HomeMy WebLinkAboutRes 007 - Reimburse from Tax Exempt Obligations„"sow Es e
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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.or;;
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of January 23, 2008
Please see directions for completing this document on the next page.
DATE: January 14, 2008
FROM: Marty Wynne Finance (541) 388-6559
TITLE OF AGENDA ITEM:
Consideration and signature of Resolution #2008-007, 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 #2008-007. The County expects to make expenditures from its available
funds to pay for the costs of acquiring and improving property at 63319 Jamison Street in Bend,
Oregon. 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 $3,500,000.
FISCAL IMPLICATIONS:
Funds for the acquisition and remodel of the Jamison property will be loaned from the PERS Reserve
Fund resources. Repayment of this loan will be paid with rental payments pursant to a long-term lease
with the Oregon State Police in the near-term and by the Deschutes County Sheriffs Office in the long-
term.
RECOMMENDATION & ACTION REQUESTED:
Approval and signature of Resolution #2008-007.
ATTENDANCE: Marty Wynne
DISTRIBUTION OF DOCUMENTS:
Marty Wynne, Finance Department 388-6559
Larry Blanton, Sheriffs Office 317-3118
REVIEWED
LEGAL COUNSEL
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGO
A Resolution Declaring the County's Intent
to Reimburse Expenditures with the Proceeds
of Future Tax -Exempt Obligations.
*
* RESOLUTION NO. 2008-007
*
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 improving property at 63319 Jamison Street in
Bend, Oregon (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 interest on the Reimbursement Obligations to be excludable from gross
income, the Internal Revenue Code of the United States requires that the County declare its intent to
reimburse itself 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 $3,500,000.
The foregoing Resolution adopted this day of January, 2008.
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
DENNIS R. LUKE, Chair
ATTEST: TAMMY BANEY-MELTON, Vice -Chair
Recording Secretary
Record of Adoption Vote
Commissioner
Dennis R. Luke
Tammy Baney-Melton
Michael M. Daly
PAGE 1 OF I -RESOLUTION NO. 2008-007 (1123108)
MICHAEL M. DALY, Commissioner
Yes
Abstain Excused