Public Notice ORDINANCE NUMBER O.18.20 AN ORDINANCE AUTHORIZING THE CITY OF GALENA TO BORROW FUNDS FROM THE PUBLIC WATER SUPPLY LOAN PROGRAM WHEREAS, the City of Galena, Jo Daviess County, IL operates its public water supply/waterworks system ( "the System") in accordance with the provisions of 65 ILCS 5/11-139-1, et. seq., and the Local Government Debt Reform Act, 30 ILCS 350/1 (collectively, "the Act"), and WHEREAS, the Mayor and City Council of the City of Galena ("the Corporate Authorities") have determined that it is advisable, necessary and in the best interests of public health, safety and welfare to improve the System, including the following: Water system improvements entailing focusing on a 12-block area, replacing the deteriorated and undersized mains with roughly 4,572 l.f. of new 10” water main and 730 l.f. of new 6" water main, including looping of mains to provide improved water quality, pressure and flows, including associated water appurtenances and restoration work, together with any land or rights in land and all electrical, mechanical or other services necessary, useful or advisable to the construction and installation ("the Project"), all in accordance with the plans and specifications prepared by consultants of the City of Galena, which Project has a useful life of 20 years; and WHEREAS, the estimated cost to purchase and install the Project, including engineering, legal, financial, administrative and other related expenses is $1,424,778, and there are insufficient funds on hand and lawfully available to pay these costs; and WHEREAS, in accordance with the Procedures for Issuing Loans from the Public Water Supply Loan Program Title 35 Ill. Adm. Code Part 662, Section 662.210 Fixed Loan Rate, the City meets the criteria for the Small Community Interest Rate thereby qualifying for a fixed interest loan rate equal to 75% of the Base 20 Year Rate; and WHEREAS, in accordance with the Procedures for Issuing Loans from the Public Water Supply Loan Program Title 35 Ill. Adm. Code Part 662, the City meets the Disadvantaged Community Principal Forgiveness and is eligible to have up to 75% of the Project costs be forgiven by the State of Illinois pursuant to principal loan forgiveness provisions; and WHEREAS, the principal and interest payment shall be payable semi-annually, and the loan shall mature in 20 years, which is within the period of useful life of the Project; and WHEREAS, the costs are expected to be paid for with a loan to the City of Galena from the Public Water Supply Loan Program through the Illinois Environmental Protection Agency, the loan to be repaid from revenues of the System and the loan is authorized to be accepted at this time pursuant to the Act; and WHEREAS, in accordance with the provisions of the Act, the City of Galena is authorized to borrow funds from the Public Water Supply Loan Program in the aggregate principal amount of $1,750,000 to provide funds to pay the costs of the Project; WHEREAS, the loan to the City of Galena shall be made pursuant to a Loan Agreement, including certain terms and conditions, between the City of Galena and the Illinois Environmental Protection Agency; NOW THEREFORE, be it ordained by the Corporate Authorities of the City of Galena, Jo Daviess County, IL, as follows: SECTION 1. INCORPORATION OF PREAMBLES The Corporate Authorities hereby find that the recitals contained in the preambles are true and correct, and incorporate them into this Ordinance by this reference.

Posted 12/31/1969