(La Porte, IN) - La Porte County government has received a perfect score for its handling of tax dollars. A grade of A+ was given by Wall Street’s Standard and Poor 500 Index after a thorough examination of the financial ledgers. The review came prior to the recent sale of $19.5 million in bonds to finance renovation and expansion of the courthouse in Michigan City.
La Porte County Council president, Randy Novak, says the council and county commissioners worked closely together to build ample cash reserves for major projects and financial emergencies like the ongoing pandemic. “We’ve taken a pay-as-you-go strategy over the years, meaning we’ve been prudent and careful in our spending,” he said.
Work on the 1909 courthouse is expected to begin next month. Repeated failures in the outdated electrical system and other shortcomings with the structure were primary drivers of the decision to undertake the project.
The construction is being financed over 20-years with an option to retire the debt in 10-years without penalty, officials said.