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ORDINANCE NO. ft 6+i < <br /> ORDINANCE AUTHORIZING THE CITY OF DECATUR,ILLINOIS TO BORROW <br /> FUNDS FROM THE WATER POLLUTION CONTROL LOAN PROGRAM THROUGH <br /> THE ILLINOIS ENVIRONMENTAL PROTECTION AGENCY FOR THE OAKLAND <br /> AND GRAND SEWER SEPARATION PROJECT, CITY PROJECT 2021-01 <br /> WHEREAS, the of City of Decatur, Macon County, Illinois ("City"), operates its <br /> sewerage system("the System")and in accordance with the provisions of the Article VII, Section <br /> 6 of the Illinois Constitution of 1970 and the Local Government Debt Reform Act, 30 ILCS <br /> 350/1 et seq. (collectively"the Act"); and <br /> WHEREAS, the MAYOR and CITY COUNCIL of the City ("the Corporate <br /> Authorities") have determined that it is advisable, necessary, and in the best interest of the public <br /> health, safety, and welfare to improve the System, including the following: The Oakland and <br /> Grand(Basin 5 & 6) Sewer Separation, L17-6807 together with any land or rights in land and all <br /> electrical, mechanical, or other services necessary, useful or advisable to the construction and <br /> installation ("the Project"), all in accordance with the plans and specifications prepared by the <br /> consulting engineers of the City which Project has a useful life of 50 years and <br /> WHEREAS, the estimated cost of construction and installation of the Project, including <br /> engineering, legal, financial and other related expenses is Sixteen Million, Five Hundred <br /> Thousand Dollars ($16,500,000.00), and there are insufficient funds on hand and lawfully <br /> available to pay these costs; and <br /> WHEREAS, the loan shall bear an interest rate as defined by 35 Ill. Adm. Code 365, <br /> which does not exceed the maximum rate authorized by the Bond Authorization Act, as <br /> 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, and the <br /> loan shall mature in thirty(30)years,which is within the period of useful life of the Project; and <br /> WHEREAS, the costs are expected to be paid for with a loan to the City from the Water <br /> Pollution Control Loan Program through the Illinois Environmental Protection Agency, the loan <br /> to be repaid from City Sanitary Sewer Fund 79 and the loan is authorized to be accepted at this <br /> time pursuant to the Act; and <br /> WHEREAS, in accordance with the provisions of the Act, the City is authorized to <br /> borrow funds from the Water Pollution Control Loan Program in the aggregate principal amount <br /> of Sixteen Million, Five Hundred Thousand Dollars ($16,500,000.00) to provide funds to pay the <br /> costs of the Project; and <br /> 1 <br />