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