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Lake Oswego council authorizes execution of WIFIA loan for new wastewater plant; vote 5-0
Summary
Lake Oswego's City Council on Aug. 5 unanimously approved a resolution authorizing the city to execute a WIFIA loan agreement with the U.S. Environmental Protection Agency for the new wastewater treatment facility in an amount not to exceed $123,480,000.
Lake Oswego's City Council on Aug. 5 unanimously approved a resolution authorizing the city to execute a WIFIA loan agreement with the U.S. Environmental Protection Agency for the new wastewater treatment facility in an amount not to exceed $123,480,000.
City Director of Special Projects Stefan Broadus, joined by Finance Director Sean Cross, presented the funding plan and timeline. Broadus said the WIFIA loan functions like a line of credit and that council authorization would permit the city to execute the loan agreement; draws would follow later when needed. "Authorizing this loan agreement does not commit to the debt in full or in part. We can pull from this loan when we need to," Broadus said.
Why it matters: staff told the council the WIFIA structure provides deferred principal payments and flexible draw timing that support rate stability. Broadus said the city has set an affordability threshold…
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