TO: Finance Committee
FROM: Allison Swisher, Director of Public Utilities
SUBJECT:
title
Resolution Accepting Illinois Environmental Protection Agency Low Interest Loan L176079 for the 2025 Lead Water Service Line Replacement Program
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BACKGROUND:
On December 20, 2022 the Mayor and City Council approved Ordinance No. 18446 authorizing the City of Joliet to borrow funds up to $327,000,000.00 from the IEPA Public Water Supply Loan Program (PWSLP) for drinking water related capital improvement projects. One (1) of the projects identified to be funded with PWSLP funding is the 2025 lead water service line replacement program. In January 2025, the City submitted a loan application to IEPA for the project. IEPA has approved the City’s loan application and has provided a loan agreement, in the amount of $3,581,762.23, at a simple interest rate of 0.00% for a 30-year term. $3,027,000.00 of this amount is eligible for principal forgiveness. The Finance Committee will review this matter.
RECOMMENDATION:
recommendation
Based on the above, it is recommended that the Mayor and City Council adopt the attached Resolution authorizing the City’s Authorized Representative to accept and sign the loan agreement and any future documents associated with the loan as required.
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