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Muncie council OKs start of $11.5 million process to finance new Fire Station No. 5
Summary
The Muncie City Common Council on a majority vote authorized staff to begin the process to finance a proposed new Fire Station No. 5, taking the first formal step toward a petition-driven bond issue that bond counsel said would be sold through the Muncie Building Corporation.
The Muncie City Common Council on a majority vote authorized staff to begin the process to finance a proposed new Fire Station No. 5, taking the first formal step toward a petition-driven bond issue that bond counsel said would be sold through the Muncie Building Corporation. The preliminary resolution sets a not-to-exceed borrowing amount of $11,500,000 and permits circulation of the statutorily required taxpayer petition.
Dennis Hahn, bond counsel with Bose McKinney & Evans, told the council the approval tonight simply starts the financing process: staff will circulate a taxpayer petition (the statute requires at least 50 taxpayers to sign), have the county auditor certify the signatures, and then…
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