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Council approves nearly $3.0 million loan, with 50% forgiveness, for Well No. 5
Summary
Council authorized the mayor to sign a Washington State Department of Health loan contract (#DWL31537-0) for Well No. 5 — a $2,970,297 loan with 50% principal loan forgiveness — to support well infrastructure.
Finance Director Janice Flynn presented a loan contract from the Washington State Department of Health for Well No. 5, noting the funding is for a $2,970,297 loan with 50% principal loan forgiveness. Council voted to authorize the mayor to sign the contract (m/s Fanning/Christensen).
Council discussion documented during the finance report touched on the loan terms and next steps for executing the contract. The minutes indicate the city attorney reviewed the contract prior to council action; the motion to approve carried as recorded in the minutes.
