Chesterton Tribune



Town pursues $1.8M bond issue for road and sidewalk repairs

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The Chesterton Town Council is proceeding with a $1.8-million general obligation bond issue, the proceeds of which will be used for road paving and repairs.

At their meeting Monday night, members officially considered on first reading an ordinance which would authorize a five-year issue of up to $1.8 million in bonds. Members then voted unanimously to enact an ordinance which provides for the appropriation of the bond proceeds for roadwork and sidewalk improvements.

This five-year bond follows on the heels of a previous one, the last payment on which the town made this year. That bond financed a number of major paving projects, including South Fifth Street between 1100N and West Porter Ave.; South 11th Street between 1050N and 1100N; and West Porter Ave. between South 15th Street and 23rd Street.

Town Attorney Chuck Lukmann told the Chesterton Tribune after the meeting that the maximum interest rate on the issue would be 4 percent. At that rate, owners of homes assessed at $150,000 would pay $10.30 more annually than they paid servicing the debt on the previous bond, which was valued at $1.5 million. Owners of home assessed at $250,000 would pay $20.57 more annually; and owners of commercial property assessed at $100,000 would pay $15.63 more annually.

This new bond issue would fund, among other projects, the re-paving of South 11th Street between 1100N and Park Ave.

Lukmann is currently expecting the bond sale on July 18 and the closing on Aug. 1.


In other business, members voted unanimously to approve an ordinance which annexes an 11.39-acre property on the north side of East Porter Ave. located east of the bridge over Sand Creek, in unincorporated Westchester Township.

The property is owned by Ballestero Living Trust and its annexation fulfills the terms of an agreement made last year with the Chesterton Utility, which provided sanitary sewer service to the property when the Ballesteroes’ septic system failed.

Under policy, the Utility will provide sanitary service to owners of unincorporated property provided they agree to its annexation by the town.



Posted 6/12/2018




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