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RESOLUTION NO. ~'~ - 31 (~ <br />RESOLUTIOIV AUTHORIZING THE .COUNTY TO BORROW MONEY TO <br />PROVIDE FINANCING FOR THE COUNTY'S SHARE OF THE COSTS OF <br />THE COURTHOUSE SQUARE PROJECT; AND AUIT~ORIZING THE <br />NEGOTIATION, EXECUTION AND DELIVERY OF A FINANCING <br />AGREEMENT AND pTHER MA'TT'ERS pERTAINING THERETO. <br />Recitals: <br />A. In order to provide the facilities needed by Marion County, Oregon (the "County") to <br />conduct its governmental operations, the County has entered into an~ Intergovernmental <br />Development Agreement with the Salem Area Mass Transit Dislrict (the "Transit District'~ <br />providing for the development of a mixed use facility to be located on a portion of Block <br />5 in the City of Salem, Oregon (the "Site"). The Site. is currently owned by the County <br />and the Transit District as tenants in coinmon. T1ie development to take place on the Site <br />will consist of (a) a transit center for use by the Transit District in its operations; (b) <br />administ~ative offices for use by the Transit District; (c) administrative offices for use by <br />the CountY~ (d) certain commercial retail facilities for lease or sale to third parties; and <br />(d) related parking facilities (collectively, the "Project'~. Upon construction of fhe <br />Project, the County and the Transit District will own their respective interests in the <br />Project~improvements as condominium units. <br />B• ~ In order to provide the funds neaded to pay the County's share of the costs of the Project, <br />the County desires to. exereise the power granted to it under ORS 271.390 by entering into <br />. .a financing agreement as provided herein. ~ <br />BE I`I' RESOLVED BY THE COUNTY BOARD OF COMMISSIONERS AS FOLLOWS: <br />SECTION 1. AUTHORIZATION OF FINANCING; COUNTY'S OBLIGATION SUBJECT TO ANNUAL <br />APPROPRIATION. Reference is made to the form of Financing and Trust Agreement that has been <br />placed on file with the County Clerk in connection with the adoprion of this resolution (the <br />"Agreement'~. All terms used in this resolution and not otherwise defined herein shall have the <br />respective meanings assigned thereto in the Agreement. <br />RESOLUTION AUTHORIZING FINANCING ~ PAGE 1 <br />