April 4, 2018 at 5:30 p.m.
Notice of Public Hearing on Proposed Water Rate Changes for Sept. 21, 2015
PROPOSED RATES AND CHARGES
Property owners, ratepayers and other interested parties in or served or to be served by the waterworks of the Town of Hope ("Town") are hereby notified that Ordinance No. 2015-04, establishing rates and charges for services to be rendered by the waterworks, was introduced at a meeting of the Town Council held on July 20, 2015. At a meeting of the Town Council to be held at 5:30 p.m., on September 21, 2015, in the Town Hall, 404 Jackson Street, Hope, Indiana, there will be a public hearing on the matter of the rates and charges and consideration of adoption of said Ordinance No. 2015-14 which provides as follows:
Public hearing document (PDF format)
The interim rates will become effective upon adoption of the ordinance; the final rates and charges will become effective upon 75% of construction completion OR 1 year from the date that bids are received and the financial plan is finalized on its waterworks financing with the Indiana State Revolving Loan Fund Program, whichever occurs first. The final rates are based upon an anticipated $2,450,000 bond issue through the SRF Loan Program. If the Town is able to reduce the bond issue, pursuant to favorable bids and/or additional grants (SRF Forgivable BAN), the Town intends to reduce the final rates and charges as follows: For every $100,000 (or fraction thereof) of reduction in the proposed SRF bond issue, the final rate increase will be reduced by 1.7%. For instance, if the final SRF bond issue is reduced by $500,000, the scheduled 28.5% final rate increase (over the interim rates) will be reduced by 8.5% (5 times 1.7%) to 20.0%. Final bond sizing will occur immediately after construction bids are received, prior to closing with SRF.
At such hearing and prior to final adoption of said ordinance all interested parties may appear and be heard. A copy of Ordinance No. 2015-14 may be examined at the office of the Clerk-Treasurer.
Dated this 4th day of September, 2015.
/s/ Diane Burton
Clerk-Treasurer[[In-content Ad]]
