Alderman Approve Bond Issue & Redistricting Reviewed

In Tuesday's (May 15) Louisville Board of Aldermen Meeting, in addition to normal business that included handling of unclean properties in the city,  employee and training issues, the Board adopted a resolution that resulted in the issuance of $2 million in general obligation bonds. The money from the bonds will be used primarily for street and infrastructure repair in the city. After a review of 2 bids, the bond was awarded to 1st Tennessee Financial Capital Markets partnered with a local financial institution, Citizens State Bank. The bonds are tax exempt bonds with a maturity date of June 2024 and an interest rate of 2.684586%. The annual repayment by the city would be slightly less than $200,000.  The funds which should be available by mid June will go into a fund designated for street repair and capital improvement.
The Board also  made payment for the recently completed South Columbus project totally $86,505.90 of which $69,204.72 came from federal funds.
The other highlight of the meeting included discussion of the redistricting plan for the city. A public hearing is scheduled for June 5 at 5 pm at City Hall. This gives the public an opportunity to review the two plans that are currently being considered and to have input into any final redistricting dewcision. City Attorney Taylor Tucker indicated that the plan must be submitted no later than August, 2012 due to Justice Department approval requirements.
The next meeting  is scheduled for June 5.