HomeMy WebLinkAboutRes 008 - Auth Loan - Real Property AcquisitionDeschutes 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 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 #2008-008, authorizing a loan for the costs of acquiring and
remodeling real property
PUBLIC HEARING ON THIS DATE? NO
BACKGROUND AND POLICY IMPLICATIONS:
Consideration of Resolution #2008-008. The Board of County Commissioners determined that in Fiscal
Year 2008, the County should acquire and remodel real property at 63319 Jamison Street in Bend.
FISCAL IMPLICATIONS:
It is expected that the costs will ultimately be paid for with long-term financing. It is anticipated that
debt service will be paid from rental payment pursuant to a long-term lease with 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 #2008-008.
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, OREG(
A Resolution Authorizing a Loan to Acquire and
Remodel Real Property.
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RESOLUTION NO. 2008-008
WHEREAS, it is necessary that the Jamison Acquisition & Remodel Fund borrow $3,160,000 as a loan
to acquire and remodel real property; and
WHEREAS, the PERS Reserve Fund has sufficient resources to make a loan to the Jamison Acquisition
& Remodel 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 THREE MILLION ONE HUNDRED SIXTY THOUSAND DOLLARS ($3,160,000)
from the PERS Reserve Fund (135) to the Jamison Acquisition & Remodel Fund (457).
Section 2. Said loan (principal and interest) is to be repaid to the PERS Reserve Fund (135) with
resources from long term external financing.
Section 3. Interest shall accrue at the County's actual net earnings rate, compounded monthly, and
shall be paid at the time the principal is repaid.
Section 4. That the Treasurer is hereby directed to make such entries in the records of the County for
the Fiscal Year 2008 as are necessary to reflect these transactions.
DATED this rd day of January, 2008.
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
DENNIS R. LUKE, Chair
ATTEST: TAMMY BANEY-MELTON, Vice -Chair
Recording Secretary MICHAEL M. DALY, Commissioner
PAGE 1 OF I -RESOLUTION NO. 2008-008 (1/23/08)
