Section 10.0 - Delegation of Authority for Grants and Loans

*The Yuba Water Agency Board of Directors adopted a new Community Impact Grant and Loan Program Policy on October 6, 2020. Please be advised this webpage is currently under development and content is subject to change without notice. For more information, contact Jim Mitrisin via email: jmitrisin@yubawater.org.

  1. The General Manager, or his or her designee, is authorized and directed to prepare, approve, and sign grant and loan agreements for Board-approved grants and loans consistent with this policy and in collaboration with legal counsel. Each grant agreement shall memorialize the grantee, grant, grant sum, and grant purpose, and provide for disbursement of the grant funds. Each loan agreement shall memorialize the borrower, loan amount, interest rate, repayment terms, and loan purpose, and provide for disbursement of the loan funds. The annual loan interest rate shall be the average rate of interest earned by Agency funds deposited with the Yuba County Treasurer during the preceding 12 months, unless the Board otherwise specifies. The loan repayment period shall not exceed 20 years, unless the Board otherwise specifies. A loan agreement may defer the accrual of interest for up to five-years. The Agency may combine a grant and loan into a single agreement. 
  2. Grant and loan agreements shall be fully executed by all parties prior to disbursement of any Yuba Water funds. 
  3. After the agreement is signed by both parties, the Yuba Water Finance Manager is the fiscal administrator of the grant or loan and will ensure proper documentation and disbursement of the grant or loan funds and repayment of any loan.

Community Impact Grant and Loan Program Policy Appendices: