HomeMy WebLinkAboutRes 027 - Recovery Zone ObligationsDeschutes 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 April 14, 2010
Please see directions for completing this document on the next page.
DATE: April 12, 2010
FROM: Marty Wynne Finance Phone # (541) 388-6559
TITLE OF AGENDA ITEM:
Consideration and signature of Resolution #2010-027, approving the issuance of Recovery Zone
Facility Obligations for State of Oregon Mental Health Division Residential Treatment Facility and
related matters.
PUBLIC HEARING ON THIS DATE? YES
BACKGROUND AND POLICY IMPLICATIONS:
Consideration of Resolution #2010-027, approving the issuance of Recovery Zone Facility Obligations.
The Board of Commissioners previously adopted Resolution No. 2008-114 to authorize among otheit
projects, the execution of loan agreements to finance the construction of a facility to serve as a State of
Oregon Mental Health Division secure residential treatment facility.
FISCAL IMPLICATIONS:
The total bond issue will not exceed $1,315,000 allocated from Recovery Zone Facility Bonds.
RECOMMENDATION & ACTION REQUESTED:
Approval and signature of Resolution #2010-027.
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 Approving the Issuance of Recovery
Zone Facility Obligations for State of Oregon
Mental Health Division Residential Treatment
Facility; and related matters.
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RESOLUTION NO. 2010-027
WHEREAS, the Board of County Commissioners (the "Board") of Deschutes Count i,
Oregon (the "County") previously adopted Resolution No. 2008-114 to authorize the execution of login
agreements to finance the construction of a facility to serve as a State of Oregon Mental Health
Division secure residential treatment facility (the "Project"); and
WHEREAS, pursuant to I.R.S. Notice 2009-50, the County was allocated $16,192,000
of Recovery Zone Facility Bond volume cap; and
WHEREAS, the Board previously adopted Resolution No. 2009-133 declaring the
entire geographic area of the County a recovery zone for purpose of, among other things, issuing
recovery zone facility bonds to finance projects within the County; and
WHEREAS, the Project may be financed with full faith and credit obligations rtt
significant debt service savings if such obligations are issued as recovery zone facility bon's
("Obligations"); and
WHEREAS, the Internal Revenue Code of 1986, as amended (the "Code") requires thi t
the County conduct a public hearing to provide a reasonable opportunity for members of the public t 3
express their views, orally or in writing, regarding the issuance of the Obligations and the uses and
purposes of the proceeds of the Obligations and that notice of such hearing is published in a newspaper
of general circulation within the County; and
WHEREAS, the Code requires that recovery zone facility bonds be approved by th
applicable elected representatives of the governmental unit issuing such bonds, and the Board i
comprised of the elected representatives of the governmental unit issuing the bonds; and
WHEREAS, on April 14, 2010 the County conducted a public hearing regarding th,.
Obligations and the Project; and
WHEREAS, notice of the public hearing held by the County was published on March
29, 2010 in The Bend Bulletin; and
WHEREAS, there were no written comments received and no members of the public
appeared at the public hearing to express their views on the proposed issuance of the Obligations; and
PAGE 1 of 2 — RESOLUTION NO. 2010-027 (04/14/10)
WHEREAS, the Board finds that it will benefit the County and its citizens to approve of
the issuance of the Obligations pursuant to the requirements of Section 147(f) of the Code.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. The Board hereby approves the issuance of the Obligations for the
purposes of Section 147(f) of the Code.
Section 2. This Resolution shall take effect immediately upon its adoption.
The foregoing Resolution adopted this 14th day of April, 2010.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
DENNIS R. LUKE, Chair
ALAN LINGER, Vice Chair
Recording Secretary TAMMY BANEY, Commissioner
Record of Adoption Vote
Commissioner Yes No Abstained Excused
Dennis R. Luke
Alan Unger
Tammy Baney
PAGE 2 OF 2 — RESOLUTION NO. 2010-027 (04/14/10)