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Commissioners give consensus to explore short-term loan to Hood River–White Salmon Bridge Authority
Summary
County staff will bring a lending agreement draft after the board signaled support to consider a short-term revolving loan of up to $10 million to the Hood River–White Salmon Bridge Authority to cover cash-flow timing gaps; toll revenues would secure the loan and the authority would cover legal costs.
Administrator Allison Williams described a request from the Hood River–White Salmon Bridge Authority for a short-term revolving loan to bridge timing gaps between other funding sources. The authority asked to borrow up to $10 million for up to three years; county staff and bond counsel preliminarily discussed terms including interest represented in the meeting as "4 bases points," bridge-authority payment of legal costs and a pledge that tolling revenues in a reserve account would secure the loan.
Finance staff indicated the county could provide short-term lending from available funds and that limits would be included in any agreement (the authority would not be permitted to borrow beyond amounts in the reserve). Commissioners gave consensus to have staff and bond counsel draft a formal lending agreement for later Commission consideration; no final agreement was signed on June 17.
County staff said the bridge authority anticipates needing financing beginning January 2025; the draft agreement will specify collateral, loan limits, interest and legal-cost allocation and return to the Commission for formal approval.
