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Evansville council authorizes $3.1M in GO notes, $1.86M sewer bonds and a budget amendment for street pipe repair
Summary
The Evansville Common Council on June 10 approved sale parameters for up to $3,065,000 in general obligation promissory notes and up to $1,860,000 in sewer revenue bonds, and amended the 2024 budget to fund replacement of a deteriorated pipe under Walker Street.
The Evansville Common Council voted unanimously on June 10 to authorize sale parameters for two debt issuances and to amend the 2024 budget to cover an urgent street pipe replacement.
A motion to approve Resolution 2024-17 authorizing the issuance and parameters for not-to-exceed $3,065,000 in General Obligation Promissory Notes, Series 2024A — intended to finance capital improvements identified in the city’s CIP and Financial Management Plan — passed by roll call 7-0. Consultant Greg Johnson said the action implements the planned financing for the city’s capital program.
The council also adopted Resolution 2024-18, approving parameters for sale of not-to-exceed $1,860,000 in Sewerage System Revenue Bonds, Series 2024B. Councilors voted 7-0 to approve the sewer bonds; staff said the process will mirror prior bond issuances.
Separately, the council approved Resolution 2024-16 amending the 2024 budget to reflect additional revenues and expenditures tied to replacement of a pipe under Walker Street that was found to be in poor condition. The budget amendment passed 7-0; City Administrator Jason Sergeant explained the change is to reflect the extra money coming in and going out for the repair.
All three measures passed by unanimous roll-call votes. The council accepted the May 2024 city bills earlier in the meeting, totaling $1,462,865.77.
Next steps: staff will proceed with finalizing sale terms and bond documents consistent with the parameters the council set and will schedule any required closing actions; the Walker Street repair work was described as planned so staff can complete it with minimal pool interruption, per the administrator’s update.
