From the Northwest Indiana Times:
The small lakefront community of Beverly Shores has a fraction of the population of the city of Portage, yet is carrying three times the amount of debt per full-time resident, according to online municipal financial reports.
The town has debt totaling $5.2 million, or $8,423 per full-time resident.
Town Council President Geof Benson said the vast majority of the debt is the result of a nearly $6 million project nine years ago to bring piped-in lake water to the community.
The debt is being paid back through a real estate tax based on a percentage of the value of each of the nearly 500 homes in town, he said.
...
Theodore Sommer, a financial adviser to Chesterton from the Indianapolis-based London Witte Group, said while municipalities have a debt cap of 2 percent of their assessed valuation, there are exceptions that make it difficult to determine the maximum debt allowed.
...
http://www.nwitimes.com/news/local/porter/duneland/little-town-of-beverly-shores-leads-porter-county-per-capita/article_4d041b0b-d4e2-56fd-b6cc-65e570eb4e56.html
