Financial- COPS (Official Statement/Drafts)

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MARION COUIVTl', OREGON OFFICIAL NOTICE OF INCErT TO ISSUE REYEi~tUE BONDS NpTICE IS 1~EREBY GNEN that on March S, 1997, the Board of County Commissioners of Marion County, Oregon (the "County") adopted Resolution No. 97-4R (the "Resotution"), a copy ofwhich Resolution is available for inspection by any interested member of the public during regular business hours at the o~ices of County Clerk located at 100 High Street NE, Salem, Oregon 97301. BONDS AUTHURIZED: The Resolution authorizes the issuance of revenue bonds in one or more series in an estimated aggregate principal amount of not to exceed $28,600,000 {the "Bonds") for the purpose financing some or alt of the following (collectively, the "Projects"): (1) the County's share of the costs of designing, acquiring and construction the Courthouse Square project to be constructed in the City of Salem on the block where the Senator Hotel currently stands; (2) refinancing tfie County's obligations under a lease purchase agreement entered into in I985 in order to finance the County's acquisition of the Franklin building located at 101 High Street NE in Salem; and (3) a new building to be constructed on land currently owned by the County to house the administration and engineerin~ services of the County Department of Public Works. The Courthouse Square project will be a multi-use facility consisting of the following elements: a public transit mall; administcative offices and other governmental facilities for use by the County and the Transit District; adminitrative office space to accomodate 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 parldng 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 ieasehold condominium interests in Courthouse Sc~uare. The new Public Works building will be used by the County exclusively for the operations of the County Department of Pubtic Works relating to the construction, reconstruction, improvement, repair, maintenance, operation and use of public highways, roads, streets and roadside rest areas. SOURCE OF PAYMENT OF BONDS: The County expects that the Bonds will be paid out of the revenues of the County that are duly appropriated for such purpose in accordance with applicabie law. The County may approQriate funds for the payment of the Bonds out of other legally available sources of revenue, including existing property taxes and any other excise taxes or other County revenues. No new or special property taxes or other taxes will be levied to pay the amounts owing on the Bonds. RIGHT TO REFER ISSUANCE OF BONDS TO EY,ECTORS FOR APPROVAL: Under the provisions of ORS 288.815, the eledors of the County have the right to file a petition with the County asking to have the question of the issuance of the Bonds refecTed to a vote_ In order to ha~ e the EXHIBIT A-1