91-0410 FRWRD - Phase II Bowes Road Interceptor RESOLUTION
AUTHORIZING EXECUTION OF A FUNDING AGREEMENT WITH THE
FOX RIVER WATER RECLAMATION DISTRICT
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that George VanDeVoorde, Mayor, and Dolonna Mecum,
City Clerk, be and are hereby authorized and directed to
execute a funding agreement on behalf of the City of Elgin
with the Fox River Water Reclamation District for Phase II of
the Bowes Road Interceptor, a copy of which is attached hereto
and made a part hereof by reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: April 10, 1991
Adopted: April 10, 1991
Vote: Yeas 6 Nays 0
Recorded:
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
FZWRV-mqW
FOX RIVER WATER RECLAMATION DISTRICT
RAYMOND STREET&PURIFY DRIVE/P.O.BOX 92,ELGIN,IL 601 21-0092/PH.(7081742-2068 FAX(708)742-0193
FUNDING AGREEMENT
The FOX RIVER WATER RECLAMATION DISTRICT (FRWRD) is
building Phase II of the Bowes Road Interceptor (BRIS II)
provide service to areas that will be annexing to not
only FRWRD but also to the City of Elgin. It is FRWRD's
intent to repay the Revolving Loan Funds used to pay for
the construction of BRIS II with developer contributions.
If developer contributions are insufficient to make the
semi-annual loan the City of Elgin, a home rule
community, agrees to guarantee repayment of the loan from
developer contributions, from funds on hand or the
issuance of general obligation bonds in the exercise of
its home rule powers under the Constitution of Illinois,
1970.
i
Mayor ity of Elgin President FR
I"A
Clerk, City of Elgin ��erk, FRWRD
TRUSTEES
Harold C Westphal,Jr.
President
Ernest R.Ludwig
Vice President
James E.Tucker
Treasurer-Clerk
OFFICIALS
Albin D.Pagorski
General Manager
Gregory Hergenroeder
P.E.District Engineer
Lyle C.Brown
Attorney
•
M ktcLOf�
El Agenda Item No .
March 11, 1991
TO: Mayor and Members of the City Council
FROM: Larry L. Rice, City Manager
SUBJECT: Addendum to FRWRD Sewer Grant Request
The 1991 City budget includes allocation for construc-
tion of the Bowes Road Interceptor from McLean Boulevard to
Randall Road. Recently, we and the Sanitary District have
learned that construction loan funds may be
application.available part of
IEPA - and FRWRD has prepared an app
that application, needs rule stat s•assurance of
repayment based upon the City's home
The attached agreement has been prepared by our attor-
neys to accompany the application. It provides assurance
that if developer contribution funds are insufficient to
satisfy the semi-annual payments on the IEPA loan - the City
will make up the difference. Although the agreement provides
for General Obligation Bonds (because IEPA wants that word-
ing) in actual r deficits fees would be made up from
our own developer
FINANCIAL IMPACT
The State IEPA loan is less than 4% over 20 years.
Therefore, impact fee collections and developer contributions
should not on uYt be fact should satisfy
should provide excess interest earn-
ings.
RECOMMENDATIONS
The Council is asked to approve the attached "Funding
Agreement for inclusion in the FRWRD Bowes Road Interceptor
(BRIS II) application.
i,L
j _Z, &2222--
-
LaCiry LV Rice, City Manager
LLR:amp
FUNDING AGREEMENT
The FOX RIVER WATER RECLAMATION DISTRICT (FRWRD) is
building Phase II of the Bowes Road Interceptor (BRIS II)
Provide service to areas that will be annexing to not
only FRWRD but also to the City of Elgin. It is FRWRD's
intent to repay the Revolving Loan Funds used to pay for
the construction of BRIS II with developer contributions.
If developer contributions are insufficient to make the
semi-annual loan the City of Elgin, a home rule
community, agrees to sell sufficient general obligation
bonds to repay the loan.
The Illinois State Statute allowing the City of
Elgin, a home rule community, to issue (sell) general
obligation bonds is Chapter and Paragraph_
Mayor, City of Elgin President, FRWRD
Clerk, City of Elgin Clerk, FRWRD