Lincoln Given Loan Extension
To Seek New Bids for $9.2 Million Wastewater Project
For Immediate Release
August 13, 2002 |
Contact: Joan Muraro
217-785-7209
TDD: 217-782-9143 |
Springfield, Ill. -- Governor George H. Ryan today announced that a
low interest loan for $9,204,440 will continue to be authorized for the Logan
County community of Lincoln while the city seeks new bidders for the wastewater
project.
A letter of commitment for the funding was issued to the city on June 2, 2002,
but the low bidder did not follow up and the next lowest bid was for an amount
exceeding the total loan authorization. Continued availability of the funding
will hinge on the community's ability to secure bids within the new schedule
that calls for opening new bids on Sept. 10 and awarding the loan on Sept. 26.
If Lincoln is unable to secure acceptable bids under the new timeframe, the
commitment will lapse and the funds will go for other projects.
Funding for the low interest 20-year loan has been approved from the state's
revolving loan fund that uses a combination of state and federal money to support
infrastructure loans to Illinois communities at half the interest rate of the
commercial bond market. Repayments go directly back into the fund to support
new loans to other applicants. To date, more than $7 billion has been invested
in Illinois sewage and water treatment works.
"The sound economic future of Illinois relies on communities being able to
offer reliable basic services to present and future residents and businesses,"
Governor Ryan said.
"Careful management of the bidding process assures that the money available
will be able to meet the needs of as many applicants as possible," IEPA Director
Renee Cipriano added.
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