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l~larion Count~ OREGON BUSINESS SERVICES DEPARTMENT REVISED BOARD OF COMMISSIONERS Randall Franke Patti Milne Mike Ryan courrrY ADMINLSTRATOR Melinda Carlton DIRECTOR OF BUSINESS SERVICES David M. Haztwig Telephone: (503)589-3295 Faa: (503)566-3997 (503)588-5495 DIVLSIONS: Financial Services Facilities Management Human Resources Risk Management ~ Printed on Recycled Paper Reduce Reuse Recycle Recover February 3, 2001 TO: Board of Commissioners County Administrator FROM: Fred Kowell SUBJECT: Redemption of Courthouse Square Debt As the Certificate of Occupancy for Courthouse Square is forthco~ning, the manner in which the redemption of the debt associated with this project m~st be determined. Previously, you asked staff to discuss with bond counsel, legal cour~sel, and financial advisors which approach would be benefit the General Fund at th~ least cost to the County. The following is our recommendation: Due to changes occurring within the market place with a lo ring of interest rates it will be harder for the County to arbitrage the inter~.st •income I had previously projected. Thus, my recommendation has cha~ged due to the market changing. I have attached a worksheet which depicts wlhere the funds for this project reside and their associated balances, along with the a~cpenses and debt to be paid. ' Business Services intends to provide the Trustee, through the app~oval of the Board of Commissioners, a copy of the Certificate of Occupancy atid Certificate of Completion with instructions to call the following debt: ' June 1, 2002 June 1, 2003 June 1, 2004 June 1, 2005 $ 600,000 625,000 650,000 425,000 $2,300,000 By paying off these series of debt the County will save $5.9 millibn over the . 555 Court Street, NE • Salem, Oregon 97301 - P. O. Box 14500 • Salem, Ol~egon 97309 www.open.org/marion