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$10 Million in Bonds Approved

 

Jackson - Rhoads 300x271MADISONVILLE, KY (2/6/12) – The City of Madisonville could save over $118,000 the first year, depending on bids for Municipal bonds approved at the Monday night council meeting - this according to Cory Alexander, Finance Director. 

“We owe $9,835,000 for certain bonds that we can pay off without penalty.” Alexander said.

Part of the bonds paid for the water filtration plant. The city is currently paying 4.2 percent and Alexander hopes that the newly issued bonds approved by the city council will go under 3%.  The council approved issuance and sale of $10 million in bonds.

Mayor Jackson proclaimed February as “Career and Technical Education Month” and presented the proclamation to Madisonville Community College president, Dr. Judy Rhoads (photo).  In his proclamation, Jackson touted the benefits of technical training for the individuals trained as well as the communities they serve after training.  Rhoads thanked the mayor and shared many of the technical services provided by MCC.

The council approved Jackson’s appointment of Leif Ratliff to the Historic District Commission and Cliff Nance to the Historic District Commission for the unexpired term of Mark Lee.  

Jim Asbury gave the Electric Department report for 2011 service calls by the department.  A total of 1,350 calls were made during normal hours ranging from new service connections to varmints knocking out power.  One-hundred ninety-three service calls were made after hours.  Varmints played havoc in 2011 knocking out electric service 52 times according to Asbury.

The council approved a bid from Xylem Water Solutions USA, Inc. for a 185 horsepower lift station electric submersible pump.  The pump was in the budget and was less that the budgeted line item.

Following the meeting, Cory Alexander told SurfKY News that funding for the city’s pension fund for retired police and firefighters was in place, and that the retirees pension payments are secure.

Ron Sanders
SurfKY News

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