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Project Funding Through the Water Pollution Control Loan Program <br /> The passage of an ordinance authorizing a loan agreement to borrow funds from the Illinois Water <br /> Pollution Control Loan Program is one of the final steps in securing an IEPA low interest loan. The loan <br /> rate is expected to be 1.84%. The ordinance addresses the funding for the project and assures that the <br /> City is able to repay the loan over a 20 year period beginning at the substantial completion of the <br /> project. The funds included in the loan request are summarized in the following table: <br /> Work Item Project Estimate <br /> Design Engineering $41,300 <br /> Construction $6,500,000 <br /> Construction Contingency (10%) $650,000 <br /> Construction Engineering $550,000 <br /> Total Estimated Project Cost $7,741,300 <br /> Construction Period Interest(1.5%) $116,120 <br /> Sub-Total $7,857,420 <br /> Total Loan Requested $7,900,000 <br /> As is common with the Water Pollution Control Loan Program,the actual loan document will not be <br /> fully written until a construction contract has been awarded by the City Council and approved by the <br /> IEPA. At that point, the agreement authorized by the attached ordinance will be signed by the City <br /> Manager and the loan activated. The contractor will then be given a notice to proceed. <br /> Construction Engineering Services <br /> The IEPA requires that projects being supported by the Water Pollution Control Loan Program be <br /> provided with project oversight by qualified resident engineers that are familiar with the sewer <br /> rehabilitation work being proposed. A construction engineering agreement will be taken for council <br /> consideration once IEPA approves the project for bid. <br /> ANTICIPATED SCHEDULE: <br /> IEPA Approves the City's Facilities Plan February 4, 2013 <br /> Plans and Specifications Submitted to the IEPA November 2018 <br /> City Council Approves IEPA Loan Ordinance November 2018 <br /> IEPA Approves Loan/Financial Application February 2019 <br /> Advertise for Bid February 2019 <br /> Pre-Bid Conference March 2019 <br /> Bids Opened by the City Apri12019 <br /> City Council Approves Bids Contingent on IEPA Funding Apri12019 <br /> The Loan is Authorized by the IEPA May 2019 <br /> Page � 3 <br />