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Board moves to spend remaining SRF loan funds, grants signatory authority to expedite pay apps
Summary
Public Works said about $2.5 million remains in an SRF loan; the board opened a hearing on amending the PER to spend down those funds and adopted a resolution to add staff signatories so pay applications and SRF documents can be processed after the departure of the current signatory.
City staff told the Board of Works that a completed wastewater treatment plant project left roughly $2,500,000 remaining in an Indiana Finance Authority SRF loan account. Public Works’ Tory Erwin said the city needs to amend the Preliminary Engineering Report (PER) to include the ongoing Oakland Project B so the remaining loan balance can be spent down and the city will avoid a penalty associated with unspent…
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