Laserfiche WebLink
Marion Count~ <br />OREGON <br />DIRECTOR <br />james V. Sears <br />(503) 588-Si69 <br />BOARD OF <br />COMMfSS10NER5 <br />Randall fnnke <br />Cary Heer <br />Mary Pearmine <br />ADMINISTRATIVE <br />OFFICER <br />Ken Roudybush <br />DEPARTMENT OF <br />SOLID WASTE MANAGEMENT <br />MEMORANDUM <br />October 27, 1997 <br />TO: Board of Commissioners <br />FROM: 7im Sears, Director <br />Department of Solid ste Management <br />g~: Item for Board A~enda - Or+~ber 29. 1997 <br />I [~E <br />Approval of an extension of the loan of Solid Waste Management funds to the <br />Department of General Services until June 30, 1998 for the Courthouse Square <br />Project. <br />BACKGROUND <br />To move ahead in an expedient fashion with the Courthouse Square Project, General <br />Services borrowed interim funds from the Department of Solid Waste Management <br />while they complete the long term financing of the Courthouse Square project. To <br />date they have not completed the financing and need to extend the loan. <br />FACTS AND FINDINGS <br />To provide for short term funds, the Solid Waste Management Department and the <br />General Services Department had entered into an agreement to allow for the General <br />Services Department to borrow up to $5 million for a six month period. Monies were <br />dispersed from the Solid Waste Management's fund for the Courthouse Square <br />Project. This allowed the Courthouse Square project to move ahead as the <br />Department of General Services moved to complete the long term financing. <br />Due to the financing taking longer than anticipated, the General Services Department <br />has requested an extension to the original loan from November 1~ until7une 30, 1998. <br />The extension will continue under the same terms as the original agreement. This <br />allows that as funds are dispersed, the Department of General Services would begin <br />accruing interest, which will be equal to the daily average interest paid by the Marion <br />County Treasurer as of May 1997, on monies borrowed to date. On 7une 30, 1998, <br />or sooner if long term financing is completed, the Department of General Services <br />~ Printed on Recycled Paper <br />Reduce • Reuse • Recycle • Recover <br />Capital Center • 388 State Street • 3a~em, O~egan 97301-3538 <br />will repay to <br />