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Camp Verde council approves 9‑month extension to allow refinancing of $1.2M WIFA engineering loan
Summary
On May 14 the Camp Verde Council unanimously approved a motion to extend Water Infrastructure Finance Authority loan 710191-21 by nine months to allow refinancing that includes additional design costs for sewer work along State Route 260; staff will amend Resolution 2025-1181 accordingly.
Camp Verde’s Mayor and Council voted unanimously May 14 to approve a nine-month extension of the town’s Water Infrastructure Finance Authority (WIFA) loan 710191-21 to permit refinancing with additional design costs for the sewer system along State Route 260.
Finance Director Michael Showers and Utilities Director Jeff Low briefed the Council on the loan, identified as a $1,200,000 WIFA loan used for design and engineering, and explained how the town would refinance the obligation into a new loan with a payment schedule of approximately 15 years. Town Manager Miranda Fisher and Town Attorney Stuhan advised the Council that Resolution 2025-1181 would need amendment to reflect the changed terms.
The minutes record that Showers said staff preferred to extend the agreement for three years and nine months to accommodate schedule and design changes, but the recommended motion read by Town Manager Fisher sought approval of a nine-month extension to allow for refinancing with additional design costs. Councilor Jessie Murdock moved the recommended motion, Councilor Robin Godwin seconded, and the roll-call vote was unanimous: Mayor Moore, Councilors Bolton, Foreman, Godwin, Murdock and Vice Mayor Escoffier voted aye.
The motion authorizes the Town Manager and Finance Director to take the actions necessary to approve the extension and to amend Resolution 2025-1181.
Staff indicated they will return with the amended resolution and final loan terms for the public record.
