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Dear Editor:
Article 13 of the Indiana Constitution says, “No political or municipal corporation . . . shall ever become indebted . . . in the aggregate, exceeding two per centum on the value of the taxable property within such corporation . . .”
Carmel’s most recent Adjusted Net Assessed Valuation for Carmel was $8.1 billion, according to the Indiana Department of Local Government Finance’s Gateway website.
Two percent of that would be $162 million. Carmel’s annual financial reports list $786.6 million in aggregate principal borrowed – $94.7 million for the city, $17.3 million for the wastewater department, $101.9 million for the water department, for a city-wide $213.9 million total, plus $572.7 million for the Carmel Redevelopment Authority.
Carmel is either 4.8 times greater than the limit or a mere 1.3 times greater than the constitutional limit.
Has anyone lately sworn to uphold the Constitution of the State of Indiana?
Bill Shaffer
Carmel