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Speedway council approves $553,670 insurance cap, extends IMS Rev noise exemption and approves $2.5 million in claims
Summary
At its Feb. 24 meeting the Town of Speedway Town Council voted 4-0 to authorize an insurance program not to exceed $553,670, to extend a noise ordinance exemption for the IMS Rev fundraiser until midnight for one evening, and to approve $2,498,535.85 in claims and utility adjustments.
The Town of Speedway Town Council on Feb. 24 voted unanimously to approve a property and casualty insurance program not to exceed $553,670, granted a one-night extension to the town noise ordinance for the IMS Rev fundraiser, and approved claims and utility adjustments totaling $2,498,535.85.
The insurance motion authorized the town to accept a program up to the Liberty Mutual quote of $553,670 and gave Town Treasurer Philip Faust authority to negotiate and execute the policy on the town’s behalf. "That quote though is for $553,670 and that would take us through March first of 2026," said Philip Faust, who described the figure as a significant increase from the 2024 premium and said the town had received a partial quote from another carrier and was awaiting an additional quote. The council approved the motion 4-0.
Councilors also approved the annual IMS Rev event request to extend the Town of Speedway noise ordinance until midnight for the event date. Council President Nick Sturgeon said the event is a fundraiser for IU Health and that police had reviewed the request; the council voted 4-0 to allow the one-night extension.
On claims and utility adjustments, Faust said adjustments covered four customers (three leak adjustments and one meter-read correction) and that the claims presented on 15 pages amounted to $2,498,535.85. The council approved the claims and adjustments 4-0.
Votes at a glance
- Approval of minutes (Feb. 10, 2025): passed 4-0, routine procedural approval. - Approval of memorandum of administrative session (Feb. 10, 2025): passed 4-0. - Approval of memorandum of joint executive session with the Redevelopment Commission (Feb. 18, 2025): passed 4-0. - IMS Rev event: motion to extend the Town of Speedway noise ordinance until midnight for the event: passed 4-0. - Property and casualty insurance: motion to approve insurance program not to exceed $553,670 and authorize Philip Faust to negotiate and execute: passed 4-0. - Claims and utility adjustments (period 02/06/2025–02/19/2025): claims totaling $2,498,535.85 and four customer adjustments: passed 4-0.
Council President Nick Sturgeon called for recorded verbal votes and announced the standard “ayes” for each motion; each listed council action passed unanimously. No formal dissolving amendments or failed motions were recorded.
