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.e~ `~°''~~nui~ ~~,~,. __-- :....._ --,.._• DIRECiOR )ames V. Sears (503) 588~5169 BOARD OF COMMISSIONERS Randall franke Ga~y Heer Mary Pearmine ADMINISTRATIVE OFFICER Ken Roudybush e Prinled on Recyded Paper RMuw ~ Neuse ~ RxK~e' Rttm~e~ 1~7arion CounttJ OREGON DEPARTMENT OF SOLID WASTE MANAGEMENT MEMORANDUM April 18, 1997 TO: Board of Commissioners FROM: Jim Sears, D'uector Department of Solid ste Management ~~ Item for Board A ~~a April 23 1997 ~~ Approval of lending solid waste funds to the General Services Department for a six month period for the Courthouse Square Project. BA~K_ C',Rp~Tnm 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 A7~m FrNDTt.rrs To provide for short term funds, the Solid Waste Management Department and the General Services Department have proposed an agreement to allow for the General Services Department to banow up to $5 million for a si~c month period. Monies would be dispersed from the Solid Waste Management fund as needed for the Courthouse Squaze Project. This will allow the project to move ahead as General Services completes the long term financing. As funds aze 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 principa] and interest occurred. ~COMD~NDATI TT~ 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 ~apiroi Center . 388 Sta[e Street • Suite 735 . Salem. Oregon 97301-3538