Casey Pays Off Recovery Zone Bond Roughly Four Years Early

Casey City Council Meeting | July 6, 2026

Article Summary: The Casey City Council approved $1,120,599.86 in June bills — including a $188,000 payment that retires the city’s recovery zone bond about four years ahead of schedule — along with the June treasurer’s collection report and the May statement of cash and investments.

Casey City Finances Key Points:

• The June bills of $1,120,599.86 include a $188,000 principal payoff, plus $641.84 in interest, to Peoples National Bank on the city’s recovery zone alternate revenue bond.
• Retiring the bond early ends a recurring monthly transfer to the bond repayment fund.
• The June treasurer’s collection deposit report totaled $501,127.16, delivered in two checks.
• The city’s total cash and investments stood at $12,334,417.70 as of May 31.

CASEY — The Casey City Council on Monday, July 6, 2026, unanimously approved the city’s June financial reports, headlined by the early retirement of the city’s recovery zone bond.

City Clerk Jeremy Mumford presented June 2026 bills paid totaling $1,120,599.86 and pointed to the standout item: a $188,000 payoff of the recovery zone bond. “Gail said we had plenty of money in there, so we checked and we were able to pay that off early,” Mumford said, referring to City Treasurer Gail Lorton. He estimated about four more years had remained on the bond, and said the payoff means the city can now stop its monthly transfer to the repayment fund. According to the payment approval report, the payoff to Peoples National Bank included $188,000 in principal and $641.84 in interest on the alternate revenue bond.

Other significant June outlays included $166,186.62 to the Illinois Municipal Electric Agency revenue fund for May electricity purchases of roughly 19.2 million kilowatt-hours, $47,861.59 to WM Corporate Services for May refuse collection, and $13,415 to Motorola Solutions for in-car and body camera cloud storage for the police department.

Lorton presented the June treasurer’s collection deposit report totaling $501,127.16, explaining the month required two checks — $450,237.78 and $50,889.38 — because payroll timing and the lag in online and credit card payments meant funds arrived in two batches. She also presented the statement of cash and investments for the period ending May 31, 2026, showing a total ending balance of $12,334,417.70 across all city funds.

All three items passed on unanimous roll call votes. “We seem to be in pretty good shape,” Mayor Mike Nichols said of the cash position.