From the La Porte Herald-Angus:
The city of La Porte has paid more than $730,000 in interest to the Indiana Bond Bank since the county-wide property tax situation began.
That was the latest figure released by the city during its board of public works meeting last night.
During the bill payment portion of the meeting, members of the audience gasped when city treasurer Teresa Ludlow said the city will be paying $64,000 in interest on its 2012 tax anticipation warrant and another $18,000 in interest for its 2011 tax anticipation warrants, bringing the total to about $730,000.
As explained at previous meetings, the city has been forced to borrow money from the Indiana Bond Bank to meet expenses because the county has been unable to collect and disburse property tax payments on time.
Mayor Blair Milo said has been frustrating.
"This is $730,000 that gives the citizens nothing except a government that continues to operate," she said. "It doesn't pay for a park bench, a police officer or paving roads. It's all because a branch of government has failed to get a requirement out in a timely manner."
She expressed hope the problem will be taken care next year and the city will no longer have to take out these loans.
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http://www.heraldargus.com/articles/2012/12/18/news/local/doc50cfd98de1e17776509145.txt
