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AN ORDINANCE AUTHORIZING A LOAN AGREEMENT
(PUBLIC WATER SUPPLY LOAN PROGRAM-VILLAGE OF ROMEOVILLE)
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AN ORDINANCE authorizing the VILLAGE of Romeoville, Will County, Illinois, to borrow funds from the Public Water Supply Loan Program
WHEREAS, the VILLAGE of ROMEOVILLE, Will County, Illinois, operates its public water supply system ("the System") and in accordance with the provisions included in Article VII, Section 6 of the Illinois Constitution and the Local Government Debt Reform Act, 30 ILCS 350/1 et seq. (collectively "the Act"); and
WHEREAS, the MAYOR and BOARD OF TRUSTEES of the VILLAGE ("the Corporate Authorities") have determined that it is advisable, necessary, and in the best interest of the public health, safety, and welfare to improve the System, including the following:
LUKANCIC RECEIVING AND PUMPING STATIONS RESERVOIRS
together with any land or rights in land and all electrical, mechanical or other services necessary, useful or advisable to the construction and installation ("the Project"), all in accordance with the plans and specifications prepared by the consulting engineers of the VILLAGE, which Project has a useful life of 50 years; and
WHEREAS, the estimated cost of construction and installation of the Project,
including engineering, legal, financial and other related expenses is $11,000,000, and
there are insufficient funds on hand and lawfully available to pay these costs; and
WHEREAS, the loan shall bear an interest rate as defined by 35 Ill. Adm. Code 662, which does not exceed the maximum rate authorized by the Bond Authorization Act, as amended, 30 ILCS 305/0.01 et seq., at the time of the issuance of the loan; and
WHEREAS, the principal and interest payment shall be payable semi-annually, and the loan shall mature in 20 years, which is within the period of useful life of the Project; and
WHEREAS, the costs are expected to be paid for with a loan to the VILLAGE from the Public Water Sup...
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