(A) Incorporation of preambles. The corporate authorities hereby find that the recitals contained in the preambles to this section are true and correct and do incorporate them into this section by this reference.
(B) Determination to borrow funds. It is necessary and in the best interests of the village to construct the project for the public health, safety and welfare, in accordance with the plans and specifications, as described, that the system continue to be operated in accordance with the provisions of the Act, ILCS Ch. 415, Act 5, §§ 1 et seq.; and that for the purpose of constructing the project, it is hereby authorized that funds be borrowed by the village in an aggregate principal amount (which includes construction period interest financed over the term of the loan) not to exceed $700,810.
(C) Publication. This section, together with a notice in the statutory form, shall be published once within ten days after passage in the Decatur Herald & Review, a newspaper of general circulation in the village, and if no petition signed by 10% of the registered voters in the village (i.e., 63 electors) and asking the question of improving the system as provided in this section and entering into the loan agreement therefore be submitted to the electors of the village, is filed with the Village Clerk within 30 days after the date of publication of this section and the notice, then this section shall be in full force and effect. A petition form shall be provided by the Village Clerk to any person requesting one.
(D) Additional ordinances.
(1) If no petition meeting the requirements of the Act and other applicable law is filed during the 30-day petition period, then the corporate authorities may adopt additional ordinances or proceedings supplementing or amending this section providing for the entering into the loan agreement with the State Environmental Protection Agency, prescribing all the details of the loan agreement, and providing for the collection, segregation and distribution of revenues of the system, so long as the maximum amount of the loan agreement as set forth in this section is not exceeded and there is no material change in the project or purposes described herein. Any additional ordinances or proceedings shall in all instances become effective in accordance with the Act and other applicable law. This section, together with additional ordinances or proceedings, shall constitute complete authority for the entering into of the loan agreement under applicable law.
(2) However, notwithstanding the above, the village may not adopt additional ordinances or amendments which provide for any substantive or material change in the scope and intent of this section, including but not limited to interest rate, preference or priority of any other ordinance with this section, parity of any other ordinance with this section, or otherwise alter or impair the obligation of the village to pay the principal and interest due to the Public Water Supply Loan Program without the written consent of the State Environmental Protection Agency.
(E) Loan not indebtedness of village. Repayment of the loan to the State Environmental Protection Agency by the village pursuant to this section is to be solely from the revenue derived from operation of the system and the loan does not constitute an indebtedness of the village within the meaning of any constitutional or statutory limitation.
(F) Acceptance of loan agreement.
(1) The Village President is hereby authorized to make application to the State Environmental Protection Agency for a loan through the Public Water Supply Loan Program, in accordance with the loan requirements set out in 35 Ill. Adm. Code Part 662.
(2) The loan funds shall be solely for the purposes of the project as approved by the State Environmental Protection Agency in accordance with the terms and conditions of the loan agreement.
(G) Authorization of Village President to execute the loan agreement. The Village President is hereby authorized and directed to execute the loan agreement with the State Environmental Protection Agency.
(Ord. 03-09-02, passed 9-2-2003)