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09/02/98 13:14 <br />69/01I1998 18:13 <br />'$5035888526 <br />5032894145 <br />CORRECTIONS wC <br />RS CLEMENTS <br />C~ 004/005 <br />PAGE 63 <br />~ <br />~}tim~ted Schedufe: <br />~i~ ~ra~t, ~f' doc~mmts September 15, 1998 <br />Underwriter dne d9ligence to be scheduled <br />Mail gadceta to rattng sgBncies 8t <br />insurers ~ober Za, 199s <br />Receive rating(s) ~ November 16, 1998 <br />~ pps November ls, ls9s <br />pria December 1,1998' <br />~~ December 15~ 1998 <br />plun ef FinAnce/Security The proposed finanring will ~in~'~nce the Cownty's portion of the <br />Project. Tianait's portion is fully funded. The Cownty will issue <br />Certificates of Participatian ("Lerbificates" ar "COPs'~w finauce its <br />partion of the Project. Tnte~est will be capitalized for the period of <br />const~uction and i~ir a month period after completion and <br />acceptaace. The Certi~cates rep~t uadivided iatenst in the <br />Coanty's obugatfon to make priuuipal an~d imterest PaYsnerns under <br />the Indent~ue aad the Financiag Agreement. The County's <br />obligation w soake such piinc~pal and iaterest payments is limited to <br />amonats duly appropriated mch Sscal yeat by the County <br />Coaunission (tbat is, the obligation is subject to annual <br />approPrlation). ?he Couaty's obligatioas uader the Indenwre and <br />Financing Agreement are secuted bj+ a$rs# modga~e on the <br />Couary's coscdominium interest in the Project. <br />Non-Substitntion: The County will wvenant nat to build, lease or occ,vpy alternative <br />quarters as long as CertiScates are outstsndin,g. <br />Reaerve Fu~ad; (need for D&R is currently under dlscussion) <br />Leeal Ooinio~a/~a~ ~xe~a-ut <br />StAtu~: The Certificates are subject to the appraving opinion of Stoel Rives, <br />LLP, Bond Counsel. of Portland, Oregon. Boad Counsel a+ill <br />provide the opinion that the interect from Series 1998 Csrtificates is <br />excluded from gross income for fedeia! income ta~c purposES and is <br />exempt irom personal iucon~e taxation in the State of Oregon, uader <br />present state law, <br />Term & Amortixat~oa: 'I~e f3uaanci~ug will be fully amortizing wer a 25~reas term and will <br />' be stcuctured on a level debt sesvice besis. The financing stivctun <br />will pmvide for bott- scria! snd torm bonds. Interest wi11 be <br />cafculated on a 30-day moath> 360-day year. <br />aQdAtOtl' R.l~CIriDt~OII: Term bonds wiil be amortized throu~h operation of a mandawry <br />siaking fnnd. Term bonds to'be redeemed will be seteeted by the <br />TrustEe iry lot <br />Eatraordinarv Call: (the ~eed for an extraordinary cull is being drscussed) <br />Oatioaai T~demation: Ceaifica~s maturing after 1, 200_ shsll be callable at <br />th+~ vption of the Co~- in whole or iu part vn 1, 204_ <br />$ad oa azry date thereafl,er at a prioc of p~r plns sccrucd inteeest, <br />acciued to the date tixed for redemption. <br />