North Judson Town Council members were required to make an amendment to the Town’s 2018 water revenue bonds ordinance when they met Monday night.
As previously reported, the Town is funding their drinking water project with money from a State Revolving Fund (SRF) loan. When members initially passed the water revenue bond ordinance, they included the anticipated interest rate which was 3.25 percent.
However, when the Town submitted a request for the loan, they were not accepted in the round they applied for. Instead, they were placed into a category where they would receive funds from a public pool of money. This resulted in an increased interest rate.
Town Attorney Justin Schramm told the town council members on Monday that they just needed to pass an ordinance that would amend that interest rate in the ordinance to reflect the new amount.
Clerk-Treasurer Andrew Rowe noted that the rate was first going to be 4.25 percent. He said after some negotiations, that percentage was brought down to about 3.55 percent.
Members voted to introduce the ordinance. They then unanimously approved a motion to suspend the rules that call for a second and third reading and went on to adopt the ordinance which amends the rate. The 3.55 percent rate is what appears in the amended water revenue bonds ordinance.