Community

 
Act Quick to Secure an IFA Low-Interest Natural Gas Municipal Loan
On Thursday, February 25, 2021 the Illinois Finance Authority (the “IFA”) in response to a request by Governor JB Pritzker approved a resolution authorizing the creation of a low-interest $15 million Natural Gas Municipal Loan Program to help municipalities manage record-high natural gas costs in the aftermath of recent winter storms. Any Illinois municipality operating a natural gas utility impacted by the dramatic price spikes is encouraged to act quickly and apply for the program.
 
Recognizing that municipal budgets and expenditures are set for the fiscal year, 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.
 
Applications for the loans will be available on this webpage starting on March 1, 2021. Completed applications and attachments should be submitted to ngmlpe@il-fa.com. Model ordinances and loan documents will be available mid-week and will be provided to all applicants as they become available. Due to a highly compressed timetable, municipalities should not wait to apply. Municipal ordinances must be adopted by mid-March with the loan closing before March 18, 2021.
 
The Natural Gas Municipal Loan Program will enable municipalities to purchase 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.
 
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Improving quality of life for Illinois residents takes ongoing capital resources to keep our cities and towns vigorous and to maintain vital public infrastructures. Illinois Finance Authority serves all counties, providing expertise and low-interest rate financing programs to help local governments and non-profits meet the needs of our citizens. We can help your city or organization achieve a wide range of fixed-asset and capital projects for: museums, libraries, public buildings, fire protection districts, and cultural and community services.
 
Use the links on this page to explore program details and eligibility requirements, and to find additional help and information.