HomeMy Public PortalAbout004-2023 - MEMODAVID M. SNOW
Mayor
PATRICK SMOKER
Director
CITY OF RICHMOND
DEPARTMENT OF SANITATION
2380 LIBERTY AVENUE•RICHMOND, INDIANA 47374
PHONE (765) 983-7450•FAX (765) 962-2669
MEMORANDUM
Date: February 21, 2023
To: City Council
Cc: Mayor Snow
AJ Sickmann
From: Patrick Smoker
RE: Resolution No. 4-2023 – Resolution RE: Issuance of Sanitary District Bonds and the
Pledge of Stormwater Revenues by the Stormwater Management Board
Attached with this memo, please find Resolution 4-2023. This resolution is a step in the process
to provide the ability to the Richmond Sanitary District to sell bonds in order to finance the Short
Creek Interceptor Improvements, which consist of the replacement of both the Hayes Lift Station
and the Short Creek Lift Station. The RSD has secured financing through the Indiana Finance
Authority’s SRF Program as well as received $2M of Bipartisan Infrastructure Law grant funding
for the work. This project’s total cost is $11,190,808. There exists a bond ordinance that already
covers the project, along with other completed projects, but doesn’t have enough remaining fund
allowance available to cover the cost of this project. This resolution approves the increase of the
aggregate allowable bond amount to include the costs of this set of projects.