INDIANAPOLIS — As the Region awaits a federal government decision on funding the South Shore Line's double-track project and West Lake extension, the state is developing the process it will use to finance both improvements.

On Thursday, the House Ways and Means Committee voted 18-0 for House Bill 1374 that authorizes the Indiana Finance Authority to sell bonds, backed by state and local tax revenues, to enhance the commuter rail line connecting Northwest Indiana to Chicago.

It also designates the IFA, Northwest Indiana Regional Development Authority and Northern Indiana Commuter Transportation District as the entities responsible for the construction, leasing and ownership of the rail projects, and allows each to contract as necessary to complete the work.

In addition, the measure aims to ensure communities that have pledged tax dollars for the South Shore Line pay as promised by requiring the state treasurer provide the pledged funds directly to the RDA, rather than making the RDA wait for distributions from county treasurers.

The sponsor of the legislation, state Rep. Ed Soliday, R-Valparaiso, said the finance process in the proposal is designed to get Indiana the most competitive rates when it eventually goes to market for the South Shore projects.

The full House is likely to vote next week on whether to advance the plan to the Senate.
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