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<br />i <br />~ <br />O R E G O N <br />BOARD OF COMMISSIONERS <br />AQenda Review <br />DATE: February 13, 2001 <br />TO: Kindra Johnson, Board Session Coordinator <br />Board of Commissioner's Office <br />FROM: David Hartwig, Director of Business Services <br />RE: Redemption of Courthouse Square Debt , <br />Thursday Agenda Planning Date: February 15, 2001 <br />~ <br />Department Contact Person: David Hartwig Phone: 373~ 24 <br />ISSUE: To instruct the Trustee of the Courthouse Square Project which series of Certi~icates <br />of Participation will be"Called" from the balance of funds held in Trust. Othek~ <br />Funds held with the County Treasurer will be used to pay the 7une 1, 2001 priricipal <br />payment and any remaining residual project costs incurred but not yet paid. <br />BACKGROITND: The Certificates of Participation of $22 million were issued to funid most <br />of the construction of Courthouse Square. The provisions within the Certificates of <br />Participation expressly defines that any excess funds remaining after the construction Qf <br />Courthouse Square is completed ( when a Certificate of Occupancy is rendered to the ~ounty), <br />a Certificate of Completion is prepared and rendered to the Trustee. In the Certificate',of <br />Completion the governing body determines which series of debt will be"called" (redeiemed) <br />from the excess funds held in Trust. Other Funds held with the County Treasurer will', be used <br />to pay the June 1, 2001 principal payment and any residual project costs incurred but mot yet <br />paid. <br /> <br />FISCAL IlVIPACT (Current Year and Yearly Projected for Following Fiscal Year): <br />Projected savings for the County will be $5,963,000 due to the early retirement of thi~ debt. <br />COST CENTER# ~ ~ ~~ ~ ~ <br />ACCOUNT # ~~' ~ ~ <br />(Please attach copy of current budget summary reflecting this impact) <br />„ <br />