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~ ~ f ~ . ~~~- ~~. ~ ~ ~ ~.~.. z~ - ~u . ~ ~ O R E G O N BOARD OF COMMISSIONERS Agenda Review DATE: February 13, 2001 TO: Kindra Johnson, Board Session Coordinator Board of Commissioner's Office FROM: David Hartwig, Director of Business Services RE: Redemption of Courthouse Square Debt Thursday Agenda Planning Date: February 15, 2001 Department Contact Person: David Hartwig Phone: 373-4424 ' ISSiJE: To instruct the Trustee of the Courthouse Square Project which s~ri~s af Certii'icates of Participation will be "Called" from the balance of funds held in '~'rust. ~ihex Funds held with the County Treasurer will be used to pay the 7une l, 2001 principal payment and any remaining residual project costs incurred but not yet paid. BACKGROLTND: The Certificates of Participation of $22 million were issued to fund most of the construction of Courthouse Square. The provisions within the Certificates of Participation expressly defines that any excess funds remaining after the construction of Courthouse Square is completed ( when a Certificate of Occupancy is rendered to the County), a Certificate of Completion is prepared and rendered to the Trustee. In the Certificate of Completion the governing body determines which series of debt will be "called" (redeemed) from the excess funds held in Trust. Other Funds held with the County Treasurer will be used to pay the June 1, 2001 principal payment and any residual project costs incurred but not yet paid. q+lo~~l~.~ J , -~ o.~ 1; `~ 61 a- St C~ t_ c~.~ FISCAL IlVIPACT (Current Year and Yearly Projected for Following Fiscal Year): Projected savings for the County will be $5,963,000 due to the early retirement of this debt. COST CENTER# 5~ ~ DO t~ D ACCOUNT # a~~ ~1f~ (Please attach copy of current budget summary reflecting this impact) ; N ~:.~ 5~,~~