City council approves $117M bond request to assist Valparaiso University plan for financial rescue
The Valparaiso City Council agreed unanimously to be the gateway for struggling Valparaiso University to have access to up to $117 million in issued bonds to help refinance existing debt and finance new projects, including building renovations.
Ordinance No. 9 2025 passed with a second reading during a special council meeting Friday. At the council's May meeting when the ordinance was first introduced, Valparaiso University officials emphasized the need for the city's support by the first week of June to allow time for the bonds to be purchased.
Council members Diana Reed, 1st District, Robert Cotton, 2nd District, Barbara Domer, D-3rd, Jack Pupillo, R-4th, and Council President Ellen Kapitan, D-At-large, attended Friday's meeting in person and voted in favor of the ordinance, as did Peter Anderson, R-5th, who joined the meeting remotely.
Council member Emilie Hunt, D-At-large, was not able to attend, and nor was Mayor Jon Costas or Clerk-Treasurer Holly Taylor.
City Attorney Patrick Lyp opened the special meeting by recapping the discussion and direction of Wednesday's Economic Development Commission.
'It's the recommendation of the Economic Development Commission that the City Council support and pass this ordinance in the best interest of the community,' Lyp said.
'And as I have continued to emphasize, the City Council is only serving as the needed conduit in order for VU to have access to these bonds in this timely manner. There is not any financial obligation or impact from the bonds being issued which would affect the city or taxpayers.'
Lyp and Valparaiso University officials have also emphasized it is likely that even though the window of funds can extend up to $117 million in general obligation bonds, the latest calculations indicate that it is around $55 million which will likely be used by the university for financial needs.
Mark Volpatti, the university's senior vice president for finance and chief financial officer, once again represented the university at Friday's council meeting and fielded what were only a few follow-up general questions.
When Volpatti attended the May meeting when the ordinance was first introduced, he announced the university has sold or is concluding the sale of the three paintings, a topic which has drawn much public debate and criticism about the fate of the valued works, including Georgia O'Keeffe's 'Rust Red Hills.'
He said the university is moving forward with its freshman village, noting the renovation work was being done without taking on debt and through 'the proceeds from the artwork.' The other artwork being sold are 'The Silver Veil and the Golden Gate' by Childe Hassam and Frederic E. Church's 'Mountain Landscape.'
Among those from the public to speak during the public hearing portion of Friday's meeting was Valparaiso University Senior Professor John Ruff, who has invested years caring for the collection of works at the Brauer Museum of Art at Valparaiso University. He presented the council with a letter with more than 50 signatures representing a stance against the sale of any artwork.
Ruff admonished the university for keeping the sale of the O'Keeffe painting 'secret' until it was reported by the media in mid-May.
Volpatti addressed Ruff's remarks.
'My thoughts do turn to Richard Brauer and John Ruff and I can't imagine the emotions they've had the past two years,' Volpatti said.
'I respect and admire them and their passion for their career. If more people had such passion for their careers the world would be a better place. We have two camps about whether the sale of artwork should be used for the purchase of new artwork or let's look at the university as a whole and use the sale's funds where they are needed at this time. This is a philosophical question and one that won't be answered today.'
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