Board moves to spend remaining SRF loan funds, grants signatory authority to expedite pay apps

City staff told the Board of Works that a completed wastewater treatment plant project left roughly $2,500,000 remaining in an Indiana Finance Authority SRF loan account. Public Works’ Tory Erwin said the city needs to amend the Preliminary Engineering Report (PER) to include the ongoing Oakland Project B so the remaining loan balance can be spent down and the city will avoid a penalty associated with unspent loan balances.

Erwin summarized that the wastewater project is complete but unspent loan funds and accrued interest remain; adding Oakland Project B to the wastewater PER will allow those funds to be used on the city’s ongoing work. He described the hearing as a required SRF public hearing for the PER amendment.

Separately, the board adopted Resolution 26‑R‑1 to grant additional signatory authority for SRF loan documents. Staff explained that the city’s current authorized signatory on SRF documents is leaving; to maintain timely payment processing the board adopted a motion (amended during the meeting) to authorize the assistant director of public works and an additional staff member to sign SRF pay applications and related documents.

What happens next: staff will file the PER amendment with the Indiana Finance Authority and begin spending the remaining loan funds on eligible work; the board’s resolution expands signer authority to avoid delays in processing pay applications.

Quotes: Tory Erwin said there is "approximately $2,500,000, just under $2,500,000" remaining in the SRF account. Tim (assistant director) asked the board to adopt the resolution so staff can "expedite that process and ensure our contractors are paid in a timely manner."