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Pingree Grove moves to pay off small IEPA loans to save roughly $19,000 in interest
Summary
Village finance staff proposed and the board agreed to proceed with early payoff of three small IEPA loans that financed original water and wastewater treatment plant work; principal balance is about $127,000 and estimated interest savings about $19,000.
The Pingree Grove Village Board on May 19 agreed to proceed with early payoff of three small Illinois Environmental Protection Agency (IEPA) loans used toward original water and wastewater treatment plant construction, a move staff said would save roughly $19,000 in interest.
Finance Director Albert told trustees the combined principal remaining on the three loans is about $127,000. He noted the village’s water sanitation fund currently holds nearly $4.1 million and that early payoff would remove debt service obligations as the village begins paying on newer treatment-plant loans. “I’m a big proponent of getting debt off your books if you can,” Albert said, adding staff would request payoff invoices from IEPA and could complete payoff by the end of the week if the board approved.
Trustees expressed support; a trustee asked about the loan rates and staff confirmed IEPA rates are low but that the total interest savings from early payoff is the primary rationale. Board members instructed staff to proceed, and Albert said he would contact IEPA to obtain payoff figures and finalize the transaction.
