The Wyoming State Loan and Investment Board awarded a loan through the Capital Construction Loan Program to the City of Gillette at their June 4, 2020, meeting.  This loan provides the funding to the City of Gillette to complete the Wastewater Treatment Facility (WWTF) Improvements projects identified in the Condition Assessment completed by HDR as "High Priority".  The loan amount is $20,000,000 for a term of 20 years with an interest rate of 2.125% per annum.  The repayment of the loan will begin within one year from the final draw of the loan funds.

The following documents are included for approval: 

• Loan Agreement:This document identifies the amount, interest rate, and terms of the loan.  A 0.5% ($100,000) loan origination fee is required under this loan.
• Promissory Note: This document is required as a term of the Loan Agreement.
• Assignment and Pledge of Revenues: This document assigns and pledges revenues received as user fees and assessments from the operation of the Sewer Utility to the State of Wyoming Loan and Investment Board for a period of 20 years, or until the loan has been repaid in full.
• Security Agreement and Financing Statement: This document gives a security interest in the revenues received from operating the Sewer Utility as collateral.
• Resolution: This resolution authorizes the Mayor, Louise Carter-King, to sign the documents required by the State Loan and Investment Board in connection with Loan #CCL-19003.