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Council gives final approval to park improvement bond ordinance, authorizes up to $2.5 million
Summary
On second reading, the council approved Ordinance No. 14-17 authorizing issuance of special taxing district bonds via the Indiana Bond Bank for park facility improvements with a not-to-exceed amount of $2.5 million; final amount will be set closer to closing date.
The Speedway Town Council approved Ordinance No. 14-17 on Oct. 27 on second reading, authorizing the issuance and sale of special taxing district bonds to finance park facility improvements.
Philip Faust and financial adviser Jared Hall of Cronin and Associates told the council the ordinance allows flexibility in final financing amounts and tasks staff to finalize numbers before a planned closing on Dec. 12 through the Indiana Bond Bank. The ordinance includes a not-to-exceed authorization of $2,500,000; depending on interest rates at closing, the town may issue an amount between approximately $2 million and $2.5 million, Faust said.
The parks board previously held hearings and passed resolutions supporting the issuance, and a public hearing was held as required. The council voted 5–0 to approve the ordinance on second reading; Faust said funds would be expected in the town coffers by year-end following closing.
