The Leitchfield Utilities Commission opted to refinance through refunding the outstanding City Of Leitchfield Combined Utilities System Revenue Bonds, dated January of 1997, in the original principal amount of $2,880,000.00.
At Thursday night’s meeting, the commission adopted a resolution requesting the City of Leitchfield to authorize the refunding of the Refunded Bonds. Previously, a market condition change eliminated savings from a refunding, but market conditions have again made a refunding economically viable.
The resolution states that the Utilities Commission is requesting the city to authorize, sell and deliver a proposed issue of its Water and Sewer Refunding Revenue Bonds (Series 2014) to finance the refunding of part or all of the Refundable Bonds.
The Commission also agreed to upgrade billing software. City Clerks have noted extremely slow computer service times, necessitating the use of a new software server. The current server being used is five years old.
The cost of a new server is $19,786.00, with the City of Leitchfield paying $4,000.00 of the cost. It was agreed that the city will pay its part of the debt over five year ($800.00 per year).