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Crown Point council adopts bond ordinance to secure funding for capital projects including proposed fire substation
Summary
The Crown Point City Council on Monday adopted a bond ordinance authorizing up to $3.75 million in general obligation bonds to finance capital projects including a proposed fire substation the city intends to cost-share with Center Township.
The Crown Point City Council on Monday adopted a bond ordinance that authorizes the city to issue up to $3,750,000 in general obligation bonds with a maximum interest rate of 6% and a final maturity date no later than Jan. 15, 2036.
Bond counsel Heather (Ice Miller) told the council the ordinance contains maximum parameters and that the bond form in the ordinance will be completed once the bonds are sold: "we're looking at a maximum issue of $3,750,000, maximum interest rate of 6%, and a maturity date of no later than 01/15/2036," she said. She and city staff said adopting the ordinance at the Nov. 3 meeting was necessary to publish the…
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