ORDINANCE No. 180682

Authorize change in the repayment term of Oregon Department of Environmental Quality Clean Water State Revolving Fund loan numbers R74167, R74168, and R74169 from the date of first disbursement to the date of first payment for water quality programs (Ordinance; amend Ordinance No. 178876)    

The City of Portland ordains:

Section 1 the Council finds that:

1.  The mission of the Bureau of Environmental Services (BES) is to protect public health, water quality and the environment. This is accomplished both through traditional sewer system projects and non-traditional work such as revegetation.

2.  The Oregon Department of Environmental Quality’s State Revolving Loan Fund Program (SRF) offers loans for traditional and non-traditional water quality enhancement projects. Recently adopted SRF rules offer very low interest loans for traditional treatment works that are coupled with non-traditional water quality projects.

3.  BES has entered into a loan agreements with DEQ (loan number R74167, R74168, and R74169). The loan agreement contains language requiring the City to repay the loan twenty years “from the date of the first disbursement”. New Oregon law states that the repayment period extends twenty years “from the date of the first payment”.

4.  This ordinance amends the existing loan agreement (R74167, R74168, and R74169) between BES and DEQ.

NOW, THEREFORE, the council directs:

 a.  The Commissioner of Public Utilities and Auditor are authorized to change the repayment terms of Oregon Department of Environmental Quality Clean Water State Revolving Fund loan number R74167, R74168, and R74169 from the date of first disbursement to the date of first payment and related conditions as set forth in the attached agreement. (amend Ordinance #178876)

Passed by the Council,  December 20, 2006  Gary Blackmer

Sam Adams

Commissioner of Public Utilities        Auditor of the City of Portland

             By /s/Andrew N. Bryans

[Margaret Nover]

[November 28, 2006]              Deputy

BACKING SHEET INFORMATION

AGENDA NO. 1617, 1713-2006

ACTION TAKEN:

DECEMBER 13, 2006 PASSED TO SECOND READING DECEMBER 20, 2006 9:30 AM

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 180682