Res 1919 - Amend 3 Clean Water FundCOUNCIL BILL NO. 2760
RESOLUTION NO. 1919
A RESOLUTION ENTERING INTO AMENDMENT NUMBER 3 TO CLEAN
WATER STATE REVOLVING FUND LOAN AGREEMENT NO. R98413 WITH THE
STATE OF OREGON AND AUTHORIZING THE CITY ADMINISTRATOR TO
SIGN SUCH AMENDMENT.
WHEREAS, the City of Woodburn has determined that the City needs to
accomplish wastewater facilities planning 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 1861 authorized entering
into Clean Water State Revolving Fund Loan Agreement No. R98413 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 3 to Clean Water State
Revolving Fund Loan Agreement No. R98413 modifying loan interest rates, NOW
THEREFORE:
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That the City of Woodburn enter into Amendment Number 3 to Clean
Water State Revolving Fund Loan Agreement No. R98413 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 increase the amount
of the loan.
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.
R98413 on behalf of the City.
Approved as to form:
Page 1 COUNCIL BILL NO. 2760
RESOLUTION NO. 1919
Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
Attest:
Mary Te ant, Recorder
City of Woodburn, Oregon
Page 2 COUNCIL BILL NO. 2760
RESOLUTION NO. 1919
January 12, 2009
January 14, 2009
January 14, 2009
January 14, 2009
OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY
CLEAN WATER STATE REVOLVING FUND
ATTACHMENT
Page —�— of
PAGE 1
CLEAN WATER STATE REVOLVING FUND
LOAN AGREEMENT NO. R
AMENDMENT No. 3
CITY OF WOODBURN
This Amendment No. 3 to Loan Agreement No. R98413 (as amended "Loan
Agreement") is executed between the STATE OF OREGON ACTING BY AND THROUGH ITS
DEPARTMENT OF ENVIRONMENTAL QUALITY ("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 defined herein shall have the meanings assigned to
them in the Loan Agreement.
The purpose of this amendment is to increase the amount of this planning loan, at the City's
request
Date of Original Agreement: July 19, 2008.
Effective Date of Amendment No. 1: August 10, 2008.
Effective Date of Amendment No. 2: December 7, 2007.
E ffective Date of Amendment No. 3: December 26, 2008.
The parties agree as follows:
1. ARTICLE 1(C) is amended and restated as follows:
"(C) LOAN AMOUNT: $600,000."
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
$62,272."
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 WOODBURN: R98413 LOAN AGREEMENT AMENDMENT #3
OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY PageCHMEOf
CLEAN WATER STATE REVOLVING FUND 9NT PAGE Z
BORROWER: CITY OF WOODBURN
Typed Name:
Title:
STATE OF OREGON ACTING BY AND THROUGH ITS
DEPARTMENT OF ENVIRONMENTAL QUALITY
M
Neil Mullane, Water Quality Administrator
Date:
Date:
CITY OF WOODBURN: R98413 LOAN AGREEMENT AMENDMENT #3
OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY
CLEAN WATER STATE REVOLVING FUND
APPENDIX A: REPAYMENT SCHEDULE
ATTACHMENT
Page _a Of i
BORROWER:
City of Woodburn
ANNUAL INTEREST RATE
1.10%
SRF LOAN NO.:
R98413
TERM IN YEARS:
5
LOAN AMOUNT:
$ 600,000
PAYMENT AMOUNT:
$ 68,513
LOAN FEE:
0.0%
ANNUAL FEE:
0.0%
Due
-------------------
PAYMENT ----------------
Principal
Date
Pmt#
Principal Interest
Fees
Total
Balance
600,000
6/1/2009
1
0
6,100
0
6,100
600,000
12/1/2009
2
65,213
3,300
0
68,513
534,787
6/1/2010
3
65,572
2,941
0
68,513
469,215
12/1/2010
4
65,932
2,581
0
68,513
403,283
6/1/2011
5
66,295
2,218
0
68,513
336,988
12/1/2011
6
66,660
1,853
0
68,513
270,328
6/1/2012
7
67,026
1,487
0
68,513
203,302
12/1/2012
8
67,395
1,118
0
68,513
135,907
6/1/2013
9
67,766
747
0
68,513
68,141
12/1/2013
10
68,141
375
0
68,516
0
TOTALS 600,000 22,720 0 622,720
REQUIRED LOAN RESERVE: $ 62,272
PAGE 3
CITY OF WOODBURN: R98413 LOAN AGREEMENT AMENDMENT #3