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Peoria council authorizes additional IEPA revolving loan to meet combined‑sewer reduction mandate
Summary
The City Council unanimously approved borrowing additional Illinois Environmental Protection Agency State Revolving Fund (SRF) money to complete year‑four sewer projects after staff said higher costs and stormwater constraints require an extra $5 million to meet a federal consent‑decree milestone.
Peoria's City Council on Tuesday unanimously adopted an ordinance authorizing the city to borrow additional funds through the Illinois Environmental Protection Agency State Revolving Fund Loan Program to continue combined‑sewer‑overflow (CSO) reduction projects.
City Manager Grama told the council the city has completed roughly $13.5 million of projects from earlier tranches and is paying about $700,000 in principal and about $120,000 in interest annually on that completed work at an interest rate “about 1.87…
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