Columbia council authorizes steps for up to $75 million state loan to finance water facilities

The Columbia City Council voted to authorize staff to pursue state revolving‑fund financing for a water‑facilities construction project, approving steps that would allow the city to execute loan documents for a state loan with a maximum principal amount of $75,000,000. Mayor Jaz Mulder brought the measure forward after the required public hearing, which drew no public comment.

Mayor Jaz Mulder said the financing step is intended to reduce borrowing costs for the project. "I think that this is an opportunity to save millions of dollars in interest as a result of these low interest run loans," Mulder said, thanking Columbia Power & Water Services staff for qualifying the project for the program.

The council approved resolution 26‑35, which authorizes financing actions, execution of related contractual documents and representations and pledges of certain revenue, and resolution 26‑36, which supplements and amends the city's master water bond resolution to permit execution of a state revolving fund loan agreement with a maximum principal amount of $75,000,000. Both measures were brought up following a recess to satisfy the statutory 6:00 p.m. hearing time and were adopted in formal motions and roll‑call votes recorded by the clerk.

Council discussion was limited; the mayor framed the issue as a cost‑mitigation step for ratepayers and emphasized continued pursuit of savings and available resources by city staff. No member of the public spoke during the hearing on the loan, and the council returned to regular session after closing the public hearing.

Next steps include execution of the approved applications and loan documents and continued coordination between city staff and lenders. The resolutions authorize staff to proceed but do not by themselves obligate the city to borrow the full $75 million; final loan terms and amounts will depend on subsequent documents and approvals.