An Ordinance Authorizing a Loan Agreement (Public Water Supply Loan Program Village Romeoville)

Summary

The Village of Romeoville is applying for a loan through the Illinois Public Water Supply Loan Program (PWSLP) to fund the Lukancic Receiving and Pumping Station Reservoirs project. The project is located at 774 St. Claire Drive, Romeoville, IL 60446-3921. The estimated total project cost, including construction period interest, is $11,000,000.00. The Village is requesting $11,000,000.00 in loan funding from the PWSLP. The loan repayment period requested is 20 years. The project is anticipated to begin construction on February 3, 2027, and be completed by May 3, 2028. The loan will be repaid using system revenues, with water rates projected to increase by 5% annually or by the cost of living index, whichever is higher. The Village has existing debt obligations totaling $86,880,000.00 which are also repaid by system revenues.

Citizen Impact

Residents can expect water rates to increase by approximately 5% annually to cover the loan repayment for the new water infrastructure project. This investment aims to improve the public water supply system.

Confidence

high