Chesterton Tribune

 

 

Porter moves to spend proceeds of bond issue

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By LILY REX

The Porter Town Council adopted resolution 2018-13, appropriating the proceeds of General Obligations (GO) bonds at its meeting last night.

Porter resident Jennifer Klug spoke in favor of the bond in a public hearing required for additional appropriation, citing the need for a new fire truck to support safety in Town. No one spoke against.

A representative of Umbaugh said at the Councilís Sept. 26 meeting that Umbaugh will price the bonds to lock in the lowest interest rate around Oct. 30 and expects the sale to close mid-November. The proceeds of the bond will be available for spending two weeks from closing.

The funds, totaling $830,000, from the bond will go toward the purchase of a new fire engine, new park equipment, and various small capital improvement projects to improve infrastructure in Porter.

The Town will repay the bond in annual installments of $90,317 over 10 years. A property tax rate increase of .0397--an impact of about $13 extra per year for a Porter homeowner with an assessed valuation of $100,000-- will help offset the repayments.

That $13 extra is the same amount residents paid during repayment for the new police building that ended in 2017. The impact of the increase for commercial properties is about $40 a year.

In other business, the Council also approved resolution 2018-04, approving the formation of the Wabash Economic Development Area. The Councilís action on the matter approves the Redevelopment Commissionís action to amend the language in the resolution because a phrase was left out when it was initially approved.

The Council also approved a change order from Rieth-Riley Construction to correct an error on the first invoice for the 2018 paving projects. The change order was a decrease of $1,546.07.

 

 

Posted 10/24/2018

 
 
 
 

 

 

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