Laserfiche WebLink
BEFORE THE BOARD OF COMMISSIONERS <br />FOR MARION COUNTY, OREGON <br />In the matter of authorizing the loan of ) <br />funds from the Department of Solid Waste ) <br />Management to the Marion County ) <br />General Fund for the Courthouse Square ) <br />Development. ~ <br />RESOLUTION No. <br />This matter comes before the Board of Commissioners at a regulaz public meeting on <br />Wednesday, June 10, 1998, to consider authorizing the loan of funds from the Department of Solid <br />Waste Management to the Marion County General Fund for the development of Courthouse Square. <br />WHEREAS, ORS 294.460 enables the Board of Commissioners to authorize a loan of Solid <br />Waste Management Department funds to any other fund of the County by resolution; and <br />WHEREAS, the Board of Comrnissioners has previously authorized a loan of up to <br />$5,000,000 to the Courthouse Square Project pursuant to Resolution No. 97-59R, and the Solid <br />Waste Management Department has loaned $700,000 to the Courthouse Square Project, through the <br />Department of General Services, as of march 1, 1998; and <br />WHEREAS, the Board of Commissioners finds that the Courthouse Square Project was <br />delayed for a lengthy review by a special oversight committee; that the delay set back the schedule <br />for final design, construction bids and construction financing; and that there is a need to extend the <br />loan authorization and to extend the deadline for repayment of loaned funds into the 1998-99 fiscal <br />year, in order to meet ongoing financial obligations of the project; now, therefore, <br />BE IT RESOLVED by the Marion County board of Commissioners that the Department of <br />Solid Waste Management is authorized to lend not more than $5,000,000 to the County's general <br />fund for deveiopment expenses of the Courthouse Square Project. <br />BE IT FURTHER RESOLVED that the general fund will make payment in full, on or before <br />June 30, 1999 of the entire principal amount borrowed for the Courthouse Square Project, plus <br />accrued interest. The interest rate for any funds borrowed after the date of this resolution will be <br />RESOLUTION No. <br />