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, <br />~ <br />~ '~ '' ~ Marion Count <br />~ <br />~ry : <br />~~~`~~`Y-'~~ ~ a R E G O N <br />-OFFICE OF LEGAL COUNSEL <br />LEGAL COUNSEL November 4, 1998 <br />1Aichael J. Hansen <br />40ARD OF <br />~OMMISSIONERS <br />vlary B. Pearmine <br />2andall Franke <br />TO: Board of Commissioners <br />~on Wyant, Jr. <br />aSSiSTANT LEGAL <br />FROM: Mike Hansen, Legal Counsel <br />~ <br />, <br /> <br />:OUNSEL ~ <br />~~ <br />3ruce T. Armstrong <br />(imothy T.A. Jensen <br />RE: Resolution Authorizing County to Borrow Money for Courthouse <br />'i°r'a M. Roy Square Project <br />lane Ellen Stonecipher <br /> Agenda Item: Regular Calendar <br /> November 10, 1998 <br />ISSUE: 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 />BACKGROUND: The Marion County Board of Commissioners authorized the <br />intergovernmental agreement with the Salem Area Mass Transit District for the <br />Courthouse Square Project by Resolution 97-35R, adopted September 24, 1997. <br />The Marion County 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 county's share of the project. <br />After consultation with Prudential Securities, the underwriter selected by <br />Marion County, and the county's financial advisor, R. S. 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 borrow 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 />530 Center Street NE, Suite 312, Salrm, Oregon 97301-3670 (503)588-5220 Fax (S03)373-4367 <br />~~~~v.o~i.org/marion <br />