Resolution 2013-29

(A resolution opening a bank account)


WHEREAS, the City of Hood River desires to construct the Indian Creek Lift Station project;

WHEREAS, the City of Hood River has signed USDA’s “Letter of Intent to Meet Conditions” for a $2,181,825 loan;

WHEREAS, the USDA-RD Letter of Conditions requires that a separate bank account be established for this project;

WHEREAS, the City of Hood River is required to deposit interim financing proceeds for the construction of this project in this separate bank account;

WHEREAS, the City of Hood River desires to be in compliance with the USDA-RD Letter of Conditions.
 
NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:

1. Columbia State Bank:  “USDA Indian Creek Project Construction Account” shall be opened; and

2. Interim financing proceeds shall be deposited into this account.

3  This account shall be closed at the end of the project.

Approved by Hood River City Council on this 22 day of July, 2013, to take effect immediately.

 

       ___________________________
       Arthur Babitz, Mayor

 

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Jennifer Gray, City Recorder