Waukegan approves renewal of $1.404 million letter of credit tied to Yeoman Creek remediation
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Summary
The committee authorized renewal of a $1,404,100 letter of credit with Old National Bank to satisfy the city’s EPA financial-assurance obligations related to the Yeoman Creek landfill remediation; treasurer gave historical background on the city’s long-term liability.
The Waukegan Finance and Purchasing Committee on July 21 authorized the city treasurer to renew a letter of credit for $1,404,100 with Old National Bank to meet the city's financial-assurance obligations related to the Yeoman Creek landfill remediation overseen by federal authorities.
City Treasurer (name given in meeting) provided a history of the remediation effort and the reasons for the letter of credit. He said the city previously was assigned a 34% share of the Yeoman remediation responsibility under court-related paperwork and that the city has participated in semiannual “cash call” payments. The treasurer said when he took office the city had fallen below required financial-assurance levels and a letter of credit was required by the remediation committee and regulators; the city has not defaulted on its payments.
Committee members had no questions and approved the renewal on a roll call (Aldermen Newsom, Florian, Hayes and Donenworth recorded Aye). The action was presented as a routine compliance step required by the Yeoman Remediation Committee to maintain the city’s financial assurances to federal regulators.
Action details: motion to authorize renewal of a letter of credit in the amount of $1,404,100 with Old National Bank for EPA financial-assurance requirements related to Yeoman Creek (motion by Alderman Florian; second by Alderman Hayes).
