Common Contracts

COUNCIL WORKSHOP ITEM

Agreement • April 2nd, 2003 • Illinois

• Contract Type
  Agreement
• Filed
  April 2nd, 2003
• Jurisdiction
  Illinois

This agreement establishes the loan arrangement between the Village and the DuPage Water Commission. As you know, the Water Commission has agreed to loan the Village the money to construct water mains, B-boxes and all the necessary appurtenances to provide water service to the unincorporated areas of Downers Grove. The Water Commission has agreed to loan the Village up to $4,788,000.00 to cover all expenses. The loan shall be a twenty-year loan at the rate of 2%. However, for the first six years we are only required to pay back the interest on the loan. The Village will be able to draw on the loan monthly, so that we can coordinate payment of our contractors accordingly. Finally, the agreement stipulates that the Village will commence construction of the improvements within 210 days following the County’s adoption of an ordinance requiring connection to the public water supply or within 90 days following the installation of the Improvements necessary to provide water service, whichever