The Schaumburg Finance, Legal, Administrative and General Government Committee unanimously recommended that the Village Board approve a bank loan for two large water projects.
Keith Wendland, director of finance and administration, told the committee Monday night, that a $3.9 million loan would pay for the construction and installation of two water mains.
The first project, a connection between DuPage County and Schaumburg water systems, will cost $3.2 million. The second water main, for $700,000, will be built in a loop around Alexian Field, home of the Schaumburg Flyers.
Wendland said that the proposed seven-year loan, from Northern Trust Bank in Schaumburg, would be a short-term note for the first year at 6.88 percent interest, and be rewritten at 5.88 percent for the next six years.
Wendland advised against borrowing from the village’s general fund because the income from investments from that fund is greater than the interest on the proposed loan.
The committee also recommended the Village Board authorize a $50,000 contract with Schaumburg-based Precision Systems Concepts Inc., the village’s Web site consultant, to implement the first phase of a change from paper to electronic filing of village documents.
The recommendations will be presented to the Village Board on June 27.
