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Note Book: R.C
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CS_Courthouse Square
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Note Book: R.C
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Last modified
9/19/2012 3:29:14 PM
Creation date
9/6/2011 2:25:15 PM
Metadata
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Building
RecordID
10376
Title
Note Book: R.C
Company
Marion County
BLDG Date
11/4/1998
Building
Courthouse Square
BLDG Document Type
Finance
Project ID
CS9801 Courthouse Square Construction
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September 1996. The Office is in charge of assembling compliance strategies for 48 Norwest business divisions. <br />Each division also has project managers and teams in place to execute the upgrades. The corporation expects to <br />spend an estimated $100 to $125 million on millennium-related changes from 1997 through 1999. The Project <br />continues to 2001, because of all the production risks associated with events that will occur during the actual year <br />2000, such as February 29, and first quarter tax-processing etc. <br />In 1995, SEI along with Andersen Consulting conducted an assessment of the Trust 3000 product to determine the <br />impact of the Year 2000 on the SEI Trust 3000 software products. A project strategy was drafted, funding was <br />established in 1996 and the initiative began to implement the program upgrade requirements. <br />Norwest's goal is to complete upgrades of all its major systems by the end of 1998, so 1999 can be spent testing, <br />planning for contingencies and upgrading minor systems. We are on schedule with the Plan. <br />Advance planning has been the key element in managing costs and working Year 2000 upgrades into future <br />budgets. Costs are being absorbed now, so that business units and their customers will not incur them later. <br />Especially in the trust area, working with clients to prepare them for the turn of the century to protect the integrity of <br />their accounts has been a major initiative. Converting to the SEI system in July 1998 will help assure a smooth <br />transition and readiness for the Year 2000. <br />DTC <br />DTC management is aware that some computer applications, systems, and the like for processing data ("Systems") <br />that aze dependent upon calendaz dates, including dates before, on, and after January 1, 2000, may encounter "Yeaz <br />2000 problems." DTC has informed its Participants and other members of the financial community (the "Industry") <br />that it has developed and is implementing a program so that its Systems, as the same relate to the timely payment of <br />distributions (including principal and income payments) to security holders, book-entry deliveries, and settlement of <br />trades within DTC ("DTC Services"), continue to function appropriately. This program includes a technical <br />assessment and a remediation plan, each of which is complete. Additionally, DTC plan includes a testing phase, <br />which is expected to be completed within appropriate time frames. <br />However, DTC's ability to perform properly its services is also dependent upon other parties, including but not <br />limited to issuers and their agents, as well as third-party vendors from whom DTC licenses softwaze and hazdwaze, <br />and third-party vendors on whom DTC relies for information or the provision of services, including <br />telecommunication and electrical utility service providers, among others. DTC has informed the Industry that it is <br />contacting (and will continue to contact) third party vendors from whom DTC acquires services to: (i) impress upon <br />them the importance of such service being Yeaz 2000 compliant; and (ii) determine the extent of their efforts for <br />Year 2000 remediation (and, as appropriate, testing) of their services. In addition, DTC's is in the process of <br />developing such contingency plans as it deems appropriate. <br />According to DTC, the foregoing information with respect to DTC has been provided to the Industry for <br />informational purposes only and is not intended to serve as a representation, warranty, or contract modification of <br />any kind. <br />LITIGATION <br />There is no litigation pending or threatened against the County that would affect the validity of the Certificates. <br />LEGAL MATTERS <br />Stoel Rives, LLP, Portland, Oregon, Special Ta~c Counsel for the County, will render an opinion with respect to the ~ <br />Certificates. The form of such opinion of Special Tax Counsel is set forth in Appendix B hereto. Certain legal matters <br />51 <br />
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