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Greendale council adopts ordinance allowing loan from electric reserve to water utility
Summary
On second reading the council approved Ordinance 2026-05 to amend the electric utility cash reserve fund rules to permit loans to other city-owned utilities and authorized a loan to the municipal water utility under Indiana Code 8-1.5-3-11; council confirmed repayment and interest terms.
The Greendale City Council on July 8 adopted Ordinance 2026-05 on its second reading, amending provisions governing the electric utility cash reserve fund to permit loans to other city-owned utilities and authorizing a loan to the municipal water utility under Indiana Code 8-1.5-3-11.
Council members clarified the loan will be repaid with interest and described the arrangement as "fair for both parties." After a brief discussion about repayment terms, a council member moved to adopt Ordinance 2026-05, the motion received a second, and the ordinance passed by voice vote.
The ordinance will allow the city to temporarily transfer funds from the electric reserve to support water-main work, a financing move the council said is intended to speed needed infrastructure projects while maintaining an obligation to repay the electric utility fund.
