Committee forwards authorization for stormwater short‑term financing to full council

The Public Works Committee voted to forward a proposal authorizing the Marion County Stormwater Management District to pursue short‑term financing to support planning, design and construction of stormwater projects.

The ordinance language presented to the committee references authorizing up to $50 million in revenue bonds or interim notes under Indiana Code IC 36‑3‑5‑8. Joe Glass of the Indianapolis Bond Bank told the committee the team is planning a short‑term facility with an initial issuance of up to $15 million in bonds or notes and that funds would be drawn as projects move forward; the debt would be secured by stormwater district fees. Glass described the district's coverage (all of Marion County except Beech Grove, Lawrence, Southport, Speedway and Cumberland), roughly 900,000 residents, about $700 million in capital assets and outstanding AAA‑rated bonds. He said staff anticipates selecting a bank by February and closing on the short‑term facility in March.

Diana Hamilton of Sycamore Advisors said exact interest costs depend on RFP responses but estimated an interest range around 3% and noted the district would pay interest only on draws during the construction period and later issue long‑term bonds to refinance short‑term notes. Councilors asked about program management costs and what that category includes; staff said it covers design contracts, staff augmentation, project design and shared technology systems. The committee approved sending the proposal to the full council by voice vote.