Decatur City Council members on Monday approved a $30 million financing package for the continued improvement of the local water supply, a “green” bond issue that will potentially position the City as a trailblazing Illinois community.
Council members voted unanimously in favor of the issuance for the continued funding of Lake Decatur dredging, a $91 million multi-year program being undertaken now to increase our local water supply and improve Lake Decatur. It represents the third such debt issue associated with the dredging initiative and with it the city will have raised funds to finance approximately $73 million of the $91 million project.
The issue is being categorized as a “green” bond, which are debt instruments used to improve the environment or address climate related issues with funds in this instance used to create a sustainable local water supply There are anecdotal reports suggesting that this could help the City to obtain a better rate and could lure environmentally- based investors, though no formal information exists as of yet to support the belief.
Decatur is thought to be the first city of its size in Illinois to issue this type of bond. Once completed, the dredging project will increase the Lake Decatur water supply by 30 percent.
In other business council members voted to rezone portions of a 23.8 acre sight from multiple zoning districts to B-2 Commercial district. The zoning is compatible with the zoning that has existed on the bulk of the site for many years.
Contact Billy Tyus at 217-424-2727 for more information.
