Noblesville Council Approves $ 19M Short-Term Loan Before Considering $ 56M Bond

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On Tuesday, Noblesville City Council approved a $ 18.6 million bond issue to pave the way for future $ 56 million in bonds for the planned Pleasant Street expansion project.

Noblesville City Attorney Michael Howard presented the funding mechanism on Tuesday and said he would pay upfront costs for the first phase of the expansion project, which starts at 11th Street to River Road. Howard said the city will borrow up to $ 18,585,000 over no more than three years to get the estimated $ 113 million. Improvement of the east-west corridor before the potential issue of a 20-year $ 56 million lease and lease bond for the project.

“This note, with the pending bond issue, is funding things like additional engineering, land acquisitions, part of a utility relocation,” Howard said. “When we get to the lease, the first proceeds from the standing bonds will go towards paying for this note with the bonds pending.”

The Council unanimously approved the issue of the promissory note.

Howard said the more durable bonds will be funded by real estate taxes, excise taxes and additional financial tax revenues wherever the city finds them.

The council has already approved a new motor for between $ 25 and $ 40. vehicle excise and wheel tax in May to raise about $ 30 million in a 20-year road financing structure.

The project is expected to be submitted in September 2022, with construction starting sometime in 2023.

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