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Scottsburg council approves first reading of bonds to fund Maple Run infrastructure
Summary
The Scottsburg City Council approved on first reading an ordinance authorizing up to $3.5 million in taxable economic development revenue bonds to finance public infrastructure for the Maple Run residential development; the Indiana Finance Authority awarded $1,875,000 and the financing closing is scheduled for May 30.
The Scottsburg City Council voted on first reading April 14 to authorize the issuance of taxable economic development revenue bonds of up to $3,500,000 to finance public infrastructure for the Maple Run residential project.
The ordinance, described by bond counsel Matt Duncan as tied to an Indiana Finance Authority residential infrastructure program award, covers public improvements for an initial phase of about 75 housing units and sets a closing date of May 30 if subsequent approvals proceed.
The ordinance matters because it funds public infrastructure — new roadways, sidewalks, water and sewer mains, stormwater systems and street lighting — needed to support the first phase of the subdivision. Matt Duncan, an attorney with Frost Brown Todd who…
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