Decatur City Council OKs ‘Green’ Dredging Financing Package
Decatur City Council members approved a $30 million financing package earlier this week 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 the 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.
Once completed, the dredging project will increase the Lake Decatur water supply by 30 percent.