Hammond council approves $25 million revenue bond to repair Port Authority docks, break wall

The Hammond Common Council on May 27 approved Ordinance 25-11 authorizing the issuance and sale of $25,000,000 in revenue bonds over 20 years to finance repairs to the Hammond Port Authority docks and break wall.

The measure’s sponsor, Councilwoman Venez, told the council the bond will be repaid from port receipts. “Yes. This is a $25,000,000 bond over 20 years. It's to repair the docks and the break wall at the marina. The bond will be paid for with all rents, fees, rates, and other charges imposed or any source of income received by the, port authority,” she said.

The bond ordinance was moved by Councilwoman Venez and seconded by Councilman Spatelli. Clerk Golik recorded a roll-call vote of nine in favor, zero opposed; the motion carried. The ordinance text states the bond proceeds are to procure funds to finance projects recommended by the Hammond Port Authority and to cover issuance expenses.

Council President Wuerpel closed the ordinance business after the vote. The ordinance authorizes the city to proceed with issuance and sale under the terms described in the ordinance; the council did not specify bond sale timing or underwriter selection at the May 27 meeting.