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l~larion Count~ OREGON BUSINESS SERVICES DEPARTMENT REVISED BOARD OF Randall Franke Patti Milne Mike Ryan COUNTY ADMINISTRATOR Melinda Carlton DIRECTOR OF BUSINESS SERVICES David M. Hartwig Telephone: ~r° (503) 589-3295 Fax: (503)566-3997 (503)588-5495 DIVISIONS: Financial Services Facilities Management Human Resources Risk Management 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 forthcoming, the manner in which the redemption of the debt associated with this project must be determined. Previously, you asked staff to discuss with bond counsel, legal counsel, and financial advisors which approach would be benefit the General Fund at the least cost to the County. The following is our recommendation: Due to changes occurring within the market place with a lowering of interest rates it will be harder for the County to arbitrage the interest income I had previously projected. Thus, my recommendation has changed due to the market changing. I have attached a worksheet which depicts where the funds for this project reside and their associated balances, along with the expenses and debt to be paid. Business Services intends to provide the Trustee, through the approval of the Board of Commissioners, a copy of the Certificate of Occupancy and 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 million over the . ~ Printed on Recycled Paper 555 Court Street, NE • Salem, Oregon 97301 - P. O. Box 14500 • Salem, Oregon 97309 Reduce Reuse Recycle Recover www.open.org/marion