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<br />'~ ~' ~'Iarion Count <br />~ <br />C)REGON <br />OFFICE OF LEGAL COUNSEL <br />LEGAL COUNSEL November 4, 1998 <br />MichaN J. Hansen <br />BOARD OF <br />COMMISSIONERS <br />Mary B. P~rtnine <br />RandaA Franke <br />TO: Board of Commissioners <br />Don Wyarrt, Jr. <br />ASSISTANT LEGAL <br />FROM: Mike Hansen, Legal Counsel <br />-RA- <br />~ <br />COUNSEI Y ~ <br />Bruce T. Annstrong <br />Timothy TA. Jensen RE: Resolution Authorizing County to Bonow Money for Courthouse <br />Gloria M. Roy Square Project <br />Jane Eilen Stonecipher <br />Agenda Item: Regular Calendar <br /> November 10, 1998 <br />ISSLTE: Shall the Board of Commissioners adopt a resolution authorizing <br />the county to borrow $22,000,000 to finance the county's share of the Courthouse <br />Square project, and authorize the Project Coordinator to execute and deliver all <br />financing documents related to the borrowing? <br />BACKGROLTND: The Marion County Board of Commissioners authorized the <br />intergovernmental agreement with ~the Salem Area Mass Transit District for the <br />Courthouse Squaxe Project by Resolution 97-35R, adopted September 24, 1997. <br />The Marion Co~tnty Board of Commissioners executed the intergovernmental <br />development agreement on October 28, 1998. As part of the agreement, the <br />county must determine on or before February 1, 1999, that it will be able to secure <br />financing for the counry's share of the project. ~ <br />After consultation with Prudential Securities, the underwriter selected by <br />Marion County, and the county's financial advisor, RS. Clements & Associates, <br />LLC, and the county's bond counsel, Stoel Rives LLP, the Project Coordinator <br />has determined that market conditions are favorable to borcow the necessary funds <br />by means of Certificates of Participation. Therefore, the Project Coordinator has <br />requested that the resolution accompanying this memorandum be presented to the <br />Board of Commissioners for consideration and adoption. <br />This resolution would authorize the county to borrow $22,000,000 to <br />finance the county's share of the costs of the Courthouse Square Project. This <br />330 Center Street NE, Suite 312, Salen~, Orcgon 97301-3670 (503~588-5220 Fax (503~73-4367 <br />... .... ........ .._.. ~......,... <br />