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as described; that the System continue to be operated in accordance with the provisions of the <br /> Illinois Environmental Protection Act. 415 ILCS 5/1 et seq.; and that for the purpose of <br /> constructing the Project,it is hereby authorized that funds be borrowed by the City in the aggregate <br /> principal amount (which can include construction period interest financed over the term of the <br /> loan)not to exceed Six Million.Five Hundred Thousand Dollars($6,500,000.00)and that the Loan <br /> be authorized for such purpose. <br /> SECTION 3. LOAN NOT INDEBTEDNESS OF THE CITY <br /> Repayment of the Loan to the Illinois Environmental Protection Agency by the City <br /> pursuant to this Ordinance is to be solely from the revenue derived from water utility revenues <br /> collected by the City. and the Loan does not constitute an indebtedness of the City within the <br /> meaning of any constitutional or statutory limitation. <br /> SECTION 4. APPLICATION FOR LOAN <br /> The City Manager is hereby authorized to make an application to the Illinois Environmental <br /> Protection Agency for the Loan through the Public Water Supply Loan Program. in accordance <br /> with the loan requirements set out in 35 Ill. Adm. Code 365, and any such actions heretofore taken <br /> by the City Manager in accordance with the provisions hereof are hereby ratified and approved. <br /> SECTION 5. ACCEPTANCE OF LOAN AGREEMENT <br /> The Corporate Authorities hereby authorize acceptance of the offer of the Loan through <br /> the Public Water Supply Loan Program. including all terms and conditions of the Loan Agreement <br /> as well as all special conditions contained therein and made a part thereof by reference. The <br /> Corporate Authorities further agree that the Loan funds awarded shall be used solely for the <br /> purposes of the Project as approved by the Illinois Environmental Protection Agency in accordance <br /> with the terms and conditions of the Loan Agreement. This Ordinance shall constitute complete <br /> authority for acceptance of the Loan and the Loan Agreement by the City. <br /> SECTION 6. PARITY BONDS; FLOW OF FUNDS; ADDITIONAL BONDS <br /> The Parity Bonds are not senior to. but are on parity with, the Loan. <br /> The "Flow of Funds"provisions of the Note Ordinance are expressly continued under this <br /> Ordinance and payments on the Loan shall be made from the Bond and Interest Account of the <br /> 'Vater Fund on a parity with payments on the Parity Bonds. <br /> The City reserves the right to issue bonds. notes or other obligations in the future on a <br /> parity with. and sharing ratably and equally, in the revenues of the System with the Loan and the <br /> Parity Bonds pursuant to and in accordance with the "Additional Obligations" provisions of the <br /> Note Ordinance. <br /> -3- <br />