ANORDINANCEAUTHORIZINGLOANAGREEMENT
ORDINANCENUMBER 802
ANORDINANCE authorizing theCityofMomence, Kankakee, County, Illinois to borrow funds
from thePublicWater SupplyLoanProgram
WHEREAS
, theCityofMomence, KankakeeCounty, Illinois operates its publicwater
supply system (“theSystem”) and in accordancewith the provisions of Section 3.1 of the
Intergovernmental CooperationAct, 5 ILCS200/3.1 et seq. and the Local GovernmentDebt
ReformAct, 30 ILCS 350/1 (collectively, “theAct”), and
WHEREAS
, theMayor AndCityCouncil of theCityofMomence (“theCorporate
Authorities”) have determined that it is advisable, necessaryand in the best interests of public
health, safetyandwelfare to improve theSystem, including the following:
INSTALLATIONOFAPPROXIMATELY 1,300LINEALFEETOF 12”WATERMAIN
DIRECTIONALLYDRILLEDUNDERNEATHTHEKANKAKEERIVERTOPROVIDE
BETTERWATERQUALITY,WATERPRESSURE, FIREPROTECTIONAND
REDUNDANCY
togetherwith any land or rights in land and all electrical,mechanical or other services necessary,
useful or advisable to the construction and installation (“theProject”), all in accordancewith the plans
and specifications prepared byconsulting engineers of theCity; whichProject has a useful life of 75
years; and
WHEREAS
, the estimated cost of construction and installation of the Project, including
engineering, legal, financial and other related expenses is $1,800,000, and there are insufficient
funds on hand and lawfullyavailable to pay these costs; and
WHEREAS
, the loan shall bear an interest rate as defined by 35 Ill. Adm. Code 662, which
does not exceed the maximum rate authorized by the Bond Authorization Act, as amended, 30 ILCS
305/0.01 et seq., at the time of the issuance of the loan; and
