Posted on October 18, 2016
By Chris Lusvardi, Herald&Review
The Decatur City Council is expected to consider issuing up to $30 million in general obligation bonds as part of its financing for the dredging of Lake Decatur.
The council is scheduled to meet today with the city in the third year of the dredging project, which is a way to secure the city’s supply and meet future water usage needs, said Billy Tyus, assistant city manager. The approximately $91 million project is about halfway completed, he said.
Tyus said the financing is going as anticipated with the city raising funds to finance $73 million of the work, if the council approves the measure.
“It’s in line with what was projected,” Tyus said.
It would be the city’s third debt issue for the project and Tyus said at least one more would be needed to completely pay for the dredging. Proceeds from the third debt issue, which is for a 20-year bond, are expected to fund the work from late this year through next year’s dredging season and into early 2018.
The fourth and final debt issue would likely occur in first quarter 2018.
The work to add to the capacity of the lake began in fall 2014. Previous debt issues were made in April 2014 for $24 million and September 2015 for $23 million.
Source: Herald&Review
