FINANCIAL_SERVICESAPPROVED

City of Coburg City Council Agenda April 14 2026

Coburg Expands State Water Loan to $5.75 Million

$5,750,000 loan plus $780,000 forgivable loanCity of CoburgOREGON INFRASTRUCTURE FINANCE AUTHORITYApril 14, 2026

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Description

Coburg City Council approved an amendment to its Safe Drinking Water Revolving Loan Fund contract with the Oregon Infrastructure Finance Authority, increasing the water system loan to $5.75 million with a $780,000 forgivable portion at 1.0% interest. The added funding will complete the Stallings Lane transmission line and extend the project completion deadline to March 31, 2027.

Contract Details

Contract Amount

$5,750,000 loan plus $780,000 forgivable loan

Vendor

OREGON INFRASTRUCTURE FINANCE AUTHORITY

Agency

City of Coburg, IA

Contract Type

FINANCIAL_SERVICES

Document Date

April 14, 2026

Contract Term

Loan matures on the 29th anniversary of the repayment commencement date; repayment expected to begin December 2027 after project closeout

Renewal Info

Amendment 03 to Financing Contract S19007 increases the loan principal by $1,000,000, extends the project completion deadline to March 31, 2027, and consequently delays the repayment commencement date by approximately one year.

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