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Village approves IEPA loan payment; clerk outlines loan forgiveness and repayment schedule
Summary
Trustees approved an IEPA loan payment for Well House Number 6 and the clerk noted the loan package included $400,000 forgiveness and a financed amount near $1.3 million with payments scheduled through 2043.
Trustees approved resolution 20250519R16 to make a scheduled IEPA loan payment due 06/08/2025 for Well House Number 6 as presented by the clerk. The clerk said loan documents show $400,000 in forgiveness within a larger financing package and provided a repayment schedule through 2043.
The clerk explained the payment is part of a semiannual schedule and that the total annual debt service on that loan is roughly $68,000 (about $34,000 per semiannual payment). Board members approved the payment by roll call; trustees discussed how the IEPA obligations and delayed reimbursements (e.g., ITEP and other state grants) affect cash flow and appropriations planning.
Trustees directed staff to follow up on outstanding reimbursements tied to prior projects and incorporate debt-service obligations into upcoming budget discussions.
