Res 1331 - Amend R98410 Interes
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COUNCIL BILL NO. 1683
RESOLUTION NO. 1331
A RESOLUTION AUTHORIZING THE STATE OF OREGON, DEPARTMENT OF
ENVIRONMENTAL QUALITY, TO AMEND THE AMOUNT OF "INTEREST FREE" STATE
REVOLVING FUND LOAN NUMBER R98410.
WHEREAS, Resolution number 1159 was passed by the City of Woodburn
Council on December 28, 1992 authorizing the Mayor and City Recorder to execute
State Revolving Fund (SRF) Agreement R98410 for and on behalf of the City, and
WHEREAS, the Mayor and City Recorder executed SRF Loan Agreement
R98410, for $300,000 in loan funds on December 30, 1993, and
WHEREAS, the State of Oregon, Department of Environmental Quality has
informed the City that an additional $80,000 is available and could be added to SRF
loan R98410, and
WHEREAS, the State of Oregon, Department of Environmental Quality will,
with the concurrence of the City of Woodburn, amend the amount of SRF loan
R98410 to $380,000; NOW, THEREFORE,
THE CITY OF WOODBURN RESOLVES AS FOLLOWS:
Section 1. That the City of Woodburn authorizes the State of Oregon,
Department of Environmental Quality, to amend the amount of the "interest free"
State Revolving Fund Loan Number R98410 to $380,000.
Section 2. That the Mayor, City Recorder, and any other City officials are
authorized to execute, on behalf of the City, any necessary documents to accomplish
this amendment.
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Approved as to form:. v-
City Attorney
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Date
APPROVED:
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COUNCIL BILL NO. 1683
RESOLUTION NO. 1331
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Passed by the Council
Submitted to the Mayor
Approved by the Mayor
Filed in the Office of the Recorder
ATTEST: fY1~ ,-~.d
Mary nnant, City Recorder
City of Woodburn, Oregon
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COUNCIL BILL NO. 1683
RESOLUTION NO. 1331
November 27, 1995
November 28, 1995
November 28, 1995
November 28, 1995
DATE OF AGREEMENT:
ORIGINAL LoAN AMOUNT:
December 15, 1992.
$300,000.
EXPLANATION:
This amendment is to increase the facility planning and design loan by $80,000 to cover
increased costs and to include the poplar tree irrigation pilot project.
AMENDMENf:
LoAN AMOUNT: $380,000
"REPAYMENT SCHEDULE" is revised to read:
Five annual payments as follows: $60,000 on January 1, 1995; $60,000 on
January 1, 1996; $86,667 on January 1, 1997; $86,667 on January 1, 1998; $86,666 and
any remaining balance on January 1, 1999.
ARTICLE 3, SECI10N 3.1(b) is expanded to include:
The Borrower has authorized the increase to this loan agreement by Council
Bill No. 1683, Resolution No. 1331, which was duly passed by the City Council on
November 21, 1995. A copy is attached as Appendix F.
ARTICLE 7, "LoAN REsERVE REQUIREMENT" is revised to read:
Loan ReselVe Requirement means an amount equal to $76,000.
This loan agreement amendment is executed between the STATE OF OREGON
DEPARTMENT OF ENVIRONMENTAL QUAUTY (the "DEQ") and the CITY OF WOODBURN
(the "Borrower") effective as of the Date of Agreement indicated above.
BORROWER: CITY OF WOODBURN
Authorized Offi.
Typed Name: Nancy A.
Title: Mayor
Date:
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DEQ: STATE OF OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY
Date:
Autho~ Officer
Typed Name:
Title:
Langdon Marsh
Director
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