3
WHEREAS
, in accordancewith the provisions of theAct, theCity is authorized to
borrow funds from thePublicWater SupplyLoan Program in the aggregate principal amount of
$1,300,000 to provide funds to pay the costs of theProject; and
WHEREAS
, the loan to theCity shall bemade pursuant to aLoanAgreement, including
certain terms and conditions, between theCity and the IllinoisEnvironmental ProtectionAgency;
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
WHEREAS
, the principal and interest payment shall be payable semi-annually, and the loan
shallmature in 20 years, which iswithin the period of useful life of theProject.
NOWTHEREFORE, BE ITORDAINEDBYTHECORPORATEAUTHORITIESOFTHE
CITYOFMOMENCE, KANKAKEECOUNTY, ILLINOIS, as follows:
SECTION 1. INCORPORATIONOFPREAMBLES
TheCorporateAuthorities hereby find that the recitals contained in the preambles are true and
correct, and incorporate them into thisOrdinance by this reference.
SECTION 2. DETERMINATIONTOBORROWFUNDS
It is necessaryand in the best interests of theCityofMomence to construct theProject for the
public health, safetyandwelfare, in accordancewith the plans and specifications, as described; that
theSystem continues to be operated in accordancewith the provision of theAct; and that for the
purpose of constructing theProject, it is herebyauthorized that funds be borrowed by theCity in an
aggregate principal amount not to exceed $1,300,000.
