A loan the City of Clinton has applied for through the Illinois EPA has been approved.
The Illinois EPA has a program that distributes loans and has a 25% forgiveness on those loans. The City of Clinton has the opportunity to make a few upgrades to some wells and water mains that are causing problems. Clinton Mayor Carolyn Peters explains almost 301-thousand dollars of the just over $1-million loan is forgiven with the EPA, while the remainder of the principal would paid over 20-years with a 1.25-percent interest rate.
[audio:epaloan1.mp3]A Word From The Mayor[/audio]
City Administrator for the City of Clinton, Tim Followell explains the loan will cover projects all over the city. He says it will include a new water well at Kiwanis Park, three water main extensions by Clinton Medical Waste Facility, the Elks Club on East South Street, and one near Lincoln School.
[audio:92611epaloan2.mp3]Followell On The Projects[/audio]
According to Mayor Peters, contracts have already been awarded for the start of these projects and she hope they can be underway by the spring.
[audio:epaloan3.mp3]The Mayor On The Contracts[/audio]
Mayor Peters adds the loan through the EPA will be paid through revenues from the Clinton Water Department. The Council felt low interest rate combined with the principal forgiveness being offered were too good to pass up, especially since the Council planned for the projects in a water rate increase enacted in 2009.
