Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Fairgrounds Fund topic
No spam. Unsubscribe anytime.
Josephine County discusses allowing recreation access to fairgrounds fund interest
Summary
Legal counsel for the Josephine County Board of Commissioners outlined a proposed order to allow interest earned on the Fairgrounds Permanent Fund to be transferred to a fund the county’s recreation director can access.
Legal counsel for the Josephine County Board of Commissioners outlined a proposed order to allow interest earned on the Fairgrounds Permanent Fund to be transferred to a fund the county’s recreation director can access.
The counsel said the fund was established by ordinance 2024-015 and "has a base value of $9,000,000 all recognized revenue from sale of the Flying Lark property." The ordinance currently allows interest accrued in the interest-bearing account to be transferred at the board’s discretion; the order presented would be the formal mechanism to move interest-only payments into an accessible account for fairgrounds projects.
The recreation director told commissioners the primary purpose for any accessed interest is capital improvements and infrastructure projects at the fairgrounds, with operations limited to potential reimbursement of utilities. The director said the county intends to use visible, high-priority projects so the public sees reinvestment rather than allowing the interest to sit untouched.
Commissioners asked whether a $250,000 cap applied to the interest transfers. County legal counsel and the recreation director said there is no cap specified in the ordinance for interest transfers; the $250,000 figure did not appear in the documents before the board. Counsel said the arrangement would apply while the county is receiving interest-only payments under the current promissory arrangement; when principal is paid off the interest would revert to the original fund.
Commissioners also asked about the interest rate on the account; the rate was not specified during the discussion. Counsel said the account would be in a "good account" and that the payer intends to retire the principal as soon as possible, after which the county would annually present projects and requested amounts for board approval.
No formal vote was taken. Commissioners and counsel said staff would bring a finalized order and any needed clarifications back to the board once the recreation director and finance staff confirm exact account terms and numbers.
Ending: The board moved the matter forward for a future legal review and staff follow-up so the recreation director and finance can present finalized language and numbers at a later meeting.
