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}� ` <br /> LEGAL DEPARTMENT MEMORANDUM <br /> No. 2001-01 <br /> January 4, 2001 <br /> TO: Honorable Mayor and City Council Members <br /> FROM: Steve Garman, City Manager <br /> John A. Smith, Assistant City Manager for Public Services <br /> John W. Couter, Corporation Counse�'ii <br /> J <br /> RE: Public Water Supply Loan Program <br /> In order to comply with Illinois EPA nitrate requirements, the City will soon be making <br /> improvements to the South Water Treatment Plant. To assist in the financing of those <br /> improvements, the City plans to make use of the Public Water Supply Loan Program <br /> administered by the IEPA. This program makes low interest loans available to cities for such <br /> purposes; currently, the interest rate for these loans is 3%. <br /> One of the requirements of the IEPA is that the unit of government applying for the loan <br /> adopt an ordinance authorizing the borrowing of the funds. This ordinance sets forth the <br /> maximum amount that the unit can borrow, although the actual amount borrowed could be less. <br /> In this case, the City has estimated that it will not require more than Nine Million Five Hundred <br /> Thousand Dollars ($9,500,000.00) to complete the project, including contingencies. <br /> Staff has prepared the required authorization ordinance, and it has been reviewed by the <br /> IEPA. Staff recommends approval of the ordinance. <br /> JWC:ps <br /> Attachment <br /> cc: Wendy L. Morthland <br /> Steven G. Jones <br />