Decatur City Council approves “green” bond for Lake Dredging

Posted: Updated:

DECATUR – Decatur City Council members approved a $30 million financing package for the continued improvement of the local water supply Monday night.

Members voted unanimously in favor of the issuance for the continued funding of the Lake Decatur dredging, which is a $91 million multi-year program currently underway to help increase the City’s 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 $73 million of the 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.

Some anecdotal reports suggest that this bond would help the City obtain a better rate and could lure environmentally-based investors, though no formal information exists as of yet to support the belief.

According to Assistant City Manager Billy Tyus, 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.

Current Conditions
/
  • Most Popular Stories

    • Dog Haus opening in Decatur

      Decatur, Ill (WAND) – A new restaurant is going into the old Ruby Tuesday building in Decatur.  The Dog Haus will be located in the facility located at 4405 Route 36 East.

    • Retail loss costs cities

      As retail chains close stores around the country, Central Illinois communities are dealing with the results.

    • Danville police make arrest in theft of more than $100,000

      DANVILLE, Ill. (WAND) - Danville police say an investigation into forgery and theft at an assisted living facility has resulted in one arrest.

    • Steer showcased, sold at 'Sale of Champions'

      SPRINGFIELD, Ill. (WAND) – Steers went up for sale at the Illinois State Fair Tuesday.

    • WAND Two-a-Days: Charleston

      CHARLESTON - Tyler Hanner is working to build Charleston back to its 2011 and 2012 status when it won a combined 20 games. Prior to his takeover in 2016, the Trojans had won just two games in three seasons combined. His weapon of choice as he embarks on a mission to rebuild the program? Enthusiasm. Click the video above to see how the second-year head coach is conducting his practices as the Trojans try to improve on last year's 3-6 record. Charleston is perhaps strongest up front...
    • MATTOON - The Green Wave rolled into the 5A playoffs each year from 2012 through 2015, then qualified at 5-4 last season before getting left out of the field in the at-large conversation. The Green Wave welcomes back a talented, experienced offensive line that started three sophomores last season. Gunner Runyon, Payton Smith and Josh Blood are three of the leaders in the unit. This year Mattoon will turn over the keys to junior Jack Pilson, a quarterback who logged time as a safety...

    • Governor's Sale of Champions a success

      SPRINGFIELD, Ill. (WAND) - The 2017 Governor's Sale of Champions and 2017 Commodity Auctions were successful once again, with more than $133,000 in commodities and livestock auctioned off during the events.

    • U of I announces campus logo overhaul

      CHAMPAIGN, Ill. (WAND) – The University of Illinois has made its logo upgrade official. 

    • IEMA making safety preparations for total solar eclipse

      SPRINGFIELD, Ill. (WAND) - The Illinois Emergency Management Agency say state and local agencies are making preparations to ensure the public's safety before, during, and after the total solar eclipse on August 21.

    • Kayak flip claims Urbana man's life

      HEBER CITY, Utah (WAND) – A central Illinois man died while kayaking in Utah. 

  • Most Popular Videos