Financial- Revenues - Laserfiche WebLink

Home Browse Search

accommodate the County's future needs and to be leased to third parties until needed by the Counry; retail space to be owned by the private developer; and parking facilities. The County and the Transit District will own an undivided interest as tenants in common in the real property on which Courthouse Square will be located. Each of the County, the Transit District and the private developer will own leasehold condominium interests in Courthouse Square. Wl~en used in this Resolution with respect to Courthouse Square; the term "Projects" include the County's portions of Courthouse Square and the term "Project Costs" shall include the County's share of the costs of Courthouse Square. (~7~ ~~N[a.ItvBUi[,nitvcPtto,rECr. The County acquired the Franklin Building located at 101 High Street NE, Salem, Oregon in 1985, which is used as County offices. The acquisition of the Franklin Building was financed by means of certificates of participation in the payments required to be made by the County pursuant to a Lease Purchase Agreement (the "Financing I.ease"). The outstanding principal balance due under the Financing Lease is approximately $470,000. The County seeks to refinance the outstanding balance of the Financing I,ease in order to taka advantage of current low interest rates and thereby realize significant savings with respect to its financing costs. (C) TT~ PUSLIC Woiucs Pao,rECr. The County Department of Public Works seeks to consolidate its administration and engineering services by constructing a new buifding on land currently owned by the County (the "Public Works Building"). The Public Works building will be used by the County_exclusively for the operations of the County Department of Public Works relating to the construction, reconstruction; improvement, repair, maintenance, operation and use of public highways, roads, streets and roadside rest areas. (2) NEED To FlivnNCE PROaECT Cos'rs. The County currently estimates that the Project Costs will be approximately $26,000,000. In order to proceed with the Projects, it is necessary for the County to issue and sell the bonds described herein (the "Bonds") to raise the moneys that will be needed to pay the Project Costs, which Bonds are currently estimated to be in an amount not to exceed the principal sum of $28,600,000. (3)U[v~oitM REVEivUE Borm ACr. Pursuantto and in accordance with the provisions of the Act and related provisions ofthe Oregon Revised Statutes, the County is authorized to issue and sell from time to time revenue bonds for any public purpose. Utilizing this authority, the County intends to issue and sell the Bonds in order to provide the moneys needed to pay the Project Costs. (4~PRE-LSSUANCE EXPEIVDITURES FOR PROJECT COSTS. ThC COUttty ItaS inCU[TC(I, or will incur in the future, preliminary expenditures relating to the design, planning and feasibility of the Projects, all within the meaning of Treasury Regulacions § 1.150-2, and will continue to incur from time to time additional costs of acquiring constructing and installing the Projects (such preliminary expenditures together with such other costs of the Projects incurred and paid prior to the issuance of the Bonds being herein collectively called the "Pre-Issuance Expenditures"). Pending the issuance of, RESOLUTION NO.G7-~IQ PAGE 2