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Joliet council adopts ordinance authorizing up to $145 million in waterworks and sewerage revenue bonds
Summary
Council adopted an ordinance allowing issuance of up to $145 million in senior‑lien waterworks and sewerage revenue bonds to fund Lake Michigan water acceptance work, Grand Prairie Water Commission costs and reserves; bonds will be repaid from sewer and water rates.
The Joliet City Council voted Tuesday to adopt an ordinance authorizing the issuance of up to $145,000,000 in Waterworks and Sewerage senior‑lien revenue bonds to finance major water and sewer system improvements, officials said.
City finance staff told the council the borrowing would fund roughly $87 million in work to accept Lake Michigan water, about $36 million in costs tied to the Grand Prairie Water Commission project, and roughly…
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