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Village approves $52,300 EEI agreement to prepare IEPA loan application for lead-service project
Summary
Trustees approved a $52,300 agreement with EEI to assist with bid documents and the IEPA loan application for the lead service-line replacement project; staff said the loan is 0% with a 30-year term.
Staff told trustees the village qualified for a 0% IEPA water-supply loan with 30-year repayment for the lead-service-line replacement project and asked the board to approve a $52,300 agreement with EEI to help prepare required loan application documents and bid exhibits. Staff said the fee can be paid for by the loan since the project itself was not budgeted.
Trustees moved, seconded and approved the agreement by roll call. Staff said village staff will prepare the bid documents and EEI will assist with reviewing and preparing the loan application details.
