SPEEDWAY, Ind. — The Speedway Town Council heard the first reading of Ordinance No. 14-17 on Oct. 8, a measure authorizing issuance and sale of special taxing district bonds by the town on behalf of the park and recreation district to finance certain park improvements. No vote was taken; the item was introduced as the ordinance’s first reading.

Philip Faust, town official presenting the item, told the council the parks board approved a preliminary resolution in September and that the town is "about maybe 40% of the way through the process" toward issuing bonds. "I think we believe mid December is probably when we'll close," Faust said, adding that advisors will work with the Bond Bank to set a closing date if there are no snafus.

Councilors asked about design documents and the schedule for park drawings; staff said Keeser Consulting Group was hired and that the consultant team was working on cost estimates and documents for review by the parks board. Staff offered to provide the council with a clearer schedule for design milestones and said those cost estimates and consultant deliverables will be part of the parks board public record when reviewed.

Because the item was a first reading, there was no public hearing and no formal council vote at the Oct. 8 meeting. Staff indicated a second reading is anticipated later this month and that bond closing would follow successful resolution of required steps.