Knox City Council moved one step closer to acquiring a new fire truck for the Knox-Center Township Fire Department when they met Tuesday evening.
Two ordinances related to the 2018 General Obligation Bonds that will be required for the fire truck purchase were passed on first reading.
The first ordinance authorizes the sale of the bonds while the second one permits the funds to be appropriated once the truck is ready to be purchased. Clerk-Treasurer Jeff Houston explained that the ordinances will need to be advertised before they can be passed on final reading.
As previously reported, a total of $650,000 will be issued. Approximately $600,000 of that bond money will be spent on the fire truck while $50,000 will be paid to Umbaugh and Associates as a service charge for their bond counsel. While Umbaugh is serving as the city’s financial advisor on this matter, the bonds will be issued through the law firm Ice Miller LLP.
Houston said they will have a better idea of the exact cost of the truck once they open the bids. However, Fire Chief Kenny Pfost said he does not expect any of the bids to exceed the projected cost.
Clerk-Treasurer Houston also presented members with a timetable that will need to be followed throughout the remainder of the process.
The first thing listed on the timetable, which has already been completed, was to submit parameters to Ice Miller to have them draft bond and appropriation ordinances. Last night, council members took care of the second item by introducing the ordinances.
Next, the notice of public hearing over additional appropriations must be delivered to the newspaper by April 5th and the notice must be published by April 12th, at least 10 days prior to the hearing.
The city council is anticipated to conduct the hearing and adopt the ordinances at their meeting on April 24th. A notice of determination to issue the bonds must be delivered to the newspaper by April 26th. That notice must be initially published and posted in three public places by May 3rd and then published a second time by May 10th.
According to the timetable, no further actions will need to be taken until the week of November 12th.
