Chad,

            The answer is “yes.” The City of Brownsville is currently doing an identical project. I am not sure of the exact details, however the County Treasurer should be of some assistance. I am working on the particulars of that very issue this morning. Should I run across additional information, I will share. Hope this helps.

S. Scott McDowell, City Administrator

255 N. Main Street, PO Box 188

City of Brownsville, OR  97327

(541) 466-5666

admin@ci.brownsville.or.us

-----Original Message-----
From: chad olsen [mailto:chad@cityofrainier.com]
Sent: Wednesday, March 28, 2007 6:40 PM
To: Oregon City/County Management Association
Subject: [occma] Budget Test Question

Rainier has a GO bond approved by the voters for $7m wastewater treatment plant project.  The project will probably be financed by a DEQ SRF GO bond secured loan.  Construction loan repayment will not begin until FY09.

The Question:  Can property tax payments be certified to begin in FY08 even if payments will not begin until a year later.  Because the loan is secured by a GO bond we will not be required to have a reserve however, I think it would be advantageous to have a reserve at the outset that could be applied to the final payment.

Maybe a one-half year’s payment?

Thanks

Chad

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