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Board approves water-system audit PSA and authorizes up to $22.5 million in waterworks revenue bonds
Summary
Trustees approved a $44,977 professional services agreement with Engineering Enterprises for a 2024 water audit and water-system improvement plan tied to Lake Michigan withdrawal permit requirements, and authorized Ordinance 2097 to issue up to $22.5 million in waterworks revenue bonds using IEPA/SRF financing at about 1.86%.
The Village Board approved a professional services agreement with Engineering Enterprises and adopted an ordinance authorizing the issuance of waterworks revenue bonds not to exceed $22.5 million to fund water-main replacement projects.
Director Wold described the $44,977 PSA with Engineering Enterprises (EEI) to conduct the 2024 water audit, prepare the required water-system improvement plan tied to the village's Lake Michigan withdrawal permit (IDNR) and assist with non-revenue-water reduction. "This PSA...coincides with the village moving to our new water source of Lake Michigan," Wold said, noting the IDNR permit requires steps to reach and maintain certain water-loss thresholds.
Staff then presented Ordinance 2097 to authorize issuance of waterworks revenue bonds in an aggregate principal amount not to exceed $22,500,000 to fund water-main replacements for FY24-FY26. Staff noted favorable Illinois Environmental Protection Agency (IEPA) SRF financing at approximately 1.86% and that SRF term extensions to 30 years increase repayment flexibility. The presenter outlined other existing and potential funding sources, including previously issued debt certificates, TIF bonds, refunded 2013 water bonds, reissuance of 2017 bonds, and a potential WIFIA application with the U.S. EPA.
Trustees asked for a detailed breakdown of which projects will be funded from each source and staff agreed to provide those figures at the first reading/public hearing. A motion to approve the ordinance and the PSA carried on roll call.
