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' . <br />~. . ' . <br />RESOLUTION NO. ~~ - 31 (~ <br />RESOLUTION AUTHORIZING THE COUNTY TO BORROW MONEY TO <br />PROVIDE FINANCING FOR THE COUNTY'S SHARE OF THE COSTS OF <br />THE COURTHOUSE SQUARE PROJECT; AND AUTHORIZING THE <br />NEGOTIATION, EXECUTION AND DELIVERY OF A FINANCING <br />AGREEMENT AND OTHER MATTERS PERTAIlVING THERETO. <br />Recitals: <br />A. In order to provide the facilities needed by Marion County, Oregon (the "County'~ to <br />conduct its governmental operations, the County has entered into an~ Intergovernmental <br />Development Agreement with the Salem Area Mass Transit District (the "Transit District") <br />providing for the development of a mixed use facility to be located on a portion of Block <br />5 in the City of Salem, Oregon (the "Site"). The Site is currently owned by the County <br />and the Transit District as tenants in common. The development to take place on the Site <br />will consist of: (a) a transit center for use by the Transit District in its operations; (b) . <br />administt~tive 'offices for use by the Transit District; (c) administrative offices for use by <br />the County; (d) certain commercial retail facilities for lease or sale to third parties; and <br />(d) related parking facilities (collectively, the "Project'~. Upon construction of flie <br />Project, the County and the Transit District will own their respective interests in the <br />Project ~ improvements as condominium units. <br />B. ~ In order to provide the fuads needed to pay the County's share of the costs of the Project, <br />the County desires to. exercise the power granted to it under ORS 271390 by entering into <br />. .a fiuancing agreement as provided herein. ~ <br />BE I`r RESOLVED BY THE COUNTY BOARD OF COMMISSIONERS AS FOLLOWS: <br />SECTION 1. AUTHORI7.ATION OF FIIVANCING; COUNTY'S OBLIGATION SUBJECT TO ANNUAL <br />APPROPRIATION. Reference is made to the form of Financing and Trust Agreement that has been <br />placed on file with the County Clerk in connection with the adoption of this resolution (the <br />"Agrcement'~. All terms used in this resolution and not otherwise defined herein shall have the <br />respective meanings assigned thereto in the Agreement. . <br />RESOLUTION AUTHORIZING FINANCING ~ PAGE 1 <br />