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City approves financial contract with Oregon Infrastructure Finance Authority to reduce wastewater project debt
Summary
The council authorized a loan agreement and accepted state-level matching funds to reduce borrowing for required wastewater treatment plant upgrades and improvements.
The Independence City Council approved a resolution authorizing the city to enter a financial contract with the Oregon Infrastructure Finance Authority (OIFA) to provide local loan financing related to wastewater treatment plant improvements.
City staff told the council that the project previously received or is eligible for multiple external funding sources: an Economic Development Administration (EDA) disaster supplemental award under which a $4,000,000…
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