ESU Proposes $4M Revenue Bond Issuance for Hydro Plant Funding

During a recent City Council meeting, Kankakee officials discussed a significant financial move aimed at enhancing the city's Environmental Services Utility (ESU). The council is considering the issuance of a $4 million revenue bond, which is expected to be paid back over an 11-year period. This proposal was initially presented to the budget committee the previous week and is set to undergo its first reading on August 4, followed by a second reading on August 19. If approved, the city plans to sell the bonds in the week of September 8.

A key aspect of this bond issuance is the allocation of funds, with $2 million earmarked specifically for improvements to the hydro plant. This investment is anticipated to bolster the city's environmental services, potentially leading to enhanced efficiency and sustainability in local operations.

The decision to pursue this bond reflects the city's commitment to upgrading its infrastructure and addressing community needs. As the council moves forward with this proposal, residents can expect updates on how these funds will be utilized to benefit the community and improve environmental services in Kankakee.