Decatur City Council approves “green” bond for Lake Dredging

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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.

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