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Council adopts resolution to authorize refunding/interim loan for public works fund
Summary
Council adopted Resolution 2086 authorizing a refunding and interim loan from the Special Public Works Fund with the Oregon Infrastructure Finance Authority after staff clarified the promissory note was a draft and payment schedule will be added when funding closes.
The council adopted Resolution 2086, authorizing refunding and an interim loan from the Special Public Works Fund with the Oregon Infrastructure Finance Authority. Laurie (staff) explained that the promissory note included in an earlier packet was a draft and that the payment schedule will be added when the city closes on bond bank funding. "The promissory note was supposed to be in the form more of a draft, and the payment schedule is not set yet," Laurie said.
A motion to adopt Resolution 2086 was made, seconded and approved by the council in a recorded vote. Staff said the resolution amount is correct and the payment schedule will be finalized during closing with state staff.
