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,~II `,~~~~~~qii~• <br />,~~~. <br />_ <br />__~ :....__ <br />-~//.~~. <br />LEGAL COUNSEL <br />Michael J. Hansen <br />BOARD OF <br />COMMISSIONERS <br />Randall Franke <br />Gary Heer <br />Mary B. Pearmine <br />ASSISTANT LEGAL <br />COUNSEL <br />Bruce T. Armstrong <br />Timothy T.A.Jensen <br />Gloria M. Roy <br />Jane Ellen Stonecipher <br />TO <br />Marion County <br />OREGON <br />OFFICE OF LEGAL COUNSEL <br />FROM: <br />Board of Commissioners <br />Mike Hansen, Legal Counsel <br />February 28, 1997 <br />~~ z ~,~-- <br />RE: Resolution authorizing issuance of revenue bonds <br />Courthouse Square and other projects <br />Regular Agenda Item for March 5, 1997 <br />ISSUE: Shall the Board of Commissioners adopt a resolution authorizing the issuance <br />of up to $28.6 million in revenue bonds to finance construction of the Courthouse Square <br />project, refinance of the Franklin Building, and construction of a Public Works building? <br />BACKGROUND: The above three projects have been previously approved by the Board <br />of Commissioners. The county anticipated issuing certificates of participation to finance <br />these projects. Bond Counsel for the county, Ed Einowski, has recommended that the <br />county adopt a resolution authorizing issuance of revenue bonds. Bond Counsel opines that <br />revenue bonds may be more attractive in the market place and may help the county obtain an <br />attractive interest rate. <br />The obligations of the county will not vary under certificates of participation or <br />revenue bonds. The cost of issuance will not change. <br />The dollar amount was estimated on the high side intentionally to ensure that the <br />county could borrow enough to cover all three projects and any related costs. At this point <br />final costs for the three projects have not been fixed. The county will be under no obligation <br />to issue revenue bonds for the full amount of the resolution. However, the county has no <br />authority to issue revenue bonds in an amount in excess of that stated in the resolution. <br />This resolution, if adopted, may be referred to a vote by petition of five percent of the <br />electors in the county. If this is done, revenue bonds can only be issued if the vote is <br />approves of the issuance of revenue bonds. The petition must be filed within 60 days of the <br />publication by the county of notice of the resolution. <br />FISCAL IMPACT: None. The costs of issuing revenue bonds or certificates of <br />participation are approximately the same. <br />OPTIONS : <br />530 Center Street NE, Suite 312 • Salem, Oregon 97301-3670 •(503) 588-5220 • Fax (503) 373-4367 <br />