Water Works staff warns of Senate Bill 6; board approves reinvestment of $600,000 in CDs at Horizon Bank
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Summary
At the Feb. 10 meeting, staff said the water industry is opposing Indiana Senate Bill 6 and the board voted to reinvest two matured certificates of deposit — $400,000 from the tank painting fund and $200,000 from the improvement fund — in six‑month CDs at Horizon Bank at about 3.25%.
During new business at the Feb. 10 meeting, an unnamed Water Works staff member told the board that Indiana Senate Bill 6 includes added notification requirements around property acquisition affecting municipal water and wastewater utilities and that the water industry is "pushing back" against the proposal. The staff member said he spoke in Indianapolis that day on behalf of the Indiana section of the American Water Works Association.
Staff also reported that two certificates of deposit matured that day: $400,000 from the tank painting fund and $200,000 from the improvement fund. Staff recommended repurchasing the CDs at Horizon Bank to earn a higher return than the utility's savings account; a quoted rate mentioned during the meeting was 3.25 percent. Board members asked about term length and staff confirmed these were six‑month CDs and identified Chris Wolf as the usual contact handling those decisions.
A motion to repurchase both certificates of deposit at Horizon Bank for six months was made, seconded and approved by roll-call voice vote with all members recorded as approving. The board did not take any formal action on Indiana Senate Bill 6 during the meeting; the staff announcement served as a briefing to inform the board of industry-level advocacy activities.
The meeting concluded after a brief check for public comment (none) and final adjournment.
