The Crown Point City Council on Monday adopted a bond ordinance that authorizes the city to issue up to $3,750,000 in general obligation bonds with a maximum interest rate of 6% and a final maturity date no later than Jan. 15, 2036.

Bond counsel Heather (Ice Miller) told the council the ordinance contains maximum parameters and that the bond form in the ordinance will be completed once the bonds are sold: "we're looking at a maximum issue of $3,750,000, maximum interest rate of 6%, and a maturity date of no later than 01/15/2036," she said. She and city staff said adopting the ordinance at the Nov. 3 meeting was necessary to publish the required notices and close the sale before year-end.

Finance consultant Charlie (FSG) said the council's proposed issuance would add to the city's existing tax-supported debt but remain small relative to Crown Point's assessed value. "The city has, just under $15,000,000 total outstanding of bonds payable from property taxes. So we would be adding, $3,750,000 to that," he said, adding that Crown Point's pay-26 assessed value is over $2.8 billion.

Council members repeatedly said the intended primary use is to help finance a new fire substation. City staff reported ongoing discussions with Center Township trustee Paul Grama to split costs roughly 50/50 and said the township has included a significant substation allocation in its FY26 budget. The council was told the ordinance language includes flexible project wording so bond proceeds can be applied to a range of capital improvements if final substation costs change.

Several council members pressed for regular updates and documentation tying bond proceeds to the substation. The mayor and staff said an MOU with Center Township is being drafted and that additional cost estimates, timelines and project details will be provided at subsequent meetings, including the public hearing on the appropriation ordinance at the December meeting.

Council members also raised concerns about the city's debt runway and potential legislative changes that could affect future revenue. Charlie responded that while the issuance would increase bonded debt, much of the city's short-term debt will roll off in the next three years, preserving capacity for future issues if growth continues.

The council voted to adopt the bond ordinance on a motion and second; the roll call recorded six yes votes and no recorded no votes.

The council also read an appropriation ordinance for the bond proceeds (first reading) and scheduled the required public hearing and final action for the December meeting.