Financial- COPS (Due Diligence Authorizing Resolutions)

Home Browse Search

09101/~99E 16:13 5932E94145 RS CLEMENTS PA6E 0~ Draft 8/31/98 Tatims~ted Scbedule: First draft ofdocuments September 15, 1948 Undezwriter due diligence ta be scheduled Mail packets ta rating agencies & insurers Oaober 20, 1998 Receive rating(s) November 16, I998 Mail POS November 18, 1998 Pn~ December 1, 1998 Close December 15, i998 Plan of Financc/Securitv The proposed financu~g will finance the County's portioa a£the Project. TransiYs portion is fully fiutded. The County wiit issue Certificates of Participation ("Certificates" or "COPs")to finance its portion of the Project. Intecest will be capitaliaed for the period of consttuction and for a month period after completion and acceptance. The Certificates represent undivided interest in the Caunty's obligation to make principal and interest payments under the Indent~ue and the Financing Agraement. The Coanty's obligation to make such grincipal and interest payments is limited ta amaunts duly appropriated each fiscal year by the Couniy Commission (that is, the obligation is subject to annual appropriation). The County's flbligations under the Indenture and Financing Agreement are secured try a first mortgage on the Couary's condominium interest in the Project. Non-Substitution: The County will wvenant not to build, lease or occupy alternative quazters as long as Certificates are outstandi~g. Reserve k~nd: (rreed fo~ DSR is currently under discussion) Leeal O~inioriJTa~ ~aem~t Status: The Certificates a~ subject to the approving opinian of Stcel Rives, LLP, Bond Counsel, of Portland, Oregon. Bond Counsei will pmvide the opiaion that the interest fmm Series 1998 C~rtificates is excludeti from gross income for federal income ta~c purposes and is eaempt from personal income taxation in the State of Oregon, under present state law. Term & Aa~orti~atioa: The fuaancing will be fully amortiung over a 25-year term and will be struchued on a Ievel debt setvice basis. The financing structure will provide for both serial and tersn bonds. Interesi will be calculated on a 30-dary manth, 360-day year. Ma~dntorv ~t.edemuti~n, Term bands will be amortized through operation of a mandatory sinking fund. Term bonds to be ~deemed will be selected by tbe Trustee by lot. E~trAOrdinarv Call: (the need for an extraordinary call is being drscussed) Outional ltedemntion: Cettificates maruring after 1, 200_ shall be callable at the option of the Caunry in whole or in part on 1, 200 and on azry date thereaRer at a price of par plus accn~ed interest, acciued to the date fixed for redemption. 2