HomeMy WebLinkAboutRes 2008-112 - Obligations - Beaver Special Rd Dist LIDDeschutes County Board of Commissioners
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AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of July 2, 2008
Please see directions for completing this document on the next page.
DATE: June 24, 2008
FROM: George Kolb, County Engineer Road Department 322-7113
TITLE OF AGENDA ITEM:
Consideration of signature of Resolution No. 2008 -112 Declaring the County's Intent to Issue
Obligations to Reimburse the County for certain expenditures for the Beaver Special Road District LID
PUBLIC HEARING ON THIS DATE? NO.
BACKGROUND AND POLICY IMPLICATIONS:
The Road Department received petitions and the appropriate fee to form the Beaver Special Road
District LID. A feasibility study was completed and mail poll ballots were mailed to the property
owners within the proposed LID boundary. The Road Department received a return of over 60% mail
ballots in favor of the project. This Resolution will authorize the reimbursement of funds expended
during the LID process for this LID
FISCAL IMPLICATIONS:
Properties within the Beaver Special Road District LID will be assessed for 100% of the costs
associated with the LID (includes administration, design, construction, and financing costs).
RECOMMENDATION & ACTION REQUESTED:
The Road Department recommends signature of Resolution No. 2008 - 112
ATTENDANCE: George Kolb, County Engineer
DISTRIBUTION OF DOCUMENTS:
Copy to Wanda (ext. 7103) at the Road Department.
--kREVIEW
L GAL COUNSEL
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Declaring the County's Intent to
Issue Obligations to Reimburse the County
for Certain Expenditures.
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RESOLUTION NO. 2008-112
WHEREAS, the County expects to make expenditures from its available funds to pay for
the costs of the new Beaver Special Road District L.I.D. (the "Project"); and
WHEREAS, the County reasonably expects to issue 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; and
WHEREAS, 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 Bond proceeds within 60 days after the
expenditures are made; and
WHEREAS, the County expects that the principal amount of the Reimbursement
Obligations is estimated to be $1,030,102; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. Deschutes County intends to reimburse all or a portion of the expenditures it
makes for the Project with the proceeds of the Reimbursement Obligations.
DATED this day of , 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
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