Vernonia council adopts loan resolution for Springboard Sewer project; short-term construction financing explained

Council adopted Resolution 2024-09 to authorize entering a financing contract with the Oregon Infrastructure Finance Authority for the Springboard Sewer project. Staff said the loan is construction-phase financing (asked up to $1.5M, with expected needs nearer $885K) with interest-only short-term payments and conversion to long-term financing after up to three years.