Res 1565 - Loan Agrmt #R98412
COUNCIL BILL NO. 2013
RESOLUTION NO. 1565
A RESOLUTION ENTERING INTO STATE REVOLVING FUND LOAN AGREEMENT NO. R98412,
AMENDMENT NUMBER 1, 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 Woodburn has 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 improvements, including additional pump stations, force mains, and inflow and infiltration reduction;
and
WHEREAS, the City of Woodburn has entered into negotiations with the Department of Environmental
Quality for a loan to the City from the State Revolving Fund in the amount of $22,969,671, and
WHEREAS, the Oregon Department of Environmental Quality has provided to the City Amendment
#1 to the State Revolving Fund Agreement Number R98412; NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That the City of Woodburn enter into State Revolving Fund Loan Agreement No.
R98412, Amendment #1, with the State of Oregon, Department of Environmental Quality, to borrow an
amount not to exceed Twenty-Two Million, Nine Hundred Sixty-Nine, Six Hundred Seventy-One Dollars
($22,969,671) for the financing of project for Wastewater System Improvements. A copy of said loan
agreement is attached hereto as Exhibit "A" and by this reference incorporated herein.
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.
Section 2. That the Mayor of the City of Woodburn, acting for and on behalf of the City, is
authorized to execute the State Revolving Fund Loan Agreement No. R98412, Amendment # 1 , and such other
and additional documents as may reasonably be required for the consummation and closing of said loan, and
any amendments required thereafter.
Approved as to form:cr1 (}r'Q- ~
City Attorney
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Approved:
Date
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December 13, 1999
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December 14, 1999
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Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: {}/g<TJ,~
City of Woodburn, Oregon
Page 1 - COUNCIL BILL NO. 2013
RESOLUTION NO. 1565
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DATE OF AGREEMENT:
LOAN AMOUNT:
DATE OF AMENDMENT #1:
AMENDED LOAN AMOUNT:
June 12, 1997.
$20,000,000.
October 15, 1999.
$22,969,671.
EXPLANATION:
This amendment increases the loan amount by $2,969,671 to provide increased funding for
the project.
AMENDMENT:
ARTICLE 1, SECTION (e) LOAN AMOUNT: $22,969,671.
ARTICLE 1, SECTION (R) Amend the last sentence to read: "Until the Final Loan Amount
is calculated, the Loan Reserve Requirement equals the lesser of one-half of the total loan
proceeds disbursed to date or $1,690,846."
A revised Preliminary Repayment Schedule is attached as Appendix A.
This loan agreement amendment is executed between the STATE OF OREGON
DEPARTMENT 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: Lydia Taylor
Title: Deputy Director
CITY OF WOODBURN: R98412 : 10/29/99
LOAN AGREEMENT AMENDMENT # 1
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Or '""/ DEPARTMENT OF ENVIRONMENTAL QUALITY
( N A TER STATE REVOLVING FUND PAl
APPENDIX A:
BORROWER: CITY OF WOODBURN INTEREST RATE: 3.87%
SRFLOANNO.: R98412 TERM IN YEARS: 20
LOAN AMOUNT: $ 22,969,671 PAYMENT AMOUNT: $ 844,307
Due - - - - - - - - - - - - - - - - PAYMENT - - - - - - - - - - - - - - -- Principal
Date Pmt# Principal Interest Fees Total Balance
22,969,671
06/01/2001 1 0 888,926 344,545 1,233,4 71 22,969,671
12/01/2001 2 399,844 444,463 114,848 959,155 22,569,827
06/01/2002 3 407,581 436,726 0 844,307 22,162,246
12/01/2002 4 415,468 428,839 110,811 955,118 21,746,778
06/01/2003 5 423,507 420,800 0 844,307 21,323,271
12/01/2003 6 431,702 412,605 106,616 950,923 20,891,569
06/01/2004 7 440,055 404,252 0 844,307 20,451,514
12/01/2004 8 448,570 395,737 102,258 946,565 20,002,944
06/01/2005 9 457,250 387,057 0 844,307 19,545,694
12/01/2005 10 466,098 378,209 97,728 942,035 19,079,596
06/01/2006 11 475,117 369,190 0 844,307 18,604,479
12/01/2006 12 484,310 359,997 93,022 937,329 18,120,169
06/0 1/2007 13 493,682 350,625 0 844,307 17,626,487
12/01/2007 14 503,234 341,073 88,132 932,439 17,123,253
06/01/2008 15 512,972 331,335 0 844,307 16,610,281
12/01/2008 16 522,898 321,409 83,051 927,358 16,087,383
06/01/2009 17 533,016 311,291 0 844,307 15,554,367
12/01/2009 18 543,330 300,977 77,772 922,079 15,011,037
06/01/2010 19 553,843 290,464 0 844,307 14,457,194
12/01/2010 20 564,560 279,747 72,286 916,593 13,892,634
06/01/2011 21 575,485 268,822 0 844,307 13,317,149
12/01/2011 22 586,620 257,687 66,586 910,893 12,730,529
06/01/2012 23 597,971 246,336 0 844,307 12,132,558
12/01/2012 24 609,542 234,765 60,663 904,970 11,523,016
06/01/2013 25 621,337 222,970 0 844,307 10,90 I ,679
12/01/2013 26 633,360 210,947 54,508 898,815 10,268,319
06/01/2014 27 645,615 198,692 0 844,307 9,622,704
12/01/2014 28 658,108 186,199 48,114 892,421 8,964,596
06/01/2015 29 670,842 173,465 0 844,307 8,293,754
12/01/2015 30 683,823 160,484 41 ,469 885,776 7,609,931
06/01/2016 31 697,055 147,252 0 844,307 6,912,876
12/01/2016 32 710,543 133,764 34,564 878,871 6,202,333
06/01/2017 33 724,292 120,015 0 844,307 5,478,041
12/01/2017 34 738,307 106,000 27,390 871,697 4,739,734
06/01/2018 35 752,593 91,714 0 844,307 3,987,141
12/01/2018 36 767,156 77,151 19,936 864,243 3,219,985
06/01/2019 37 782,000 62,307 0 844,307 2,437,985
12/01/2019 38 797,132 47,175 12, 190 856,497 1,640,853
06/01/2020 39 812,556 31,751 0 844,307 828,297
12/01/2020 40 828,297 16,028 4,141 848,466 0
TOTALS 22,969,671 10,847,246 1,660,630 35,477,547
CITY OF WOODBURN: R98412 : 10/29/99
LOAN AGREEMENT AMENDMENT # 1
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