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l~larion County OREGON DIRECTOR )ames V. Sears (503) 588-5169 BOARD OF COMMISSIONERS Randall Franke Gary Heer Mary Pearmine ADMINISTRATIVE OFFICER Ken Roudybush ~ Printed on Retyded Paper Reduce • Reuse • Recyde • Recover DEPARTMENT OF SOLID WASTE MANAGEMENT MEMORANDUM April 18, 1997 TO: Board of Commissioners FROM: 7im Sears, Director Department of Solid ste Management RE: Item for Board Agenda - A~ri123, 1997 ISSUE Approval of lending solid waste funds to the General Services Department for a six month period for the Courthouse Square Project. BACKGROUND To move ahead in an expedient fashion with the Courthouse Square Project, General Services needs to have interim funds while they complete the long term financing of this project. FACTS AND FINDINGS To provide for short term funds, the Solid Waste Management Department and the General Services Department have proposed an ageement to allow for the General Services Department to barrow up to $5 million for a six month period. Monies would be dispersed from the Solid Waste Management fund as needed for the Courthouse Square Project. This will allow the project to move ahead as General Services completes the long term financing. As funds are dispersed, General Services would begin occurring interest, which will be equal to the daily average interest paid by the Marion County Treasure, on monies borrowed to date. At the end of six months, our sooner if long term financing is completed, General Services will repay the Solid Waste Management Fund all principal and interest occurred. RECOr~IlV1ENDATIONS It is recommended that the Board of Commissioners approve the use of Solid Waste Management funds as a short term loan to the General Services Department for the Courthouse Square Project. cont\courthouse square factsht.jvs Capitol Center • 388 State Street • Suite 735 . Salem, Oregon 97301-3538