From the Indianapolis Business Journal:
An ordinance giving the Carmel City Council final say over debt issued by the redevelopment commission is on track for approval, and Mayor James Brainard said he won’t stand in its way.
“I think we’re working together,” Brainard said.
The council's four-member finance committee agreed unanimously Thursday evening to recommend the ordinance for approval by the full council when it meets on May 7. The ordinance is sponsored by five of seven council members. Brainard said he won't veto the ordinance if the full council passes it.
...
In Indiana, redevelopment commissions must seek approval from the local town or city council for bond issues, but the Carmel Redevelopment Commission, or CRC, found a way around that law by issuing other forms of debt. The mayor-appointed commission has rung up $139 million in debt since 2009, all independent of the council.
If Carmel adopts the ordinance, the council would have final say over all types of debt issued by the CRC.
...
http://www.ibj.com/brainard-says-he-s-ok-with-council-oversight-of-debt/PARAMS/article/33971
