Act Quick to Secure an IFA Low-Interest Natural Gas Municipal Loan
Available Funds are limited and all Applicants are encouraged to submit their completed Application as soon as possible in order to be considered for inclusion in the Program
The Illinois Finance Authority in response to a request by Governor JB Pritzker approved a resolution on February 26, 2021 authorizing the creation of a low-interest $15 million Local Government Energy Loan Program to help municipalities manage record-high natural gas costs in the aftermath of recent winter storms.
See below link for the low-interest Natural Gas Municipal Loan (“NGML”) application.
The NGML Program enables municipalities to issue debt certificates to finance their purchases of natural gas and related costs. Each debt certificate shall bear interest at the rate of 1.0% per annum, and shall mature no later than June 30, 2024.
The IFA will award the energy loans to municipalities who can show proof of incremental price increases impacting their communities, and not on the availability of financial reserves. Due to a highly compressed timetable, municipalities should not wait to apply. Model ordinances and loan documents will be available mid-week, with adoption of ordinances and loan closing before March 18, 2021.
Please submit your completed and signed electronic copy of the application and required and required documents to Email: email@example.com
For questions or assistance, please contact:
Vice President of Loans and Guarantees