Res 1869 - Amend No 1 Clean Water Agr
COUNCIL BILL NO. 2684
RESOLUTION NO. 1869
A RESOLUTION ENTERING INTO AMENDMENT NUMBER 1 TO CLEAN WATER
STATE REVOLVING FUND LOAN AGREEMENT NO. R98414 WITH THE STATE OF
OREGON AND AUTHORIZING THE CITY ADMINISTRATOR TO SIGN SUCH
AMENDMENT AND ANY FUTURE AMENDMENTS.
WHEREAS, the City of Woodburn has determined that the City needs to accomplish
wastewater collection, treatment and disposal upgrades and watershed enhancement
projects in order to comply with the City's National Pollution Discharge Elimination System
permit, and
WHEREAS, the State of Oregon acting by and through its Department of
Environmental Quality is authorized to enter into Clean Water State Revolving Fund loan
agreements and disburse funds pursuant to OAR 340-054-0065(2), and
WHEREAS, the City of Woodburn through Resolution 1860 authorized entering into
Clean Water State Revolving Fund Loan Agreement No. R98414 and for the City
Administrator to sign said agreement, and
WHEREAS, the State of Oregon acting by and through its Department of
Environmental Quality, has provided Amendment Number 1 to Clean Water State
Revolving Fund Loan Agreement No. R98414 modifying loan interest rates, NOW
THEREFORE:
THE CITY OF WOODBURN RESOLVES AS FOllOWS:
Section 1. That the City of Woodburn enter into Amendment Number 1 to Clean
Water State Revolving Fund Loan Agreement No. R98414 which is affixed as Attachment
"A", and by this reference incorporated herein, with the State of Oregon acting by and
through its Department of Environmental Quality, to modify interest rates on the City's
wastewater facilities planning project.
Section 2. That the City Administrator of the City of Woodburn is authorized to sign
Amendment Number 1 to Clean Water State Revolving Fund Loan Agreement No. R98414
on behalf of the City and to sign any future amendments to said loan agreement.
Page 1-
COUNCIL BILL NO. 2684
RESOLUTION NO. 1869
Approved as to form:
(/ll.1~/) ~0
City Attorney
'6 J c) 2c L' 1-
Date
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
August 13, 2007
August 15, 2007
AUQust 15, 2007
August 15. 2007
ATTEST fJ!o-<tJ" ~~
Mary T nant, Recorder
City of Woodburn, Oregon
Page 2- COUNCIL BILL NO. 2684
RESOLUTION NO. 1869
GREGO]\; DEPART\lEl'iT OF El'iVIROl'iMENTAL QUALITY
CLEA:-< WATER ST A IE REVOLVING Fl;ND
ATTACHMENT
P;:!gP. I nf
~~
!
PAGE 1
CLEAN WATER STATE REVOLVING FUND
LOAN AGREEMENT No. R98414
AMENDMENT No.1
CITY OF WOODBURN
This Amendment No.1 to Loan Agreement No. R98414 (as amended "Loan Agreement")
is executed between the STATE OF OREGON ACTING BY AND THROUGH ITS DEPARTME;-';T OF
El'iVIROl'i\-1El'iTAL QlALITY ("DEQ") and the City of Woodburn (the "Borrower"), effective as of
the Effective Date of Amendment indicated below. Capitalized terms used in this Amendment
which are not detlned herein shall have the meanings assigned to them in the Loan Agreement.
Date of Original Agreement: July 19,2007.
Effective Date of Amendment No.1: AugustlO,2007.
The parties agree as follows:
1. ARTICLE l(G) is amended and restated as follows:
"(G) I~TEREST RUE: One and 64/1 00 percent (1.64%) perannum. Calculation of
interest is also discussed in ARTICLE 2(E) and in ARTICLE 2(F)(4) of this Agreement."
2. The second sentence of ARTICLE 5( C)( 1) is amended and restated as follows:
"Until the Final Loan Amount is calculated, the Loan Reserve Requirement is $123,095."
3. The attached "Appendix A: Repayment Schedule" replaces the current "Appendix
A: Repayment Schedule".
Except as expressly amended above, the terms and conditions of the Loan Agreement
shall remain in full force and effect.
CITY OF WOODBlJR.'\: R98414
LOA~ AGREEMEl\;T AMENDME;.JT #1
GREGO:'; DEPARTMEl'iT OF El'iVIRONMEl'iTAL Ql'ALlTY
CLEA:'; WATER STATE REVOLVING FL:-iD
BORROWER: CITY OF WOODBURj\.I
By:
Typed Name:
Title:
ST A IE OF OREGON ACTING BY AND THROUGH ITS
DEPARTME~T OF ENVIRONMENTAL QUA.LITY
By:
Lauri G. Aunan, Water Quality Administrator
Date:
Date:
ATTACHMENT /\
page ::; of J,
PAGE 2
CITY OF WOODBlK'\: R98414
LOAN AGREEMEl'iT AMENDMENT # 1
OREGO:'; DEPARTMENT OF El'iVIRO:\MENTAL QCALITY \
ATTACHMENT (1
eLEA\; WATER STATE REVOLVL\:G FUND Page --2L of )) PAGE 3
ApPE~DIXA: REPAYMENT SCHEDULE
Due - - - - - - - - - - - - - - - PAYMENT - - - - - - - - - - - - - - - Principal
Date Pmt# Principal Interest Fees Total Balance
4,093,175
4/1/2011 1 0 124,700 0 124,700 4,093,175
10/1/2011 2 89,490 33,564 20,466 143,520 4,003,685
4/1/2012 3 90,224 32,830 0 123,054 3,913,461
10/1/2012 4 90,964 32,090 19,567 142,621 3,822,497
4/1/2013 5 91,710 31,344 0 123,054 3,730,787
10/1/2013 6 92,462 30,592 18,654 141 ,708 3,638,325
4/1/2014 7 93,220 29,834 0 123,054 3,545,105
10/1/2014 8 93,984 29,070 17,726 140,780 3,451,121
4/1/2015 9 94,755 28,299 0 123,054 3,356,366
10/1/2015 10 95,532 27,522 16,782 139,836 3,260,834
4/1/2016 11 96,315 26,739 0 123,054 3,164,519
10/1/2016 12 97,105 25,949 15,823 138,877 3,067,414
4/1/2017 13 97,901 25,153 0 123,054 2,969,513
10/1/2017 14 98,704 24,350 14,848 137,902 2,870,809
4/1/2018 15 99,513 23,541 0 123,054 2,771,296
10/1/2018 16 100,329 22,725 13,856 136,910 2,670,967
4/1/2019 17 101,152 21,902 0 123,054 2,569,815
10/1/2019 18 101,982 21,072 12,849 135,903 2,467,833
4/1/2020 19 102,818 20,236 0 123,054 2,365,015
10/1/2020 20 103,661 19,393 11,825 134,879 2,261,354
4/1/2021 21 104,511 18,543 0 123,054 2,156,843
10/1/2021 22 105,368 17,686 10,784 133,838 2,051,475
4/1/2022 23 106,232 16,822 0 123,054 1,945,243
10/1/2022 24 107,103 15,951 9,726 132,780 1,838,140
4/1/2023 25 107,981 15,073 0 123,054 1 ,730,159
10/1/2023 26 108,867 14,187 8,651 131,705 1,621,292
4/1/2024 27 109,759 13,295 0 123,054 1,511,533
10/1/2024 28 110,659 12,395 7,558 130,612 1,400,874
4/1/2025 29 111 ,567 11,487 0 123,054 1,289,307
10/1/2025 30 112,482 10,572 6,447 129,501 1,176,825
4/1/2026 31 113,404 9,650 0 123,054 1,063,421
10/1/2026 32 114,334 8,720 5,317 128,371 949,087
4/1/2027 33 115,271 7,783 0 123,054 833,816
10/1/2027 34 116,217 6,837 4,169 127,223 717,599
4/1/2028 35 117,170 5,884 0 123,054 600,429
10/1/2028 36 118,130 4,924 3,002 126,056 482,299
4/1/2029 37 119,099 3,955 0 123,054 363,200
10/1/2029 38 120,076 2,978 1,816 124,870 243,124
4/1/2030 39 121,060 1,994 0 123,054 122,064
10/1/2030 40 122,064 1,001 610 123,675 0
TOTALS 4,093,175 830,642 220,476 5,144,293
REQUIRED LOAN RESERVE: $ 123,095
CITY OF WOODBCR.'\: R98414
LOAl'i AGREEME~T AMENDMENT #1