Information

Type: Deliberation

Department: PW - Public Works

Directors' Update: Jan. 10, 2024

Business Meeting: Jan. 16, 2024

Summary:

Accept an additional loan offer of $143,876 and authorize the Lewis County Public Works Director to execute, on behalf of Lewis County, a Final Contract between the Community Aviation Revitalization Board and Lewis County for a total of $658,278.00 and such other documents as may be required for securing aid in financing the cost of public facilities consisting of a New AvGas 100LL Fuel System at the South Lewis County Airport 

Publications:

Cover Letter To:

Additional Copies To:

Resolution

WHEREAS, the Board of County Commissioners (BOCC) accepted a loan offer from the Community Aviation Revitalization Board (CARB) in the amount of $514,402.00, by Resolution No. 22-293, with said loan to bear interest at the rate of 2.0% per annum; and

WHEREAS, additional funds are necessary to complete the installation of a New AvGas 100LL Fuel System at the South Lewis County Airport; and

WHEREAS, the BOCC desires to accept an additional loan offer of $143,876.00 for a total of $658,278.00 and authorize the Lewis County Public Works Director to execute, on behalf of Lewis County, a Final Contract between CARB and Lewis County and such other documents as may be required for securing aid in financing the cost of public facilities consisting of a New AvGas 100LL Fuel System at the South Lewis County Airport; and

WHEREAS, repayment of said general obligation loan shall be consistent with the terms provided in the signed Initial Offer of Financial Aid and more particularly as described in the Estimated Loan Repayment Schedule detailed in the Initial Offer of Financial Aid; and

WHEREAS, a copy of said Initial Offer of Financial Aid is attached hereto and made part of hereof as though set forth herein in full; and

WHEREAS, Lewis County reserves the right to accelerate payments on principal and eliminate the interest on any accelerated principal payments; and

WHEREAS, this obligation shall be considered as a legal general obligation of Lewis County, and Lewis County hereby pledges its full faith and credit to the payment thereof; and

WHEREAS, Lewis County Public Works shall establish a separate fund to be known as the Community Aviation Revitalization Board (CARB) Fund. Establishment of this fund applies to CARB loans. In the case of a loan, there shall be sufficient monies placed in this fund to meet the above-detailed repayment schedule.

NOW THEREFORE BE IT RESOLVED that the BOCC accepts the additional loan offer and approves the final contract for $658,278.00 between the Community Aviation Revitalization Board and Lewis County and such other documents as may be required for securing aid in financing the cost of the above-described public facilities project and authorizes and directs the Public Works Director to negotiate terms of and sign the necessary loan documents on the County's behalf.

DONE IN OPEN SESSION this 16th day of January, 2024.