you are not the intended recipient, please advise by
return e-mail and delete immediately without reading or forwarding to others.
Original Message
From: Marty Wynne
Sent: Tuesday, June 14, 2011 4:52 PM
To: Mark Pilliod
Cc: Dave Kanner
Subject: FW: North County Project Reimbursement Resolution
Mark,
For your review and approval.
Marty
Original Message
From: Dave Kanner
Sent: Tuesday, June 14, 2011 4:33 PM
To: Marty Wynne
1
Subject: RE: North County Project Reimbursement Resolution
It's fine with me.
Dave
Original Message
From: Marty Wynne
Sent: Tuesday, June 14, 2011 3:09 PM
To: Dave Kanner
Subject: North County Project Reimbursement Resolution
Dave,
Attached is the draft resolution from K&L Gates. If you don't have any issues with it, it should probably go to Legal
Counsel for their input, completion. Thank you.
Marty
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