Columbia issues green bonds to fund stormwater improvements.

The city of Columbia is issuing its first-ever green bonds, a $37.9 million initiative to upgrade its stormwater system.

The bond sale has been certified by the Climate Bond Initiative, an independent nonprofit that rates environmentally responsible investments, according to a news release. The bonds received grades of Aa2 from Moody's and AA+ from S&P and drew orders from 36 investors on their Dec. 6 issuance, the release said.

Proceeds will go toward a $95 million investment to improve the city's drainage and stormwater systems during the next five years. Upgrades will include improvements to the city's stormwater conveyance system and stormwater detention facilities as well as stream restoration.

"As climate change brings more extreme weather, cities must prepare by building more resilient infrastructure that can withstand more powerful storms, even as populations increase," Columbia Mayor Steve Benjamin said in the release...