GREENCASTLE -- Heritage Lake Homeowners Association Board members Dan Antico and Harold Paetow appeared before the Putnam County Commissioners Monday evening asking to use a specific law that would allow for a ten year bond paid for by tax assessments to property owners at the lake.
For several months members have been coming to the commissioners meeting looking for help in finding funding for the $3 million road project in the second largest populated area in Putnam County.
"We are trying to figure out a way to get restoration for our roads. We recognize the county doesn't have the funds and want to apply the Barrett Law to restore the roads," said Antico.
By evoking the Barrett Law, an Economic Improvement District that can create revenue payable by assessments to property owners can be formed and a bond obtained. Financing can be set over a long period of time to make payments more manageable. In this case, they are looking at 10 years.
The sewer system at Heritage Lake was financed over 10 years in a similar manner some time ago. Of the 30 miles of roads in the area, 22 miles need resurfacing or work outside of Heritage Drive.
County attorney Scott Hoff was asked to speak with a bonding lawyer from Baker and Daniels Law firm regarding the issue.
"If 40 percent of homeowners lodge a complaint against the tax assessment, it goes to court and a judge will decide if they can do it or not," said Hoff. "Objections have to be in writing."
This is just a beginning step for the process.
"We need to make sure we don't have to set up a public works board," added Commissioner Gene Beck who made the motion to investigate the Barrett law.
His motion was passed 3-0.