HARRODSBURG - Representatives of North Mercer Water District tried to allay concerns Tuesday about the interest it earns on money granted to it from various sources.
"We operate with no secrets," said Roy Short, manager of the district. "We're a non-profit organization, and we went about 16 years without a rate change."
Tom Smith, auditor of the water company's accounts, said North Mercer is required to have some money in the bank. "People buying (construction) bonds want to make sure we have enough money to operate," he told Mercer County Fiscal Court. "Lenders want to know (North Mercer) can pay back their debt."
The money is set aside and draws interest until the funds are needed for new lines and operation and maintenance of the system, Smith told the court.