HomeMy WebLinkAboutOrder 039 - DEQ Loan Reserve FundDeschutes County Board of Commissioners
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AGENDA REQUEST & STAFF REPORT
For Board Work Session of 1:30 PM, Monday, June 15, 2009
Please see directions for completing this document on the next page.
DATE: June 10, 2009
FROM: Tom Anderson CDD Phone #1704
TITLE OF AGENDA ITEM:
Consideration of Board Signature of Order No. 2009-039 establishing a segregated loan reserve fund,
to be held in trust for the benefit the Oregon Department of Environmental Quality.
PUBLIC HEARING ON THIS DATE? No.
BACKGROUND AND POLICY IMPLICATIONS:
On June 1, 2009, Deschutes County entered into a loan agreement with the Oregon Department of
Environmental Quality ("DEQ"), Document 2009-290, in which the DEQ will loan the County $40,000
to provide a grant to Sunriver Environmental LLC ("SELLC") for the purpose of conducting a sewer
expansion feasibility study for certain areas south of the Sunriver Urban Unincorporated Community;
and the loan agreement requires the establishment of a segregated account (trust fund).
FISCAL IMPLICATIONS:
The loan encumbers Deschutes County Fund 296, the CDD Groundwater Partnership Fund, and any
revenues resulting from the sale of the County property in the New Neighborhood until the loan is
repaid. The County must maintain a reserve trust fund in the amount of $4,157 until the loan is repaid.
RECOMMENDATION & ACTION REQUESTED:
Approve and sign Order 2009-039.
ATTENDANCE: Tom Anderson and Laurie Craghead
DISTRIBUTION OF DOCUMENTS:
A certified true copy of the order to Doreen Blome, will pick up, x 3193.
REVIEWED
LEG L COUNSEL
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
An Order Establishing the DEQ Loan Reserve
Trust Fund * ORDER NO. 2009-039
WHEREAS, on June 1, 2009, Deschutes County entered into a loan agreement with the Oregon
Department of Environmental Quality ("DEQ"), Document 2009-290, in which the DEQ will loan the Courty
$40,000 to provide a grant to Sunriver Environmental LLC ("SELLC") for the purpose of conducting a sev, er
expansion feasibility study for certain areas south of the Sunriver Urban Unincorporated Community; and
WHEREAS, the loan agreement required the establishment of a segregated loan reserve account, to be
held in trust for the benefit of DEQ ("trust fund"); and
WHEREAS, the money in the trust fund is to be used solely to pay amounts due under Document 2009-
290; and
WHEREAS, the trust fund is to maintain, at all times, a minimum balance of $4,157.00 until all
amounts due under Document 2009-290 are repaid in full; and now, therefore,
THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGC
ORDERS as follows:
Section 1. The Deschutes County Treasurer shall establish the DEQ Loan Repayment trust
fund.
Section 2. The Deschutes County Treasurer shall transfer $4,157.00 from Fund 296-0000-
126-01-00 to the DEQ Loan Repayment trust fund.
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PAGE 1 OF 2- ORDER No. 2009-039 (06/10/09)
Section 3. Until the all amounts due under Document 2009-290 are repaid in full, if the balance i
the DEQ Loan Repayment trust fund becomes less than $4,157.00, the Deschutes County Treasurer shall
transfer from Fund 296-0000-126-01-00 to the DEQ Loan Repayment trust fund sufficient funds to
restore the balance required under Document 2009-290.
DATED this day of , 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- ORDER No. 2009-039 (06/10/09)