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Gold Hill council authorizes OTIB loan application to place waterline with ODOT bridge work
Summary
The council approved Resolution 26-R-14 authorizing application to the Oregon Transportation Infrastructure Bank so the city can place a municipal waterline across Highway 99 in coordination with an ODOT bridge replacement; staff estimated the project at about $596,000 and said loan terms could allow deferred payments and up to 30 years to repay.
The Gold Hill City Council voted to authorize an application to the Oregon Transportation Infrastructure Bank (OTIB) to finance installing a municipal waterline across Highway 99 as part of an upcoming Oregon Department of Transportation bridge replacement.
City staff told the council the work is eligible only if done in coordination with ODOT and provided the project estimate. "The current estimate is 596,000 for the project," the city manager said during the presentation. Staff said the city would ask OTIB for a loan large enough to cover the project and that the water enterprise fund would back repayment. The manager explained OTIB'type terms that were discussed: the program can allow a deferral ("they give us 5 years after the completion to start the payments") and repayment terms up to 30 years.
Councilors asked about annual payment impacts and financing details; staff said final payment amounts depend on the loan awarded but gave a planning figure of roughly $30,000 per year as an illustrative estimate. The council noted prior direction to pursue coordination with ODOT and that without the ODOT project the city would not qualify for OTIB assistance.
A councilor moved to adopt Resolution 26-R-14 authorizing the loan application; the motion was seconded and passed on a roll-call vote. The clerk recorded the motion as carried.
The council did not commit to accepting any particular loan amount at this meeting; the vote authorized submission of the application and delegated the city manager (or designee) authority to prepare and sign application documents and related instruments to pursue the loan application.
