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TURA Regular Meeting
Meeting Date: 01/10/2018  

Information
Subject:
Future Financing for Private Projects and Update on Public Project Funding - Next Agenda
Background:
Future financing for private projects were briefly discussed at the November and December Board meetings.  The Board needs to prepare for financing for the upcoming private projects for fiscal years 2018-2019 and 2019-2020 to start.  Attached are monthly cash flow sheets for FY 2017-2018, a 5-Year projection sheet, and a couple of tables out of the TURA Plan with added information.  We have been in contact with TLC Fibre FCU and they are interested in speaking with TURA about funding options.

Public projects are still being funded from the Oregon Coast Bank credit line which currently has a balance of approximately $860,000 left to draw on.  Part of the agreement with Oregon Coast Bank is that at least 85% of the credit line will be draw down by August 25, 2018 which means approximately $620,000 will need to be spent on Public Projects before August 2018.  The remaining $240,000 left on the credit line after that date has no requirements. 

The Board has been holding approximately $270,000 for the 2nd Street Pilot Project since 2012.  This project has not gone out to bid which means it could be months before an RFP is again sent out and then there would be several more month to begin the project.  Staff does not feel this project will be able to fund by the August 2018 deadline so the Board needs to decide whether or not to keep this project on the commitment list.  By freeing up this money the Board would be able to do other public projects which may be more important at this time and will fund by August to meet the bank obligations.
Recommendation:
Since the January agenda is fairly full and there are new board members starting, staff feels that waiting until February to start in-depth discussion and planning for this topic is best. 

Please review the spreadsheets, financial statement, and the commitment list and be prepared for discussion starting in February 2018. 
 
Motion:
Attachments
Monthly Cash Flow
5 Year Projections
TURA Plan Tables & Information
TURA Complete Project List

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