While funding for Portage appeared to have a split reaction, the Council was unanimous, 6-0, in nixing the idea of lending $15.5 million to Lake County Government even though the intention would be to gain a higher interest rate on the funds for Porter County than what banks could offer.
Treasurer Mike Bucko, who was not present during Tuesday’s discussion, has been in discussions with the Lake County Council about “purchasing municipal debt” which he said he would only do if Porter County stands to benefit. Previously Bucko loaned money to the City of Hammond with average net earnings being as much as 3.85 percent.
Conover made a motion to encourage Bucko not to loan out money, saying that she does not favor moving the funds to cover Lake’s operating costs. Biggs seconded the motion saying that Porter County has its own needs to attend to.
The Lake County Council cast a split vote 5-2 on selling $15.5 million in bonds which signaled to Whitten they do not have a strong consensus on whether or not they can pay back the money.
