Actually, it was a group called the PAAG that lent the City a million dollars for the study. Minus the 9% interest so the amount the City received was only $816,000.00. When the City Council voted no, the PAAG sued the City to get it's money back. Attorney Lee Smith represented the City and Steve Wakeman (good grief) represented the PAAG group. Result of the lawsuit was never made public to my knowledge.
Much was made of foreign ownership of American Water. Some even thought foreigners owned our water. Haven't heard a word about Japanese ownership of our theoretically only newspaper, the Peoria Journal Star. Hmm.
Anybody that was anybody wanted to buy the water company, the Chamber, prominent realtors, the Mayor of Morton, also a realtor, The Community Civic Group, composed of the wealthiest people in the area, the Pekin Mayor but the wise ones on the council stood firm. Dave Williams, then the competent President of the Peoria County Board, said "no thanks". Things change and now PCBC, friend to the wealthy and his housemate Sid R might vote to study again. If the City or County would buy the water company, I would expect the City to go bankrupt (I'm kidding, they won't go belly up) they will just raise taxes and fees sooner than I predicted,
The ones involved in lending the $816,000 to the City was as follows: (Note no one from Caterpillar was involved in the loan, Maybe another reason to relocate Hdqrs.)
Dale and Shirley Burklund
Underwood Furniture owned back then by Rita Kress, owner of Kress Mfg. in Brimfield
Otto Baum and Company
South Side Bank
Geerald and Helen Stephens
Rita Kress had property out by Brimfield, as did Diane Cullinan, at that time, the wife of Michael Cullinan, both needed City water to properly develop.