Res 1615 - Agmt #98412 #2 DEQ
COUNCIL BILL NO. 2289
RESOLUTION NO. 1615
A RESOLUTION ENTERING INTO STATE REVOLVING FUND LOAN AGREEMENT
NO. 98412, AMENDMENT NUMBER 2, WITH THE STATE OF OREGON,
DEPARTMENT OF ENVIRONMENTAL QUALITY, AND AUTHORIZING THE
MAYOR TO SIGN SAID AGREEMENT ON BEHALF OF THE CITY.
WHEREAS, the City of Woodbmn bas applied for a State Revolving Fund loan for
design and construction of an advanced wastewater treatment plant; development of a poplar
plantation; and collection system improvement~ including additional pump stations, force mains,
and inflow and infiltration reduction; and
WHEREAS, the City of Woodbmn entered into an agreement with the Department of
Environmental Quality for a loan to the City from the State Revolving Fund in the amount of
$20,000,000 at 3.879..4 interest and a twenty-year repayment period. A signed copy of this loan
agreement is on record at the City Recorder's office; and
WHEREAS, the City Council, on December 13, 1999, executed Amendment #1 to
increase by $2,969,671 the State Revolving Loan established by Agreement Number R98412 as
provided by Oregon Department of Environmental Quality, and
WHEREAS, the Oregon Department of Environmental Quality has provided to the City
Amendment #2 to the State Revolving Agreement Number R98412 to increase the low interest
loan by $3,000,000 that will provide substantial savings to the city over the period of the loan;
NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That the City of Woodburn enter into State Revolving Fund Loan No.
R98412, Amendment #2, with the State of Orego~ Department of Environmental Quality, to
borrow an amount not to exceed Twenty-Five Mil1io~ Nine Hundred Sixty-Nine Thousand, Six
Hundred Seventy-One Dollars ($25,969,671) for the financing of project for Wastewater System
Improvements. A copy of said Loan Agreement No. R98412, Amendment #2 is attached hereto
as Exhibit "A" and by this reference Amendment #2 and the original, properly approved and
signed loan agreement that is on file in the City Recorder's Office.
Section 2. The City authorizes and approves the establishment and funding of a
designated reserve account to meet the "Loan Reserve" requirement of the State Revolving Fund
Loan Agreement, and directs establishment of this Loan Reserve in the amount of$l ,928,285.
Section 3. That the Mayor of the City of Wood~ acting for and on behalf of the
City is authorized to execute the State Revolving Fund Loan Agreement No. R98412,
Amendment #2, and such other and additional documents as may reasonably be required for the
consummation and closing of said loan, and any amendments required thereafter.
Page 1 of2 -- COUNCIL BILL NO. 2289
RESOLUTION NO. 1615
Approved as to fume rp/, % fJ1"CJ
City Attorney
Approved:
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Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
February 12, 2001
February 13, 2001
February 13. 2001
February 13, 2001
AITEST:
~~rder
City of Woodburn, Oregon
Page 2 of2 - COUNCIL BILL NO. 2289
RESOLUTION NO. 1615
Pag.
A
of .:L
C-LEAN WATER STATE REVOLVING FUND
LOAN AGREEMENT No. R98412
AMENDMENT No.2
CITY OF WOODBURN
DATE OF AGREEMENT:
LOAN AMOUNT:
DATE OF AMENDMENT #2:
AMENDED LOAN AMOUNT:
June 25, 1997.
$22,969,67l.
February 12, 200l.
$25,969,671.
EXPLANATION:
This amendment increases the loan amount by $3,000,000 to help cover the full cost of the
project. It also clarifies the beginning date for the City's loan repayments.
AMENDMENT:
ARTICLE 1, SECTION (C) LOAN AMOUNT: $25,969,671.
ARTICLE 1, SECTION (J), TERMS OF REPAYMENT: Amend the first sentence to read: "Forty semi-
annual payments beginning with an interest-only payment due September 1, 2001.
ARTICLE 1, SECTION (R) Amend the last sentence to read: "Until the Final Loan Amount is
calculated, the Loan Reserve Requirement equals $1,928,285."
A revised Preliminary Repayment Schedule is attached as Appendix A.
This loan agreement amendment is executed between the STATE OF OREGON DEPAR1MENT
OF ENVIRONMENTAL QUALITY (the "DEQ") and the CITY OF WOODBURN (the "Borrower") effective
as of the Date of Amendment indicated above.
BORROWER: CITY OF WOODBURN
Date:
Authorized Officer
Typed Name:
Title:
DEQ: STATE OF OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY
Date:
Authorized Officer
Typed Name:
Title:
Michael T. Llewelyn
Water Quality Administrator
CITY OF WOODBURN: R98412 : 02/01/01
LOAN AGREEMENT AMENDMENT #2
OREGON DEP ARlMENT OF ENVIRONMENTAL QUALITY
CLEAN WATER STATE REVOLVING FuND PAGE 2
EXHIBIT A
APPENDIX A: PRELIMINARY REPAYMENT SCHEDULE Page~ of ~
Due ~------------------PAYMENT------------------ Principal
Date Pmt# Principal Interest Fees Total Balance
25,969,671
09/01/2001 1 0 1,337,101 389,545 1,726,646 25,969,671
03/01/2002 2 452,067 502,513 129,848 1,084,428 25,517,604
09/01/2002 3 460,814 493,766 0 954,580 25,056,790
03/01/2003 4 469,731 484,849 125,284 1,079,864 24,587,059
09/01/2003 5 478,820 475,760 0 954,580 24,108,239
03/01/2004 6 488,086 466,494 120,541 1,075,121 23,620,153
09/01/2004 7 497,530 457,050 0 954,580 23,122,623
03/01/2005 8 507,157 447,423 115,613 1,070,193 22,615,466
09/01/2005 9 516,971 437,609 0 954,580 22,098,495
03/01/2006 10 526,974 427,606 110,492 1,065,072 21,571,521
09/01/2006 11 537,171 417,409 0 954,580 21,034,350
03/01/2007 12 547,565 407,015 105,172 1,059,752 20,486,785
09/01/2007 13 558,161 396,419 0 954,580 19,928,624
03/01/2008 14 568,961 385,619 99,643 1,054,223 19,359,663
09/01/2008 15 579,971 374,609 0 954,580 18,779,692
03/01/2009 16 591 , 193 363,387 93,898 1,048,478 18,188,499
09/01/2009 17 602,633 351,947 0 954,580 17,585,866
03/01/2010 18 614,293 340,287 87,929 1,042,509 16,971,573
09/01/2010 19 626,180 328,400 0 954,580 16,345,393
03/01/2011 20 638,297 316,283 81,727 1,036,307 15,707,096
09/01/2011 21 650,648 303,932 0 954,580 15,056,448
03/01/2012 22 663,238 291,342 75,282 1,029,862 14,393,210
09/01/2012 23 676,071 278,509 0 954,580 13,717,139
03/01/2013 24 689,153 265,427 68,586 1,023,166 13,027,986
09/01/2013 25 702,488 252,092 0 954,580 12,325,498
03/01/2014 26 716,082 238,498 61,627 1,016,207 11,609,416
09/01/2014 27 729,938 224,642 0 954,580 10,879,478
03/01/2015 28 744,062 210,518 54,397 1,008,977 10,135,416
09/01/2015 29 758,460 196,120 0 954,580 9,376,956
03/01/2016 30 773,136 181,444 46,885 1,001,465 8,603,820
09/01/2016 31 788,096 166,484 0 954,580 7,815,724
03/01/2017 32 803,346 151,234 39,079 993,659 7,012,378
09/01/2017 33 818,890 135,690 0 954,580 6,193,488
03/01/2018 34 834,736 119,844 30,967 985,547 5,358,752
09/01/2018 35 850,888 103,692 0 954,580 4,507,864
03/01/2019 36 867,353 87,227 22,539 977,119 3,640,511
09/01/2019 37 884,136 70,444 0 954,580 2,756,375
03/01/2020 38 901,244 53,336 13,782 968,362 1,855,131
09/01/2020 39 918,683 35,897 0 954,580 936,448
03/01/2021 40 936,448 18,120 4,682 959,250 0
TOTALS 25,969,671 12,596,038 1,877,518 40,443,227
REQUIRED LOAN RESERVE: $ 1,928,285
CITY OF WOODBURN: R98412 : 02/01/01
LoAN AGREEMENT AMENDMENT #2