Laserfiche WebLink
~ From: "Edward Einowski" <eeinowski~stoel.com> <br />To: GWM2.M-MCDC1(BWASSON) <br />Date: 9/3/98 3:33pm <br />Subject: Re: City of Salem "Streetscape funding" <br />We will have to disclose in the Official Statement all sources of funds together with a description of any material <br />facts relating to those funds. In this regard, there are two potential areas of concern regarding any funds coming <br />from another source: <br />(1) First, will the other source be giving the funds to the County on or before the date we close the bond financing? <br />If so, no problem (as long as they deliver). If not, we need to disclose what contingencies (if any) may affect or <br />delay receipt of the funds, as well as disclosing the financial ability of the funding source to provide the <br />contemplated funds. <br />(2) Second, I(and the underwriter's counsel as well) will need to review the terms of any grant agreement or other <br />agreement pursuant to which such other funds will be made available to the County. This is to make sure we <br />adequately disclose all material contingencies that affect the right to receive such funds and also to make sure that <br />the terms of such grant agreement doesn't somehow cause problems for the bond financing (generally, grant <br />agreements don't cause problems for the bond financing, but you don't know for sure until you check). <br />These are not (necessarily) major undertakings and in the ordinary course I would expect things to work out well. <br />But the earlier we identify any potential issues, the better. <br />»> BILLY WASSON <BWASSON(taMAIL.OPEN.ORG> 09/03 2:34 PM »> <br />As a part of the Ct. Hse Sq. project we have projected $2,000,000 of <br />revenue from City of Salem Urban Development funds. They have agreed <br />and approved a budget of that amount. We have yet to submit our <br />application for these funds and have a few steps to go thru to make that <br />application. <br />Will the county need anything from the City of Salem in our financing <br />package regarding these or any of the other revenue sources we have <br />included in the overall project? Thanks. <br />Billy <br />? <br />~ <br />_,~~ _. <br />~; '_ v~ <br />m <br />~.: -a <br />- ~ <br />- C7 <br />, ~ <br />- .G~ <br />1~~) <br />O <br />