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Dollars ($15,000,000.00), and there are insufficient funds on hand and lawfully available <br /> to pay these costs; and <br /> WHEREAS, the loan shall bear an interest rate as defined by 35 Ill. Adm. Code <br /> 662, which does not exceed the maximum rate authorized by the Bond Authorization Act, <br /> as amended, 30 ILCS 305/0.01 et seq., at the time of the issuance of the loan; and <br /> WHEREAS, the principal and interest payment shall be payable semi-annually, <br /> and the loan shall mature in 20 years, which is within the period of useful life of the <br /> project; and <br /> WHEREAS, the costs are expected to be paid for with a loan to the City.of <br /> Decatur from the Public Water Supply Loan Program through the Illinois Environmental <br /> Protection Agency, the loan to be repaid from revenues of the System and the loan is <br /> authorized to be accepted at this time pursuant to the Act; and <br /> WHEREAS, in accordance with the provisions of the Act, the City of Decatur is <br /> authorized to borrow funds from the Public Water Supply Loan Program in the aggregate <br /> principal amount of Fifteen Million Dollars ($15,000,000.00) to provide funds to pay the <br /> costs of the Project; and <br /> WHEREAS, the loan to the City of Decatur shall be made pursuant to a Loan <br /> Agreement, including certain terms and conditions between the City of Decatur and the <br /> Illinois Environmental Protection Agency; <br /> NOW THEREFORE, be it ordained by the Corporate Authorities of the City of <br /> Decatur, Macon County, Illinois, as follows: <br /> SECTION 1. INCORPORATION OF PREAMBLES <br /> The Corporate Authorities hereby find that the recitals contained in the preambles <br /> are true and correct, and incorporate them into this Ordinance by this reference. <br />