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Council adopts ordinance approving WIFA loan for Mingus Tank and component station
Summary
The council adopted an emergency ordinance authorizing execution of a loan agreement with the Water Infrastructure Finance Authority of Arizona (WIFA) for the Mingus Tank and Component Station project; the loan includes 25-year financing and $1 million in forgiven principal.
Prescott City Council unanimously adopted an ordinance authorizing a loan agreement with the Water Infrastructure Finance Authority of Arizona (WIFA) to finance the Mingus Tank and Component Station project.
Mark Woodfield, budget and finance director, told the council the city applied for the WIFA loan after the council authorized the application last June. Woodfield said the loan was approved on a 25-year term and includes $1 million of forgiven principal; the lower interest rate and principal forgiveness are provided through WIFA/EPA grant mechanisms.
The ordinance includes an emergency clause so the city can finalize the loan and begin reimbursing construction costs that the city is currently incurring. The council voted 5-0 to adopt the ordinance and authorize the budget and finance director to complete required documents.
There was no public comment on the agenda item and staff said engineers had established the project's need and that the loan would finance construction awarded earlier this fiscal year for the Mingus Tank project.
