Valpo plans temporary loan of almost $5M

2013-11-11T18:38:00Z 2013-11-11T20:28:33Z Valpo plans temporary loan of almost $5MBy Phil Wieland, (219) 548-4352

VALPARAISO | The city will feel the first impact of the new fire protection territory next month when, in addition to borrowing to pay the bills for the general operating expenses of the government, it also has to borrow to pay the bills for the fire territory.

The ordinance authorizing the loans from the state's bond bank was introduced at Monday's Valparaiso City Council meeting and will be voted on at the council's Nov. 25 meeting.

Clerk-Treasurer Sharon Swihart said the interest probably will be about 0.85 percent on a maximum of $2.7 million for the city's general fund and another $2.2 million for the fire territory.

The loans will pay the bills until the city receives its share of the property taxes from the county in December. The loans would be paid off by the end of the year.

Plans to hold public hearings on proposed rate increases for the water and the sewer utilities had to be postponed to the Nov. 25 meeting because of the failure to advertise the hearings as required by law.

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