AGENDA ITEM   5.6.
REQUEST FOR COUNCIL ACTION 
DATE SUBMITTED:
06/20/2020		 TYPE OF ACTION:
Resolution		 SUBJECT: Consideration and action to direct the Mayor and City Manager to execute loan agreements with the Water Infrastructure Finance Authority (WIFA) and declaring an emergency.  (Finance)
Motion carried unanimously (7/0)
DATE ACTION REQUESTED:
07/07/2020
AGENDA SECTION: Consent
 
TO: Mayor and Council
FROM: Robert Nilles, Finance Director, Finance
 
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