(EVANSVILLE, IN) – September 24, 2010 – The City of Evansville, by and through the Board of Directors of the Evansville Local Public Improvement Bond Bank (Bond Bank), today voted to bid on tax anticipation warrants expected to be offered for sale by Knight Township next Thursday, September 30.
“One of the best things about Evansville is how we come together to help out friends, neighbors and even complete strangers in times of need,†said Evansville Mayor Jonathan Weinzapfel. “By committing to bid on these tax warrants, the City of Evansville is lending a hand not merely to another government entity, but to the hard working families of Knight Township who depend on the support and services the Township provides.â€
Before the bids come due next Thursday, the Bond Bank will complete its analysis of Knight Township’s cash flow needs to determine what is needed for Knight Township to operate through the end of the year, being sure to not expose the Bond Bank to any risk.
The Bond Bank will not loan more than 80% of the tax levy or the maximum cash flow deficit needed, as required by law. The Bond Bank also intends to work with the Vanderburgh County Auditor to ensure that the Bond Bank is paid once the tax warrants are issued.
The Bond Bank will work closely with Knight Township officials and provide assistance and/or recommendations regarding its budget. In addition, the Bond Bank intends to require Knight Township to submit monthly reports, including a cash flow summary, to the Bond Bank for review. Jenny Collins, Evansville City Controller, serves as Executive Director of the Bond Bank and will spearhead oversight efforts.
