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Council holds first public hearing on $7.4 million highway garage bond; adoption set for January
Summary
At the Dec. 10 meeting the council opened the first of two required public hearings on Bill 121-24, a proposed $7.4 million general obligation bond to fund an Alexander Road highway garage; counsel presented debt-service impact and remonstrance procedures.
The St. Joseph County Council held the first statutorily required public hearing Dec. 10 on Bill 121-24, a bond ordinance authorizing up to $7.4 million in general obligation bonds to finance a satellite highway garage and related site improvements on Alexander Road.
Catherine Fanello, serving as bond counsel, summarized the information required by Indiana law, including maximum principal ($7.4 million), estimated interest rate (about 4.5–5.5 percent), maximum term (seven years), estimated total interest cost ($1,839,750), and a description of project elements such as site acquisition, a vehicle storage building, site work, paving and utilities. She also explained the petition/remonstrance process and other disclosures required when a proposed project is a "controlled project" under state code.
Fanello said the estimated percentage debt-service impact on assessed valuation and referenced a handout prepared with financial information from county staff. The council held the first public hearing as advertised; the ordinance may not be adopted until after a second public hearing scheduled for Jan. 14, 2025, and required publication and remonstrance periods will follow if the council makes a preliminary determination to issue the bonds.
What this means: The council satisfied the first public‑hearing requirement and gathered public record information; adoption and any issuance of bonds are contingent on the second hearing and procedural steps in January.
Next steps: The council will hold the second hearing on Jan. 14, 2025; interested property owners or registered voters will have 30 days after publication to file a petition requesting the remonstrance procedure if they choose to oppose the bonds.
