City Council Regular Meeting (6:00 PM) INCLUDES ACTION ITEMS


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  5.6.       
Meeting Date: 07/07/2020  
From: Robert Nilles

RECOMMENDATION:
Authorize an agreement with WIFA
PROPOSED MOTION:
I move to direct the Mayor and City Manager to execute loan agreements with WIFA and to declare an emergency.
BACKGROUND:
In December the Mayor and Council authorized a reimbursement resolution related to the purchase of water storage credits.
A substantially complete draft loan agreement between the City and WIFA is attached and this action will direct the Mayor and City Manager to execute all necessary documents to complete the loan.  The terms of the agreement will be a 25-year loan, not-to-exceed $9 million, with an interest rate below 3%.
Attachments
resolution
terms and conditions
draft loan docs


    

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