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Finance committee moves renewal of $10 million line of credit and places lead service line loan on consent
Summary
The Finance Committee placed a one‑year renewal of a $10 million line of credit with Old National Bank on the consent agenda and recommended authorizing a 100 percent principal forgiveness public water supply loan for a lead service line replacement project.
The Finance Committee reported two financial items for the Committee of the Whole and placed both on the consent agenda during the Aug. 19 meeting.
Committee Chair Alderman Maciacos summarized a request to renew a line of credit with Old National Bank in the amount of $10,000,000 for a one‑year term expiring June 30, 2026. The renewal is intended to carry forward roughly $6,600,000 currently outstanding on the existing line; the Committee heard that the new treasurer and CFO plan to phase out reliance on such lines of credit over time.
The Finance Committee also recommended authorizing participation in the public water supply loan program to secure a 100 percent principal forgiveness loan for a lead service line replacement project. The agenda description identified the loan as a home‑rule eligible instrument for the lead service line replacement project; no further details about the project scope or funding sources were provided at the Committee of the Whole meeting.
Both items were placed on the consent agenda for council consideration; no separate roll‑call votes were recorded at the Committee of the Whole meeting.
