VILLAGE OF BUFFALO GROVE, ILLINOIS

Notes to the Financial Statements

December 31, 2022

NOTE 3 – DETAIL NOTES ON ALL FUNDS – Continued

LONG-TERM DEBT – Continued

IEPA Loans Payable

The Village has entered into loan agreements with the IEPA to provide low interest financing for pump station improvements. IEPA loans currently outstanding are as follows:

$6,638,399IEPALoanPayableof 2013-PumpStations Improvements-Dueinsemi-annual installmentsof$6,788to$12,916, plusinterestat2.295%,through December 1, 2033.

Installment Contract Payable

The Village also issues installment contracts payable to provide funds for the purchase of capital assets. Installment contracts currently outstanding are as follows:

InstallmentNotePayabledated March27,2015,dueinquarterly installmentsof$21,449to $227,680,plusinterestat2.35% through June 1, 2029.

TIF Revenue Notes Payable

TIF revenue notes payable are issued to reimburse developers for qualifying costs incurred in the tax increment financing (TIF) districts and are expected to be repaid solely from tax increment financing revenues. Since these revenues are not determinable, there is no debt service requirement to maturity schedule. None of the TIF notes payable produced a capital asset owned by the Village. Developer notes currently outstanding are as follows:

$19,000,000TaxIncrement RevenueNoteof2022,bearing interestat6.20%throughJanuary 1, 2042.