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Council authorizes broader investment of city funds despite resident concerns
Summary
The council authorized investing municipal funds outside city limits under state law after Rebecca McGuire said the city solicits bids across Indiana; resident Joseph Cooper opposed sending city funds outside Mishawaka and linked the action to concerns about recent utility‑rate increases. The measure passed with one abstention.
Rebecca McGuire, the city controller, presented Resolution R2026‑27 as the council’s annual authorization to invest municipal funds outside the city in institutions across the state pursuant to Indiana Code 5‑13‑9‑5. McGuire said the city’s banking adviser solicits bids — “anywhere in the state of Indiana” — and that staff requests bids from “6 to 10 institutions” and “we always go with the highest rate.”
Resident Joseph Cooper spoke in opposition during the hearing. Cooper identified himself and said he opposed "sending any of our tax dollars outside of this municipality" and expressed frustration with recent utility‑rate increases and perceived lack of public notice. The council president interrupted to clarify that the resolution before the council concerned investment authority, not a forgivable‑loan program, and explained the policy intent to maximize returns for taxpayers.
Council member Carroll announced a professional conflict and abstained from the vote; the clerk recorded seven 'yes' votes and one abstention, and the council adopted the resolution authorizing investments as described by the controller.
