FINANCIAL_SERVICESONGOING

Oceanside Water District Budget Message FY 2026-2027

District Continues IFA Infrastructure Loan Repayment

$7.2M (original principal), annual payment $243,561, current balances $433,052 (Water Wastewater loan) and $3,902,277 (Safe Drinking Water Loan)Oceanside Water DistrictINFRASTRUCTURE FINANCE AUTHORITY (IFA) OF OREGONMay 26, 2026

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Description

Oceanside Water District continues servicing a 30‑year $7.2 million loan with the Infrastructure Finance Authority of Oregon used for reservoir and treatment system upgrades. The loan carries strict net revenue and reserve covenants and an annual payment of $243,561, with potential interest rate increases for noncompliance.

Contract Details

Contract Amount

$7.2M (original principal), annual payment $243,561, current balances $433,052 (Water Wastewater loan) and $3,902,277 (Safe Drinking Water Loan)

Vendor

INFRASTRUCTURE FINANCE AUTHORITY (IFA) OF OREGON

Agency

Oceanside Water District, OR

Contract Type

FINANCIAL_SERVICES

Document Date

May 26, 2026

Contract Term

30-year loan; annual payment $243,561; ongoing as of FY 2026-2027

Renewal Info

Long-term debt with covenants requiring 1.2x coverage and a reserve equal to one annual payment; no renewal referenced, only ongoing compliance requirements and potential interest rate adjustment if covenants are not met.

Issuing Agency