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Council advances ordinance to seek IEPA loan and issue up to $30 million in waterworks and sewage bonds
Summary
The Jacksonville City Council approved on first reading an ordinance proposing to incur loans from the Illinois Environmental Protection Agency and issue waterworks and sewage revenue bonds in an aggregate principal amount not to exceed $30,000,000 to fund improvements to the city's waterworks and sewage system.
The Jacksonville City Council advanced on first reading an ordinance proposing to incur loans from the Illinois Environmental Protection Agency and to issue waterworks and sewage revenue bonds in an aggregate principal amount not to exceed $30,000,000 to pay for improvements to the city’s waterworks and sewage system.
The item was presented by Alderman Watts and seconded by Alderman Scott. During discussion council members asked whether existing loans were already in place and how the new borrowing would relate to prior phases of the city’s water and sewer projects. City staff clarified that a low- or zero-interest loan exists for the first-phase wastewater treatment plant work and that the water plant loan began in 2015 and is scheduled to be paid through 2035; staff also said there was not yet funding in place for the work described in this ordinance beyond grants already received for an inventory.
Council members discussed that the city will have a mix of loans with different start and end dates, and that new loans may be added while others are paid off. After questions and staff clarifications, the council held a roll-call vote and the motion carried.
The ordinance as introduced caps borrowing at $30,000,000 for the stated purpose; the transcript does not include final loan terms, interest rates, repayment schedules or a detailed project budget in the recorded portion.
