City of Hood River, Oregon
Resolution No. 2015-14
A Resolution Authorizing and Approving a State Revolving Fund Loan Agreement to Provide Financing for the Waste Water Treatment Plant Outfall Relocation Project (the “Project”)
The City Council for the City of Hood River adopts the following findings:
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 (“SRF”) to the City (“Loan”) in the approximate amount of $2,762,000; and
WHEREAS, the Loan will be repaid from Net Operating Revenue of the Sewer Fund
WHEREAS, the DEQ has provided to the City a form of 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 RESOLVEDby the Hood RiverCity Councilthat:
1. The City does authorize and approve the form of the SFR Loan Agreement for the financing of the Waste Water Treatment Plant Outfall Relocation Project; and
2. The City does authorize and direct the Mayor of the City of Hood River, or the City Manager, 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.
Approved and Effective this 22ndday of June, 2015 by the Hood River City Council.
Paul Blackburn, Mayor
Jennifer Gray, City Recorder Approved as to form:
Daniel Kearns, City Attorney