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Home My WebLink About2009-24 DEQ Loan R11750 AMD 5 RESOLUTION NO. 2009- ~ 'i A RESOLUTION AUTHORIZING OREGON DEQ CLEAN WATER STATE REVOLVING FUND LOAN NO. R11750 AMENDMENT NO.5 TO REDUCE THE REQUIRED RESERVE HELD BY THE CITY OF ASHLAND THE CITY COUNCIL OF THE CITY OF ASHLAND RESOLVES: SECTION 1. City Council previously authorized and approved the form of the CWSRF Loan Agreement for the total amount of $23,920.068 to finance the Wastewater Treatment Facility Project. SECTION 2. City Council authorized and approved the establishment and funding of a designated reserve account to meet the "Loan Reserve" requirement of the CWSRF Loan Agreement, and directed the Director of Finance to establish this Loan Reserve. SECTION 3. State of Oregon, Department of Environmental Quality, has reduced the requirement for the reserve from 100% to 50% of the average annual debt service. SECTION 4. City Council authorizes and directs the Mayor, acting for and on behalf of the City, to execute Amendment NO.5 to the CWSRF Loan Agreement, reducing the required reserve amount to $875,490. This resolution was duly PASSED and ADOPTED this A:< day of , 2009, and takes effect upon signing by the Mayor. ~ Reviewed as to form: Page 1 of 1 " OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY CLEAN WATER STATE REVOLVING FUND PAGE I CLEAN WATER STATE REVOLVING FUND LOAN AGREEMENT No. Rl1750 AMENDMENT NO.5 .,.. . .j' 'CITY OF ASHLAND This Amendment No, 5 to Loan Agreement No, RI1750 (as amended "Loan Agreement") is executed between the STATE OF OREGON ACTING BY AND THROUGH ITS DEPARTMENT OF ENVIRONMENTAL QUALITY ("DEQ") and the City of Ashland (the "Borrower"), effective as of the Effective Date of Amendment indicated below. Capitalized terms used in this Amendment which are not defined herein shall have the meanings assigned to them in tlfe Loan Agreement. The purpose of this amendment is to change the loan reserve requirement, to make it consistent with the reserve required under current SRF rules Date of Original Agreement: February 18, 1998. Effective Date of Amendment No, I: January 19, 2000. Effective Date of Amendment No.2: February 19,2001. Effective Dale of Amendment No.3: January 25, 2002. Effective Date of Amendment No.4: September 17,2002, Effective Date of Am.endment No.5: September 25,2009, The parties agree as follows: I. The second and third sentences of ARTICLE I (R) are amended and restated as follows: "The Loan Reserve Requirement shail be an amount that equals 100% times one-half the average annual debt service as shown on the final repayment schedule at Appendix A. The Loan Reserve Requirement equals $875,490, 2, The attached "Appendix A: Repayment Schedule" replaces the current "Appendix ' A: Repayment Schedule". Except as expressly amended above, the terms and conditions of the Loan Agreement shall remain in full force and effect. CITY OF ASHLAND: RI1750 LOAN AGREEMENT AMENDMENT #5 OREGON'DEPARTMENT OF ENVIRONMENTAL QUALITY CLEAN WATER STATE REVOL VING FUND PAGE 2 BORROWER: CITY OF ASHLAND By: ~/~ Typed Name: John Stromberg Date: 9/23/09 Title: Mayor STATE OF OREGON ACTING BY AND THROUGH ITS DEPARTMENT OF ENVIRONMENTAL QUALITY BY:~....i.A fY\ ~ Neil Mullane, Water Quality Administrator Date: le\ \ . l 09. \ . , \ \ CITY OF ASHLAND: RI1750 .LOAN AGREEMENT AMENDMENT #5 OREGON DEPARTMENT OF ENVIRONMENTAL QUALITY CLEAN WATER STATE REVOLVING FUND PAGE 3 ApPENDIX A: REPAYMENT SCHEDULE . Due - - -- - - - - - -- -- - - - - - - PAYMENT - - - -- -- - - - - - -- -- - . Principal Date Pmt# Principal Interest Fees Total Balance 23,420,068 11/1/2002 1 0 2,024,815 351,301 2,376,116 23,920,068 5/1/2003 2 440,995 405,025 127,100 973,120 23,479,073 11/1/2003 3 443,354 402,666 0 846,020 23,035,719 5/1/2004 4 450,957 395,063 115,179 961,199 22,584,762 11/1/2004 5 458,691 387,329 0 846,020 22,126,071 5/1/2005 6 466,558 379,462 110,630 956,650 21,659,513 11/1/2005 7 474,559 371,461 0 846,020 21,184,954 5/1/2006 8 482,698 363,322 105,925 951,945 20,702,256 11/1/2006 9 490,976 355,044 0 846,020 20,211,280 5/1/2007 10 499,397 346,623 101,056 947,076 19,711,883 11/1/2007 11 507,961 338,059 0 846,020 19,203,922 5/1/2008 12 516,673 329,347 96,020 942,040 18,687,249 11/1/2008 13 525,534 320,486 0 846,020 18,161,715 5/1/2009 14 534,547 311,473 90,809 936,829 17,627,168 11/1/2009 15 543,714 302,306 0 846,020 17,083,454 5/1/2010 16 553,039 292,981 85,417 931,437 16,530,415 11/1/2010 17 562,523 283,497 0 846,020 15,967,892 5/1/2011 18 572,171 273,849 79,839 925,859 15,395,721 11/1/2011 19 581,983 264,037 0 846,020 14,813,738 5/1/2012 20 591,964 254,056 74,069 920,089 14,221,774 11/1/2012 21 602,117 .243,903 0 846,020 13,619,657 5/1/2013 22 612,443 233,577 68,098 914,118 13,007,214 11/1/2013 23 622,946 223,074, 0 846,020 12,384,268 5/1/2014 24 633,630 212,390 61,921 907,941 11,750,638 11/1/2014 25 644,497 201,523 0 846,020 11,106,141 5/1/2015 26 655,550 190,470 55,531 901,551 10,450,591 11/1/2015 27 666,792 179,228 0 846,020 9,783,799 5/1/2016 28 678,228 167,792 48,919 894,939 9,105,571 11/1/2016 29 689,859 156,161 0 846,020 8,415,712 5/1/2017 30 701,691 144,329 42,079 888,099 7,714,021 11/1/2017 31 713,725 132,295 0 846,020 7,000,296 5/1/2018 32 725,965 120,055 35,001 881,021 6,274,331 11/1/2018 33 738,415 107,605 0 846,020 5,535,916 5/1/2019 34 751,079 94,941 27,680 873,700 4,784,837 11/1/2019 35 763,960 82,060 0 846,020 4,020,877 5/1/2020 36 777,062 68,958 20,104 866,124 3,243,815 11/1/2020 37 790,389 55,631 0 846,020 2,453,426 5/1/2021 38 803,944 42,076 12,267 858,287 1,649,482 11/1/2021 39 817,731 28,289 0 846,020 831,751 5/1/2022 40 831,751 14,265 4,159 850,175 0 TOTALS 23,920,068 11,099,523 1,713,104 36,732,695 REQUIRED LOAN RESERVE: $ 875,490 CITY OF ASHLAND: RI1750 LOAN AGREEMENT AMENDMENT #5