The Culver Town Council members opened a public hearing Thursday, November 14 concerning the appropriation of proceeds of the Town of Culver for General Obligation Bonds.
The town plans to fund a total water meter replacement and installation project while updating software for billing and additional capabilities. The town also hopes to improve water flow capacity at one of the wells and upgrade a new aerator and plumbing at the water plant. The total amount of the bond will not exceed $1.5 million.
The 2024 bonds will have a final maturity not later than 20 years from the date of issuance and will have an interest rate to be determined as permitted by applicable Indiana law.
There were no public comments and the hearing was closed.
The council later voted unanimously to approve the third reading of an ordinance that authorizes the issuance and sale of bonds for the purpose of certain Capital Improvement Projects. An ordinance appropriating the proceeds derived from the sale of General Obligation Bonds was also unanimously approved on third reading.
