The approval of two resolutions by North Judson Town Council members Monday night will allow the town to be reimbursed for expenditures made toward the water and sewer projects prior to the completion of the bonding process.
Town Attorney Justin Schramm told council members about what approving the Water and Sewer Bonds Reimbursement Resolutions would mean.
“It’s just to reimburse us for any cost that we’re out” Schramm stated, “Most of it’s going to be done through bonding anyway but it’s just the idea that if there are any expenses before we bond the project, then they’re reimbursable then through that bonding procedure.”
Schramm explained that the documents were put together by Dennis Otten, a senior partner at Bose, McKinney and Evans LLP, the firm hired as the town’s bond counsel for these projects.
Schramm said reviewed the paperwork and restructured the resolutions a bit and they were ready for approval as long as the council members didn’t have any questions or objections. Both resolutions passed with unanimous approval.
Schramm noted that most times, reimbursements are not necessary since payments are typically arranged so they can be made after grant money is received and the bond issuance is completed. However, the resolutions are in place just in case the town needs to pay for a portion of the project before those funds become available.
