State Treasurer Daniel Elliott joined Hobart Mayor Brian Snedecor for a ceremonial bond signing Tuesday.
The State Treasurer's Office says the financing was a result of House Bill 1454. It included measures aimed at helping Hobart, the Merrillville Community School Corporation and other entities affected by the Southlake Mall property tax assessment issue, by helping them get long-term, low-interest bonds. The 25-year loan issued by the State Treasurer's Office has a zero-percent interest rate.
In a statement, Mayor Snedecor called it "an example of how government should work — state agencies working with local officials to address an imminent fiscal emergency." Treasurer Elliott said he hopes the bond alleviates the financial strain caused by the property tax assessment issue and ushers in a "new era of economic stability for the City of Hobart."
