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Dear Editor:
Carmel’s runaway municipal debt took a dramatic turn for the worse this week.
In its Annual Financial Report to the Indiana Department of Local Government Finance, city hall functionaries reported the ending principal balance as of Dec. 31, 2019, to be $223.6 million.
But, the Report listed principal and interest payment due in 2020 to be:
$2,386,486,255.54.
Even posh and opulent City Hall could have problems ponying up that $2.4 billion.
Lots of cake sales and pancake breakfasts on the City Hall lawn, I suppose.
Bill Shaffer
Carmel