Title
Joint resolution authorizing execution of a loan agreement with the Illinois Environmental Protection Agency (IEPA) in the amount of $6,348,838 for the Round Lake Sanitary District (RLSD) Excess Flow Improvements Project.
Staff Summary
· The excess flow lagoons associated with the Northwest Interceptor Sewer System must be improved to increase the system capacity during periods of wet weather flow.
· The County applied for a low interest loan with the IEPA for this project.
· The IEPA has extended a loan offer in the amount of $6,348,838.
· The term of the loan is 20 years at 1.995 percent.
· The loan amount will cover the full amount of the project costs including design engineering in the amount of $439,700, construction engineering in the amount of $249,700, construction in the amount of $5,494,600, and 3 percent contingency in the amount of $164,838.
· The loan agreement requires the County to accept the IEPA loan offer prior to October 31, 2014.
· This resolution authorizes and directs the Chair of the County Board to execute a loan agreement with Illinois Environmental Protection Agency in the amount of $6,348,838.
Body
R E S O L U T I O N
WHEREAS, the County of Lake (County) owns and operates sanitary sewer systems in the Northwest Lake Facilities Planning Area including the excess flow lagoons on the Round Lake Sanitary District property in Round Lake Beach; and
WHEREAS, improvements to the excess flow lagoons are proposed to increase the wet weather capacity of the lagoons and reduce the wet weather flow to the County's Northwest Interceptor Sewer System and Fox Lake's Northwest Regional Water Reclamation Facility and to satisfy regulatory requirements of the Illinois Environmental Protection Agency; and
WHEREAS, the County applied to the Illinois Environmental Protection Agency (IEPA) for a low interest loan; and
WHEREAS, the IEPA has extended a loan offer to the County in the amount of $6,348,838, with an annual fixed loan rate of 1.995 percent, and a 20-year term; and
WHEREAS, the loan amount will cover the full project cost including design engineering, construction engineering, construction and a 3 percent contingency, and
WHEREAS, the IEPA loan agreement requires acceptance of the loan offer prior to October 31, 2014.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the Chair of the County Board is hereby authorized and directed to execute a loan agreement with the Illinois Environmental Protection Agency in the amount of $6,348,838 for the Round Lake Sanitary District Excess Flow Improvements Project.
DATED at WAUKEGAN, LAKE COUNTY, ILLINOIS, on this 14th day of October, A.D., 2014.