Village of Teutopolis Water System Improvements Loan
Original Solicitation Links
Ordinance No. 1121
]http://www.effinghamdailynews.comDescription
The Village of Teutopolis, Illinois, located in Effingham County, is seeking to borrow funds through the Illinois Environmental Protection Agency Public Water Supply Loan Program. This initiative aims to finance improvements to the village's water system, specifically addressing the construction of the Village of Teutopolis Cast Iron Main Replacement project. The estimated cost for this project, including engineering, legal, and other related expenses, is $3,082,509. The loan sought is for an aggregate principal amount not to exceed $4,000,000.00, with an interest rate determined by state regulations and a maturity period of 30 years, aligning with the project's useful life. The loan will be repaid from the revenues of the water system, and it does not constitute a general obligation of the Village but rather a limited obligation. The Village has no outstanding bonds senior to this loan, establishing equivalent accounts, coverage, and reserves as senior lien holders, with the exception of existing Revenue Bonds and General Obligation Waterworks Bonds issued in 2014. The Village President is authorized to execute the Loan Agreement with the Illinois Environmental Protection Agency.
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