Council votes on $6.5 million bond issuance

Lawrenceburg leaders approved two resolutions during their meeting Thursday morning regarding the issuance of up to $6.5 million in General Obligation Bonds.

Members of the Lawrenceburg Board of Mayor and Council gave unanimous approval to both resolutions, which pave the way for the issuance and sale of the bonds. The funds are earmarked for various purposes to include around $3 million for capital projects, many of which are related to higher education.

Some of the projects specified are,

“the acquisition of land, site work, and the construction, renovation, and equipping of schools, including but not limited to post-secondary educational facilities;

the construction, renovation, paving and equipping of roads, bridges and other improvements;

buildings, facilities and parks for general government purposes;

the acquisition of vehicles and/or equipment for the public works and public safety departments;

the renovation and replacement of water and sewer lines and the construction and equipping of extensions and other improvements, including automated meter reading equipment, to the water and sewer system;

and to pay all associated legal, fiscal, administrative, architectural and engineering costs.”

Also included is the re-imbursement to the city of monies expended for the recent purchase of a fire truck and some road work.

A portion of the funds would be used as a cost-saving measure to refund existing bonds and restructure the city’s current debt under lower interest rates. Officials anticipate an interest rate of around 3.25 % on monies for new projects and around 2% on the refinancing of existing debt.