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`- ^ _ Page 2 <br /> POTENTIAL OBJECTION: None. <br /> INPUT FROM OTHER SOURCES: The City has applied for a low interest loan from the <br /> IEPA. The interest rate on the loan is 2.905%. IEPA is in the process of evaluating the required <br /> documents submitted by Diversified Buildings, Black & Veatch and the City. Prior to approval <br /> of the loan, IEPA requires the lowest qualified bid to be approved by City Council but the <br /> contract cannot be awarded until approval by IEPA is received. Therefore, the attached <br /> Resolution is worded with "intent to award pending IEPA approval". The approval process may <br /> take up to four weeks. <br /> STAFF REFERENCE: John A. Smith, Assistant City Manager for Public Services; Keith D. <br /> Alexander, Director of Water Management; Stephen P. Swanson, Director of Engineering & <br /> Infrastructure. <br /> BUDGET/TIME IMPLICATIONS: <br />