Financial- COPS (Official Statement/Drafts)

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(C)pREPARATION OF BOND AUTHORIZING RESOLUTION. The Chief Exeuctive Officer of ~ the County, the County Counsel and the County's staff, financial advisor and bond counsel are hereby authorized and directed to prepare the Bond Authorizing Resolution as contemplated herein and to present such Bond Authorizing Resolution to the Board for consideration and adoption. SECTION 3. RIGHT OF ELECTORS TO REFER BONDS TO VOTE. Pursuant to and in accordance with the requirements of the Act, the issuance of the Bonds as authorized by this Resolution is subject to the following limitations and conditions: (A) PETTTION TO REFER BO1vDS TO VOTE. The electors of the County may file a Petition with County aslcing to have the question of whether to issue the Bonds referred to a vote, as provided and required under ORS 288.815(3). (B~ SIGNATURES REQUIRED AND TIME FOR FILING PETITION. If: (i) a Petition is filed within 60 days following publication of the notice described in Section 4 of this Resolution; and ' (ii) such Petition contains the valid signatures of electors of County totaling not less than five percent of County's electors; then and in such event the question of issuing the Bonds shall be place on the ballot at the next legally available election date, and no Bonds may be sold until this Resolution is approved by a majority of the electors of County voting on such question. If no Petition meeting the requirements of (ii) above is filed with County within the 60-day time period referred to in (i) above, County may proceed with the issuance and sale of the Bonds at any time following the expiration of such 60-day time period. SECTION 4. PUBLICATION OF NOTICE. The County Administrator is hereby authorized, empowered and directed, for and on behalf of the County, to publish a notice in the form attached hereto as Exhibit A. Such notice shall be published in the Statesman Joun7al, a newspaper of general circulation within the jursidictional boundaries of the County. SECTION 5. REIMBURSEMENT OF PRE-ISSUANCE EXPENDITURES. The County hereby declares its intent to finance all Pre-issuance Expenditures out of the proceeds of the Bonds as and when the same are issued, and to reimburse itself out of the proceeds of the Bonds for all Advances made for the purpose of paying on an interim basis all Pre-issuance Expenditures. The County acknowledges that such reimbursement from Bonds proceeds may be made only to the extent that all other applicable requirements of Treasury Regulations § 1.150-2 are met with respect to the Bonds, the Pre-Issuance Expenditures, the sources of funds used to make the Advances and such reimbursement from Bond proceeds, but intends, and hereby directs all County officials and personnel, RESOLUTION NO. PAGE 5