A $14 million loan agreement with the city of Benton and the Illinois Environmental Protection Agency was approved by the Benton City Council on Monday for the city's new sewer plant.
The loan agreement is for the aggregate principal amount, which can include construction period interest financed over the term of the loan, not to exceed $14,095,000.
The loan is through the EPA's Water Pollution Control Loan Program.
The city sought the loan because "there are insufficient funds on hand and lawfully available to pay these costs," according to the ordinance agreement.
The document further stated, "The mayor and city council have determined that is is advisable, necessary and in the best interest of the public health, safety and welfare to improve the system."
Officials state the loan does not constitute an indebtedness to the city and "repayment of the loan is to solely from the revenue derived from revenues of the system."
The principal and interest of the loan may be paid monthly, semi-annually or annually and the loan will mature within the period of the useful life of the project, or 21 years, according to the approved ordinance.
IN OTHER BUSINESS:
* Council approved a bid of $51 from Scott Chossier for the removal of a propane tank at Twin Oaks.
* The low bid of $4,850 from S&S Excavating, based in Scheller, submitted for the demolition of properties at 407 and 409 S. McLeansboro St. was approved contingent upon meeting the specifications as set forth by the city.
* Commissioners approved making Mitchell Street, between Maple and Election, a no parking/tow away zone, as a result of traffic congestion on the thoroughfare.
* Commissioners tabled an estimate of $1,240 provided by Universal Moving Solutions to help move file cabinets, boxes, etc., from the old to the new city hall. Mayor Pro Tem Dennis Miller reported some moving would take place on Wednesday and again next week. The commissioners will revisit the issue at its July 25 meeting if the items have not been moved by that time by city personnel.
* A purchase order of $1,708 was approved for a new camera in a police department cruiser.
