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Klamath Falls approves $14 million loan increase for wastewater treatment project
Summary
The council authorized an amendment to the city's Clean Water State Revolving Fund loan agreement to increase financing by $14 million for wastewater treatment plant improvements at 1.88% over 30 years.
The Klamath Falls City Council on May 19 authorized amending Clean Water State Revolving Fund Loan Agreement R52605 to increase the loan by $14,000,000 to fund wastewater treatment plant improvements.
Financial Director Jessica Lindsey told the council: “This is a $14,000,000 loan that will extend our current loan with for the wastewater treatment plant. We'll have the same interest terms of 1.88% in 30 years.” She said the existing loan covered expenses through February 2024 and the increase will bring the city current on the contract and help preserve reserves while the next phase of the project is defined.
After brief questions, a councilor moved and the council approved authorization for the city manager to execute the amendment to loan agreement R52605.
Lindsey said the $14 million is not expected to be the total cost of the plant upgrades; it is intended to fund remaining contract work and bridge to the next phase. The council did not set further conditions in the motion reported in the transcript.
The amendment will be executed by the city manager following council action; staff did not provide additional timeline details in the public discussion.
