TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Resolution Accepting Illinois Environmental Protection Agency Low Interest Loan L176075 for the 2024 Water Main Replacement Program
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BACKGROUND:
On December 20, 2022 the Mayor and City Council approved Ordinance 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 2024 Water Main Replacement Program. In January 2024, 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 $76,484,000.00, at a simple interest rate of 1.81% for a 30-year term.
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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