FINANCIAL_SERVICESAPPROVED

Bellingham Housing Authority Agenda Packet 2026-06-16

Housing Authority Approves $20M Line of Credit with KeyBank

combined principal amount of not to exceed $20,000,000 at any one time outstanding; interest between 3.83% (tax-exempt) and 4.39% (taxable) as of May 2026HA Of Whatcom countyKEYBANK NATIONAL ASSOCIATIONJune 16, 2026

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Description

The Housing Authority of the City of Bellingham approved Resolution 2842 to issue up to $20 million in taxable and tax-exempt revolving line of credit revenue notes to KeyBank National Association. The two‑year line of credit will fund real estate acquisitions, construction, rehabilitation, and other corporate purposes at interest rates tied to SOFR.

Contract Details

Contract Amount

combined principal amount of not to exceed $20,000,000 at any one time outstanding; interest between 3.83% (tax-exempt) and 4.39% (taxable) as of May 2026

Vendor

KEYBANK NATIONAL ASSOCIATION

Agency

HA Of Whatcom county, WA

Contract Type

FINANCIAL_SERVICES

Document Date

June 16, 2026

Contract Term

Initial term of two years; initial maturity date not more than 25 months from date of issue; may be extended to any date on or before December 31, 2038

Renewal Info

Notes have an initial term of two years with an initial maturity not more than 25 months from issuance and may be extended, with Bank consent, to any date on or before 2038; interest rates may reset monthly based on SOFR and may be modified by mutual agreement without changing other material terms.