HomeMy WebLinkAboutRes 015 - Auth Loan to Redmond HumaneDeschutes County Board of Commissioner~
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AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of February 11, 2009
Please see directions for completing this document on the next page.
DATE: February 4, 2009
FROM: Marty Wynne Finance Phone # (541) 388 -6559
TITLE OF AGENDA ITEM:
Consideration and signature of Resolution #2009 -015, authorizing a loan from the County's Landfill
Closure Fund to the County's Humane Society of Redmond Fund.
PUBLIC HEARING ON THIS DATE? NO
BACKGROUND AND POLICY IMPLICATIONS:
Consideration of Resolution #2009 -015, authorizing an inter -fund loan, in an amount not to exceed $1.7
million, from the Landfill Closure Fund (611) to the Humane Society of Redmond Fund (129). The
County entered into a Rehabilitation Loan Agreement with the Humane Society of Redmond (HSR
which, among other things, requires the County to make a loan or loans to HSR for HSR's financial
obligations. The inter -fund loan is required so that the Humane Society of Redmond Fund has sufficient
resources for the HSR loan.
FISCAL IMPLICATIONS:
Pursuant to the Rehabilitation Loan Agreement with HSR, the proceeds generated from the sale of
certain HSR assets will be used to repay the loan and subsequently the inter -fund loan.
RECOMMENDATION & ACTION REQUESTED:
Approval and signature of Resolution #2009 -015.
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 Authorizing a Loan from the
County's Landfill Closure Fund to the County's
Humane Society of Redmond Fund.
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RESOLUTION NO. 2009 -015
WHEREAS, the County has entered into a Rehabilitation Loan Agreement with the Humane Society ( f
Redmond (HSR), dated December 10, 2008 to assist HSR with its financial obligations; and
WHEREAS, the County has provided funding in the form of a loan or loans to HSR; and
WHEREAS, the County adopted a supplemental budget establishing the Humane Society of Redmond
Fund in which activities related to such loan or loans will be recorded; and
WHEREAS, such supplemental budget included an inter -fund loan from the County's Solid Waste
Landfill Closure Fund to the Humane Society of Redmond fund; and
WHEREAS, the Solid Waste Landfill Closure Fund has sufficient resources to make a loan to the
Humane Society of Redmond Fund; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. That the Deschutes County Finance Director is hereby authorized to transfer funds, the
aggregate not to exceed ONE MILLION SEVEN HUNDRED THOUSAND DOLLARS ($1,700,000) from the
Solid Waste Landfill Closure Fund (611) to the Humane Society of Redmond Fund (129).
Section 2. Said loan (principal and interest) is to be repaid to the Solid Waste Landfill Closure Fund
(611) with resources from Humane Society of Redmond Fund (129)
Section 3. Interest shall accrue at the interest rates set forth in the Promissory Notes executed by H iR
and delivered to the County, and shall be paid no later than the time the principal is repaid.
Section 4. That the Finance Director is hereby directed to make such entries in the records of the
County for the fiscal year 2009 and beyond as are necessary to reflect these transactions.
PAGE 1 OF 2- RESOLUTION No. 2009- 015 (2/11/09)
DATED this th day of February, 2009.
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
TAMMY BANEY, Chair
ATTEST: DENNIS R. LUKE, Vice -Chair
Recording Secretary ALAN UNGER, Commissioner
PAGE 2 OF 2- RESOLUTION NO. 2009 -015 (2/11/09)