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Council adopts WIFIA amendment and authorizes senior-lien water and sewer bonds
Summary
An ordinance authorizing amendment of a WIFIA master agreement with the U.S. EPA and authorizing issuance of waterworks and sewerage senior-lien revenue bonds was approved unanimously to support Joliet’s water and sewer projects.
The City of Joliet on August 19 adopted an ordinance approving amendment of the WIFIA master agreement and related project loan agreements with the U.S. Environmental Protection Agency and authorizing the issuance of waterworks and sewerage senior-lien revenue bonds.
The measure, presented as council memo 447-25, was moved, seconded and approved with all council members recorded as voting in favor. City staff characterized the action as part of financing for the city’s ongoing water and sewer infrastructure projects; the ordinance authorizes participation in WIFIA loan terms and the issuance of senior-lien revenue bonds and associated supplemental indentures.
Council discussion on the item was brief on the council floor. The action follows prior city briefings and is consistent with the city’s multi-year capital program for waterworks and sewerage improvements. No additional details about loan amounts, bond sizing or closing dates were provided in the public portion of the meeting; bond documentation and loan agreements will be completed through the city’s finance and legal staff in coordination with the EPA.
