Lone 'No' Vote On The County Council Calls Move A 'Bailout'

The Hamilton County (IN) Council voted Tuesday night to approve the $8.4 million purchase of the terminal building and hangars at Indianapolis Executive Airport (KTYQ) near the state's capitol city.

But there’s a twist. The airport is located in Boone County, just northwest of Indianapolis. Hamilton County is adjacent to Boone. The Indianapolis Star reports that Hamilton County had purchased the facility from Boone in 2002 in an effort to preserve the busy reliever airport from falling victim to developers.

The airport has been operated by Montgomery Aviation. The bond issue approve Tuesday would purchase the buildings from the operation, which Councilman Rick McKinney ... who cast the only "no" vote on the measure ... called a "bailout" for the management company.

But the argument that bond rates are at historic lows and it was better to buy the buildings now rather than risk paying higher interest rates in the future carried the day, and the measure passed 6-1.

FMI: www.indyexecairport.com, www.hamiltoncounty.in.gov/council/