Oakland, Oregon (May 2021) – The City of Oakland recently announced the refunding of a Business Oregon Economic and Community Development loan. The original note proceeds were used for the 2005 construction of a water treatment plant. The refinancing provided substantial savings to the City and its constituents maintaining the same loan terms but with a reduced fixed interest rate. The tax-exempt financing structure for the refunding was provided by Government Capital Corporation, Southlake, Texas. Jim Shannon of Mersereau Shannon LLP, Portland, Oregon provided the documentation and legal review.
“The prospect of a refunding was simplified by the experienced staff at Government Capital Corporation,” stated Terri Long, City of Oakland City Recorder. “It is great to take advantage of savings for the residents and businesses in our city as well as eliminate the covenants incurred with the original loan.”
“It was a pleasure to work with Terri Long on this refunding,” stated Lisa Hott Government Capital Client Services. “The current economic environment has municipalities searching for ways to streamline their budgets and we were delighted to provide assistance.”
About the City of Oakland
The City of Oakland is surrounded by meadows, mountains, and the Calapooya Creek in Douglas County. Oakland was the first city to be placed on the state’s historic register. The City’s two-block business district consists of the original brick buildings built in the 1880s and 1890s, with more than 80 properties constructed between 1852 and 1890. Oakland is a community, not just a place to live. To learn more visit www.oaklandoregon.org
About Government Capital Corporation
Government Capital Corporation is a leading public finance firm providing professional financial services to all local governmental entities. Since its founding in 1992, the company has successfully completed thousands of municipal financings exceeding $4.5 Billion in Oregon and across the nation. For more information, visit www.govcap.com