The City of Northlake was able to pay off the Illinois Environmental Protection Agency’s low interest drinking water loan six years early, resulting in a savings of $126,547.59 in interest. The $2,520,000 loan was made in 2005 in order to purchase new residential water meters for the entire city, replace the water tower at Nagle-Perri Park and refurbish the 3,000,000 gallon reservoir at Hansen Park. The loan had an interest rate of 2.675% and was scheduled to run through March, 2024. The City was in the position to begin prepaying additional principal on the loan in March, 2014, resulting in a final payment in February, 2018, rather than the originally scheduled final payment in March, 2024, resulting in saving six years additional interest of $126,547.59.

 

Caption: The old 100,000 gal. water tower

Was replaced with a 250,000 gal. water

Tower in 2005.

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