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The Village of Diamond will be refinancing its bonds in an effort to save money.
“We think that we'll be able to potentially save $150,000 or $250,000, depending on the bonds and how they do once they're out there,” Diamond Mayor Terry Kernc said in an interview with WCSJ-FM. “We have nine years left on our tour bond, and we actually had 11 years left on the water, so we reduced the water to nine years so they both will be done at the same time.”
Mayor Kernc also spoke of possibly working with a second water source.
“We also put a 5-year call on the water, because Diamond is working with the Kankakee River Valley Water Planning Area Alliance,” said Mayor Kernc. “They already do have a permit to pull from the Kankakee River and they are getting ready to build a structure in the river. The plan is to in five years switch to river water.”
The Village Board approved the refinancing during a meeting in March.
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