(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
Jennifer Gray, City Recorder