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Posted on: March 18, 2022

City receives bond proceeds

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By Richard Greene | Wise County Messenger

The City of Decatur completed its bond sale Tuesday, receiving $33.6 million for capital improvements.

The Decatur City Council last month approved the sale of the nearly $34 million in bonds to pay for a series of projects, including water and wastewater improvements, park improvements and building a new police facility.

“[The sale] went through, and the wire is here. We’re good to go,” said City Manager Brett Shannon.

The interest rates are between 4 and 5 percent, with the city expected to pay a total of $2.16 million in interest over the 30-year term.

“I think in 30 years they will look back and realize that’s a fantastic rate,” Shannon said.

Throughout 2021, the council spent hours working together with city officials to form the capital project plan before agreeing to issue $33.433 million in certificates of obligation in October.

The capital project list included: water system projects, $6,113,000; wastewater system projects, $4,403,200; new police department building, $18,265,000; land acquisition, $1,325,000; park improvements, $2,395,000; and library improvements, $942,725.

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