Millikin to ask for $53 million in bonds from City of Decatur

DECATUR, Ill. (WAND) - Millikin University plans to ask the City of Decatur for a maximum of $53 million in bonds during a city council meeting Monday night.

The university will use revenue bonds to refinance existing loans and fund renovations and upgrades to campus facilities, according to Monday's council agenda.

The improvements will go towards academic and athletic facilities, staff housing and parking areas on the main campus.

The bonds will not be paid for with taxpayer money, and the university will eventually repay the city.

A Millikin spokesperson told WAND News the bonds are part of the university's long-term financial plan. Specific plans have not been finalized.

Millikin said the proposal, "...reflects the strong, collaborative relationship between Millikin and the City of Decatur and a shared commitment to the economic and educational strength of the community."

Municipal bonds are common forms of funding that allow for major projects to receive funding while being backed by a town or city.