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Floyd County moves to issue bonds to fund Bridge 51 and other bridge projects
Summary
County leaders approved a resolution and ordinance to issue bonds for county bridge improvements, citing an $8 million estimate for Bridge 51 with roughly 80% federal funding and bonds payable from MVH/LRS revenues.
Floyd County commissioners and council members approved financing measures June 24 to cover upcoming bridge projects, including an $8 million estimate for Bridge 51.
Attorney Kristi Fox introduced FCR 2025-15 and told the joint meeting that the county will likely need to bond for the work because construction bidding is not scheduled until September–October. "When the construction bids come in for Bridge 51 in October, they will know how much they will need to borrow," said Brad Bingham of Barnes & Thornburg, who advised that bonds would be payable from the MVH/LRS revenue streams.
Director of Operations Nick Creevy provided the project estimate: "the estimate for Bridge 51 project is $8 million. There is 80% of Federal funding," he said, noting the federal portion substantially reduces the county's net cost. The council approved Ordinance 2025-08, authorizing issuance of bonds and appropriation of bond proceeds, on a unanimous vote after a public hearing with no public comment.
County officials said they will wait for final construction bids this fall before closing any borrowing, and that INDOT will be involved in financing timelines. No final borrowing amount or bond schedule was adopted at the meeting; the ordinance authorizes issuance and appropriation subject to later bid results.
