Town debt obligations 2015

Total debt obligation (approx), 2000-15. Note that the years 2001-05 (shown in purple) are not inclusive of debt initiated prior to 2000 and the actual obligation would have been somewhat higher.

Total debt obligation (approx), 2000-15. Note that the years 2001-05 (shown in purple) are not inclusive of debt initiated prior to 2000 and the actual obligation in those years would have been somewhat higher.

In order to help address questions that come up about the Town’s debt obligations (bonds, loans, leases, etc.), we have assembled the information presented on this page. All of this data is already publicly available online through the State’s Gateway service; however, the data there may not be as concise and readable as would be ideal. So, in order to clarify this data and to ensure that our residents are well informed, the following is a summary of the Town’s debt status over the last 15 years. 

Debt obligations of Johnson County municipalities, 2015
See below for additional detail
Whiteland $5,378,017 Greenwood $87,472,734
Bargersville $37,632,255 New Whiteland $665,672
Edinburgh $19,699,324 Princes Lakes $6,910,979
Franklin  $29,770,310 Trafalgar $2,109,135

Current debt obligations (as of January 2015)

(all sources of repayment)
Year Principal Interest Total Outstanding Debt Obligations
2015 $360,000 $113,359 $473,359
2016 $442,000 $117,346 $559,346
2017 $459,000 $106,439 $565,439
2018 $476,000 $94,557 $570,557
2019 $795,000 $83,357 $878,357
2020 $507,000 $61,519 $568,519
2021 $516,000 $47,933 $563,933
2022 $460,000 $32,283 $492,283
2023 $475,000 $15,092 $490,092
2024 $105,000 $4,599 $109,599
2025 $105,000 $1,533 $106,533
TOTAL $4,700,000 $678,017 $5,378,017


















It is important to clarify that a debt obligation is the sum of a loan’s principal plus the interest expected to be paid over the life of the loan. As of the beginning of 2015, the Town’s total debt obligation is $5,378,017. This is comprised of $4,700,000 in principal and $678,017 in interest to be paid. See the amortization table at right for how this debt is scheduled to be repaid. Currently, all obligations would be repaid by 2026.

As of July, 2015, the total obligation was reduced to $5,000,629 through payments made in the first half of the year. 


Break down of the total debt obligation

Name Total principal Interest rate Total interest Total Obligation Year initiated Scheduled payoff year Purpose
Storm Water District Revenue Bonds of 2011 $700,000 2.70% $95,176 $795,176 2011 2021 Construction and equiping of stormwater improvements
Sewage Works Refunding Revenue Bonds, Series 2013 $1,840,000 2.35% $180,884 $2,020,884 2013 2021 Refinance the 2000 sewage works bond and to fund a debt service reserve
Sewage Works Revenue Bonds, Series 2013 B $1,180,000 1.75-4% $310,175 $1,490,175 2013 2021 Engineering & construction of WWTP improvements
General Obligation Bond Anticipation Note of 2014 $305,000 2.29% $34,901 $339,901 2014 2019  (to be replaced by a bond) Installation of roadway improvements and signage
Waterworks Refunding Revenue Bonds of 2014 $910,000 2.92% $155,578 $1,065,578 2014 2025 Refinance the 2004 water works bond

The total $5.38M in debt can be broken down in different ways. The first is to look at the outstanding bonds themselves. Currently, the Town has five outstanding bonds, as shown on the table to the right. All of the outstanding bonds have been initiated since 2011; however, two include refinancing of previous bonds dating back to the year 2000 (which also included refinancing of even older bonds). Note that the current total obligation ($5.38M) is lower than the sum of the obligations of the outstanding bonds in the table ($5.71M) because payments have already been made toward each bond.

Another way is to consider the source of repayment of the debt, such as property tax revenues, utility revenues, tax increment financing, or other income sources. This is important to note because each source has varying consistency from year-to-year. Utility revenue is usually the most reliable to forecast based on previous usage, while property tax revenues are harder to predict each year (for a variety of reasons that are beyond the scope of this page).

Sources of the current total obligation by source of repayment:
Property tax: $339,901 (if a bond is issued, beginning in 2019)
Stormwater utility revenue: $558,181
Wastewater utility revenue: $3,414,357
Water utility revenue: $1,065,578

In the course of the history of Whiteland, it is believed that never has a general obligation property tax bond been issued. The property tax obligation mentioned above applies only if a bond is issued in 2019 to retire the Bond Anticipation Note of 2014. Other sources of revenue (for example, TIF) might be used in lieu of property taxes.

Retired debt obligations

Name Total principal Interest rate Total interest Total Obligation Year initiated Scheduled payoff year Purpose
Sewage Works Revenue Bonds of 2000 $4,200,000 3.90% $1,984,851 $6,184,851 2000 2021 WWTP improvements and refinancing
Water Works Refunding Revenue Bonds, Series 2004 $1,400,000 4.0-5.0% $819,879 $2,219,879 2004 2025 Water works improvements, water tower, and refinance previous bond

There are two bonds issued since 2000 that have been paid off (retired). The details of these bonds are also shown in the table to the right.

A couple notes of interest on the retired bonds. The 2000 sewer works bond was used to fund the wastewater treatment plant improvements and expansion of 2001-02. The development of the Oakville subdivision was contingent on these improvements since the WWTP at the time did not have the capacity for the additional homes.

The 2004 water bond funded the new water tower located near Park Forest that was completed in 2011, as well as other improvements to the water utility.

As stated in the table, these bonds included refinancing of previous bonds. For conciseness, we are limiting detailed discussion in this page to debt and obligations incurred since the year 2000, but it should not be neglected that the Town did have bonds and obligations before that time. The 2004 water bond included refinancing of at least a bond from 1988 that paid for the St. Charles water tower. The 2000 sewer bond included refinancing of bonds from 1966 and 1984 for sewer improvements done in those years (1966 was the the original WWTP construction). 

Comparisons to other communities

$5.38 million may seem like a lot of money to be carrying as debt, especially when compared to a typical home mortgage or auto loan. To offer some context, here is a comparison table showing the total debt obligations of our fellow communities in Johnson County as well as selected other comparably-sized communities in the metro area. Note that due to variations in dates of the data, the numbers shown here do not line up exactly with the above tables. 

Community Outstanding principal Outstanding interest Lease payments Total obligations outstanding 2014 population Total debt per capita
Whiteland $4,668,000 $671,199 $0 $5,339,199 4,303 $1,240.81
Bargersville $30,034,855 $7,597,400 $0 $37,632,255 6,627 $5,678.63
Edinburgh $12,535,200 $2,425,196 $4,738,928 $19,699,324 4,533 $4,345.76
Franklin  $24,615,000 $5,155,310 $0 $29,770,310 24,356 $1,222.30
Greenwood $69,043,599 $15,598,001 $2,831,134 $87,472,734 54,491 $1,605.27
New Whiteland $651,743 $13,929 $0 $665,672 5,810 $114.57
Princes Lakes $5,152,272 $1,596,323 $162,384 $6,910,979 1,326 $5,211.90
Trafalgar $1,259,756 $74,033 $775,346 $2,109,135 1,145 $1,842.04
Pendleton $4,865,179 $1,439,890 $3,321,332 $9,626,401 4,212 $2,285.47
Whitestown $53,329,360 $17,809,834 $19,202,650 $90,341,844 5,258 $17,181.79
Fortville $8,203,738 $1,835,798 $25,110 $10,064,646 3,953 $2,546.08

Each of these communities’ debt varies in sources of repayment, from TIF to utility to property tax. As mentioned above, the vast majority of Whiteland’s debt is not property tax-based.

Hopefully, this information will help our residents to better understand in a concise manner the debt that the Town has currently. If you have any additional questions, please call the Town Manager Norm Gabehart at 317-535-5531 or email at


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Town of Whiteland
Administrative and Town Hall Business Hours

Regular office and utility hours are Monday - Friday
8:00 a.m. - 12:00 p.m. and from 1:00 p.m. - 5:00 p.m.

549 Main Street, Whiteland, IN 46184
(317) 535-5531

After-hours utility emergencies:
(317) 494-3759

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