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Commissioners allow Tippecanoe‑Chapman Sewer District to delay repayment of $40,000 loan until January 2028
Summary
Tippecanoe‑Chapman asked to defer repayment of a $40,000 advance from the commissioners to January 2028 to avoid reducing bond proceeds at a planned SRF closing; commissioners approved the extension by voice vote.
Representatives of the Tippecanoe‑Chapman Sewer District asked the Kosciusko County commissioners to allow repayment of a previously advanced $40,000 loan to be deferred until January 2028.
Andrew (Andy) Boxberger told commissioners the district secured a favorable grant from the Indiana Finance Authority State Revolving Fund (SRF) and expects to close in March. He said deferring the $40,000 repayment until January 2028 would allow the district to accumulate revenue rather than having the amount deducted from bond proceeds at closing, which he said could increase rates for customers. Boxberger told the board the project is anticipated to be complete in mid‑2027 and that the district’s minimum debt‑service coverage ratio is at the SRF‑required level of 1.25.
A commissioner moved and seconded a motion to allow the extension to January 2028; the motion carried by voice vote. Boxberger and district board member Jacob Biani thanked the commissioners for the decision.
