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• Such contractual guarantee of annual savings provides a security to the city to ensure <br /> that cost savings will be available to affect the interfund loan repayment to the water <br /> utility. <br /> POTENTIAL OBJECTION: <br /> There are no known objections to this resolution request. <br /> Loan covenants on existing debt obligations require consent form Regions Bank and Illinois <br /> Environmental Protection Agency ("IEPA"), which have been previously granted on other debt <br /> issues of the city. No opposition is expected. <br /> INPUT FROM OTHER SOURCES: <br /> Chapman and Cutler, LLP, City Bond Counsel <br /> STAFF REFERENCES: <br /> Billy Tyus, Interim City Manager <br /> Gregg D. Zientara, City Treasurer& Director of Finance <br /> BUDGETITIME IMPLICATIONS: <br /> Project start is imminent to secure project completion before year end December 31, 2018, to <br /> secure project rebate reimbursement and to secure commencement of electricity cost savings in <br /> the nearest terms, and to secure the financing scenario to affect the contractual payments to <br /> Johnson Controls commencing September 1, 2018. <br /> Page 3 of 3 <br />