The Common Council of the City of Brazil signed off on an ordinance authorizing a bond to be issued during a special meeting Tuesday night.
The bond, which will be for between $200,000 and $300,000 will assist in paying outstanding debt the city has incurred in recent years.
"We were hoping to get a larger grant," Brazil City Clerk-Treasurer Karen McQueen said. "However, with the city having another bond specifically for the sidewalks, which has already been used, that is all we can receive at this time."
According to Sue Beesley, Partner with Bingham McHale, LLP, Indianapolis, the exact amount of the bond will be set at a later date. Dan Hedden, CPA Principal for Umbaugh and Associates, Indianapolis, has been assisting in straightening out the city's financial system and will determine the final amount of the bond.
Beesley also said at the current pace, the bond should be finalized by early December.
The ordinance states the maximum interest rate is to be no more than 7 percent and the city will have until Jan. 15, 2019 to pay off the balance of the bond.
The next meeting of the Common Council of the City of Brazil will be Tuesday, Nov. 11, at 7 p.m., in the Council Chambers of City Hall.