Council clears first and second readings for $25 million Port Authority bond to repair break wall and replace docks

The Hammond City Common Council voted during first and second reading Tuesday to advance an ordinance permitting the issuance of up to $25 million in revenue bonds to fund marina repairs and improvements recommended by the Hammond Port Authority.

Councilwoman Benez introduced the ordinance on behalf of the Port Authority, saying the bond would finance dock renovation and continued repairs to the marina break wall. The measure was advanced for further review and is scheduled for additional consideration at the council's next meeting.

Council members asked for more detail about total debt service. Councilman Kaminski asked how much the city would pay back in interest over the life of a $25 million bond; the council record shows staff did not have an exact payoff number at the meeting and said marina slip fees and marina income would be used to pay the bond. The mayor said staff would provide precise debt-service figures at the next meeting.

The mayor and other council members described the break wall work as the second phase of a project begun earlier to replace smaller rocks with larger rock armor to protect marina infrastructure. Council discussion noted that many docks passed their original design lives (originally designed for about 20 years, now about 34 years old) and that replacing a single dock can cost about $1 million; the proposed bond would fund phased dock replacements as well as fuel-tank replacement and other port repairs.

The ordinance was introduced for first and second reading and advanced; the transcript does not show a final adoption vote. Council members recorded no final dollar-payoff schedule during the session and asked staff to return with interest and amortization figures at the next meeting.