MADISONVILLE, KY (2/7/12) – The City of Madisonville was successful in selling $9,835,000 in bonds at a much lower interest rate than the 4.2% current bonds the new bonds will replace. Ross, Sinclaire and Associates, LLC was the lowest bidder at a combined rate of 2.56%. According to Cory Alexander, Finance Director, the savings will be $734,000 to the City of Madisonville. The new bonds will be paid in full by 2033. Alexander was very pleased with the results

Alexander said that all the money from the original bonds has not been spent. The city is earmarking about $750,000 for a North side pressurization project which would include a new water tank on the North side of Madisonville to improve water pressure.

Additionally, Mayor Jackson announced that city council meetings are being videotaped and can be viewed on the city’s website.  Jackson said that having the meetings recorded “will increase transparency and access of city government for people that cannot attend meetings.” You can watch the archived meetings at www.madisonvillegov.com.

Ron Sanders
SurfKY News

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