Financial- COPS (Official Statement/Drafts)

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accommodate the County's future needs and to be leased to third parties until needed by the County; retail space to be owned by the private developer; and parking facilities. The County and the Transit District will own an undivided interest as tenants in common in the real property on which Courthouse Square will be located. Each of the County, the Transit District and the private developer will own leasehold condominium interests in Courthouse Square. When used in this Resolution with respect to Courthouse Square, the term "Projects" include the County's portions of Courthouse Square and the term "Project Costs" shall include the County's share of the costs of Courthouse Square. (B~I~ FY2ANKLW BLTILDWG PROJECT. The County acquired the Franklin Building located at 101 H'igh Street NE, Salem, Oregon in 1985, which is used as County offices. The acquisition of the Franklin Building was financed by means of certificates of participation in the payments required to be made by the County pursuant to a Lease Purchase Agreement (the "Financing Lease"). The outstanding principal balance due under the Financing Lease is approximately $470,000. The County seeks to refinance the outstanding balance of the Financing Lease in order to take advantage of current low interest rates and thereby realize significant savings with respect to its financing costs. (C~ 1~~ PUBLIC WORKS PROJECT, The County Department of Public Works seeks to consolidate its administration and engineering services by constructing a new building on land currently owned by the County (the "Public Works Building"). The Public Works building will be used by the County exclusively for the operations of the County Department of Public Works relating to the construction, reconstruction, improvement, repair, maintenance, operation and use of public highways, roads, streets and roadside rest areas. (Z) NEED TO FINANCE PROJECT COSTS. The County currently estimates that the Project Costs will be approximately $26,000,000. In order to proceed with the Projects, it is necessary for the County to issue and sell the bonds described herein (the "Bonds") to raise the moneys that will be needed to pay the Project Costs, which Bonds are cunently estimated to be in an amount not to exceed the principal sum of $28,600,000. (3)U~v~'ox~ REVE1vuE BoNV Ac~r. Pursuant to and in accordance with the provisions of the Act and related provisions of the Oregon Revised Statutes, the County is authorized to issue and sell from time to time revenue bonds for any public purpose. Utilizing this authority, the County intends to issue and sell the Bonds in order to provide the moneys needed to pay the Project Costs. (4~'RE-ISSUANCE EXPENDTTURES FOR PROJECT COSTS. The County has incurred, or will incur in the future, preliminary expenditures relating to the design, planning and feasibility of the Projects, all within the meaning of Treasury Regulations ~ 1.150-2, and will continue to incur from time to time additional costs of acquiring, constructing and installing the Projects (such preliminary expenditures together with such other costs of the Projects incurred and paid prior to the issuance of the Bonds being herein collectively called the "Pre-Issuance Expenditures"). Pending the issuance of, RESOLUTION NO.~~-~1Q PAGE 2