DLGF Denies Park Bond


(posted Dec 9)

The Indiana Department of Local Government Finance denied Speedway Parks and Recreation Board's bond resolution to improve Leonard and Meadowood parks. The Speedway Parks Board voted June 4 to pass a declaratory resolution to issue a not-to-exceed $1,995,000 bond issue to improve Leonard and Meadowood Parks.

Mary Jane Michalak, DLGF director of communications, said in August that "we notified county officials that the department would not review or approve any unit's budget or pending debt issues until compliance is achieved. This is statewide." Because Marion County officials have not submitted compliant 2006 sales data, the department will not approve any pending debt issue for Speedway. The denial had nothing to do with the town.

Park board president Tim Ramion said the DLGF's denial happened right before Thanksgiving. Although the board has not formally met to discuss alternative financing, all of the board members are apprised of the issue.

"Applying for grant money is something we've always talked about, so I feel confident that will be one of our alternatives. This topic will definitely be an agenda item in the months to come," he said.

Marion County Assessor Greg Bowes did not comment about the deadline prior to press time.