Council hears introduction to Ordinance 4016 to finance three water projects; SRF closing tentatively Aug. 3

The council received a presentation on Ordinance 4016, the first step toward issuing bonds to finance three town water projects.

Adam, a bond team representative, told the council the ordinance is framed as "not-to-exceed" borrowing amounts consistent with prior rate work and that the Indiana State Revolving Fund (SRF) has reviewed estimates and provided comments. "Right now... we're tentative towards an August 3rd closing date if everything proceeds as planned," Adam said, adding that a July 20 pre-closing was part of the current timeline.

Adam described the SRF as a preferred, low-rate financing track and noted that one project — replacement of lead service lines — carries particular benefits, including longer repayment terms and a 0% interest component on a refundable portion. He also said the ordinance allows contingency by setting upper-limit amounts and that any parameters that would exceed those caps would require the team to return to the council for further approval.

No vote was taken on Ordinance 4016; the presentation served as an introduction and next steps include formal ordinance approvals and SRF submissions. Adam said the plan, as presented, contemplates three bond series closing on the same day but that the structure could change depending on funding availability and SRF preferences.