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Mayor proposes up-to-$6M public-safety bond to buy radios, replace aging engine
Summary
Mayor outlined a five-year bond, not to exceed $6 million, to buy radios for police and fire and to replace Engine 8; he estimated the final borrowing closer to $5.2 million and said payments would be covered by water revenue, not the general fund.
Mayor delivered a policy pitch for a five-year public-safety bond to modernize radios for Hammond police and firefighters and replace Engine 8, the city’s oldest engine. ‘‘This is a 5 year bond. We’re asking for, $6,000,000 should not exceed $6,000,000,’’ he said, and added officials expect the amount will land ‘‘closer to 5,200,000’’ with roughly 6% interest and annual payments of about $1,200,000. He said the city would tap water revenue rather than the general fund to make payments.
Council recorded the ordinance for 1st and 2nd reading on April 13 and sent the ordinance to the finance committee for further review at the April 27 meeting. The mayor framed the measure as replacing equipment that is past its useful life and said it would be less debt than a prior repayment tied to a station decommissioning. The discussion at the meeting identified funding source (water revenue) and high-level cost assumptions; the exact borrowing schedule and final amount will be refined during committee review.
