Laserfiche WebLink
'dl ~~p~~1U-qt~ <br />,,,,: <br />~--~~...~" <br />_,~_..,. <br />~ <br />LEGAL COUNSEL <br />Michael J. Hansen <br />BOARD OF <br />COMMISSIONERS <br />Mary B. Pearmine <br />Randall Franke <br />Don Wyant, Jr. <br />ASSISTANT LEGAL <br />COUNSEL <br />Bruce T. Armstrong <br />Timothy T.A. Jensen <br />Gloria M. Roy <br />Jane Ellen Stonecipher <br />Marion Count <br />~ <br />oRECON <br />OFFICE OF LEGAL COUNSEL <br />November 4, 1998 <br />TO: Board of Commissioners <br />FROM: Mike Hansen, Legal Counsel -° J~ <br />~ ~~~ ~ ~ ~/~~~.~r~, -~ ___ <br />RE: Resolution Authorizing County to Borrow Money for Courthouse <br />Square Project <br />Agenda Item: Regular Calendar <br />November 10, 1998 <br />ISSUE: Shall the Board of Commissioners adopt a resolution authorizing <br />the county to borrow $22,000,000 to finance the county's share of the Courthouse <br />Square project, and authorize the Project Coordinator to execute and deliver all <br />financing documents related to the borrowing? <br />BACKGROUND: The Marion County Board of Commissioners authorized the <br />intergovernmental agreement with the Salem Area Mass Transit District for the <br />Courthouse Square Project by Resolution 97-35R, adopted September 24, 1997. <br />The Marion County Board of Commissioners executed the intergovernmental <br />development agreement on October 28, l 998. As part of the agreement, the <br />county must determine on or before February 1, 1999, that it will be able to secure <br />financing for the county's share of the project. <br />After consultation with Prudential Securities, the underwriter selected by <br />Marion County, and the county's financial advisor, R. S. Clements & Associates, <br />LLC, and the county's bond counsel, Stoel Rives LLP, the Project Coordinator <br />has determined that market conditions are favorable to borrow the necessary funds <br />by means of Certificates of Participation. Therefore, the Project Coordinator has <br />requested that the resolution accompanying this memorandum be presented to the <br />Board of Commissioners for consideration and adoption. <br />This resolution would authorize the county to borrow $22,000,000 to <br />finance the county's share of the costs of the Courthouse Square Project. This <br />530 Center Street NE, Suite 312, Salem, Oregon 97301-3670 (503)SR8-5220 Fax (503)373-4367 <br />~~~vw. open. or~ ~m ari on <br />