Council Borrows Money           

It is a routine responsible fiscal decision for the Speedway Town Council to borrow from the sewage and water works funds, so it can continue to operate the town government.

This time, the council borrowed from the sewage and water works depreciation fund and sewage works plant improvement for a total of $1 million to infuse working capital into the general fund. Clerk Treasurer Sharon Zishka explained the passage of these resolutions on January 8 is a temporary loan until the town receives its tax distributions from the state in June and December.

Zishka said the town repays the accounts with its December tax revenues.
The town chooses to borrow from the sewage and water works to avoid borrowing from a bank and paying interest that could amount to as much as $150,000.
In other matters, Town Engineer Gordon Evans said the proposed plans to build a CVS would not have to encroach on town's utility easement at the Wendy's location at Crawfordsville Road and Cunningham Road.

Town Manager John McCurtain confirmed that Wendy's would be demolished. He noted there was no word from the corporation if they were going to relocate in Speedway.

In other drainage issues: Evans informed the council that I-465 expansion and redesign will require some of Speedway's utilities to be relocated. The town extends sewer utilities beyond its town limits and even into the Ben Davis area along Tenth Street.

According to Evans, the state informed him that it would reimburse the town 100 percent for the utility relocation.

In other issues: Evans said Indiana Department of Environmental Management's (IDEM) new 2006 guidelines would probably render the town's 2004 $15 million expansion capacity plans as inadequate and require a bigger plant. Although the decision has not been made, Evans wanted to apprise the council that this is a strong possibility.

In other drainage issues: Evans explained the proposed ideas to run the excess storm water run off into storm drains on 20th Street from Gerrard Avenue, "did not pan out." He said there was not enough fall in the elevations to move the water by gravity into these pipes. Allison Avenue and Gerrard Avenue, north of Crawfordsville Road, experience severe flooding due to storm water run off during intense rains. He said the drainage board would look at storm sewers farther away to see if there is the necessary fall and capacity to handle the water.

Town Councilman Dean Farmer was concerned the water would be redirected and cause drainage problems to other areas. "That is the rub."
"There is that chance because the area is relatively flat," Evans said.