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Marion County, Oregon $22,000,000* Certificates of Participation (Courthouse Square Project) 1998 Series A SUMMARY STATEMENT This Summary Statement is subject in all respects to more complete information contained in this Official Statement. The offering of the 1998 Certificates to potential investors is made only by means of this entire Official Statement, including the appendices hereto. No person is authorized to detach this Summary Statement from this Official Statement or otherwise to use it without this ent've Official Statement, including the appendices hereto. All capitalized terms used herein and not otherwise defined have the meanings set forth in the Agreement, as described below. See "Summary of Certain Provisions of the Financing anJ Trust AgreemenY' in Appendix A hereto. The County The County was established on July 5, 1843, one of the first four counties created by the Provisional Government of the Oregon Territory, 16 years before it became a state in 1859. The County is governed under the provisions of ORS 203.010 through 203.190 by a Board of County Commissioners, which consists of three elected members. Date of Issue The 1998 Certificates will be dated December 1, 1998. Use of Proceeds Proceeds of the 1998 Certificates will be used in part to fund a portion of the County's share of the costs of development, design and construction of the Courthouse Square Project (the "Project"). The Project will be constructed on a parcel of land (the "Site") located in downtown Salem, Oregon, across from the existing Marion County Courthouse building. The Site is currently owned by the County and the Salem Area Mass Transit District (the "District") as tenants in common, with the County owning 68.71 % undivided interest in the Site and the District owning 31.29% undivided interest in the Site. The County and the District are undertaking to develop the Project pursuant to an Intergovernmental Development Agreement dated October 28, 1998 (the "Development Agreement"). The District intends to fund its share of the Project costs out of the proceeds of a Federal Transit Administration grant and other funds available to the District. Upon construction of the Project, the County and the District will cause the ownership interests in the Project to be converted to condominium interests, with the County owning condominium units consisting of approximately 99,036 rentable square feet ("rsf') of office space together with related parking facilities, and the District owning condominium units consisting of approximately 24,206 rsf of office space, customer service operations, a transit mall, retail space and related parking facilities. In addition, the County and the District will share an approximately 5,295 rsf conference center in the Project. *Preliminary, subject to change