The Warsaw City Council met in special session Wednesday to establish the City of Warsaw Building Corp. A not-for-profit corporation is being created because the city plans to dedicate County Economic Development Income Tax revenues, among other funds, to pay for the proposed wastewater treatment plant. Using EDIT without going through a leasing company, Jeff Heck of Baker and Daniels explained, would cause the city to exceed the 2 percent debt limit.With this standard procedure and issuance of lease rental revenue bonds to pay for a portion of the project, the city's debt limit is not affected. The debt limit is affected by general obligation bonds. The organizational meeting of the building corporation's board of directors - Warsaw Mayor Ernie Wiggins, John Elliott and Bob Gast - is set for 11:30 a.m.Oct.29 at the Boathouse Restaurant in Winona Lake.
TERESA SMITH, Times-Union Staff Writer- | July 28, 2016