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Crest Hill council authorizes up to $4.4M IEPA waterworks and sewer revenue bonds; one abstention
Summary
The council approved Ordinance 2048 authorizing issuance of not-to-exceed $4.4 million in waterworks and sewer revenue bonds (junior lien) to the Illinois Environmental Protection Agency to fund water and sewer system improvements. One councilor abstained, citing a potential conflict with his employer.
The Crest Hill City Council voted on Feb. 17 to adopt Ordinance 2048, authorizing issuance of not-to-exceed $4.4 million in waterworks and sewer revenue bonds to be sold to the Illinois Environmental Protection Agency to pay for improvements to the city’s combined waterworks and sewer system.
City Engineer Ron Wiedemann told the council the ordinance closes the loop on a previously adopted authorization to apply for IEPA loans for the city’s switch to Lake Michigan water. He said the ordinance prescribes details of the bonds, provides for revenue collection and authorizes sale of the bonds to the IEPA. Wiedemann stated that the prior ordinance had been published to allow elector petitions and none were received within 30 days.
Alderman Nate Albert announced he would abstain from the vote because of a conflict of interest. “I’ll be abstaining from this vote, and I'd like to explain why this creates a conflict of interest for me as a financial adviser with Edward Jones because we have the opportunity to potentially sell these bonds to our clients,” he said on the record. The roll call showed one abstention; the ordinance carried and was recorded as Ordinance 2048.
The council directed the administrative and finance staff to proceed with the steps necessary to issue the bonds to the IEPA in accordance with the ordinance; no further public hearings or elector petitions were reported during the meeting.
