A resolution authorizing and approving a State Revolving Fund Loan Agreement to Provide Interim Financing for the Indian Creek Pump Station Project (the “Project”)
WHEREAS, the City of Hood River (“City”) has entered into negotiations with the State of Oregon Department of Environmental Quality (“DEQ”) for a loan from the State Revolving Fund to the City (“Loan”) in the approximate amount of $2,181,825; and
WHEREAS, the Loan will be repaid from the proceeds of the City’s revenue bonds to be purchased by the United States Department of Agriculture, Rural Development program upon completion of construction of the Project; and
WHEREAS, the DEQ has provided to the City a form of State Revolving Fund (“SRF”) Loan Agreement at DEQ’s interest rate for Interim loans, without origination or annual fees, and without reserve or coverage requirements; and
WHEREAS, the City Staff and City Attorney are finalizing this agreement;
NOW, THEREFORE, BE IT RESOLVED by the Hood River City Council that:
The City does authorize and approve of the form of the SRF Loan Agreement for the financing of the Indian Creek Pump Station Project.
The City does authorize and direct the Mayor of the City of Hood River, or his designee, acting for and on behalf of the City, to negotiate and execute the final SRF Loan Agreement and such other and additional documents as may reasonably be required for the consummation and closing of the Loan, and any amendments required thereafter.
Adopted by the Hood River City Council this 14th day of April, 2014, to take effect immediately.
Arthur Babitz, Mayor
Jennifer Gray, City Recorder