HARRODSBURG - Harrodsburg will save about $423,000 over the next 18 years in finance charges by refinancing bonds with lower interest rates.
"It's like you refinancing your house because of lower interest rates," said Commissioner Eddie Long after the regular meeting Tuesday of Harrodsburg City Commission. The commission approved a resolution authorizing the resale of bonds originally issued in 1982 to pay for water and sewer projects, Long said.
The bonds were then resold in 1992 because of lower interest rates at that time.
"We want to do this; it's good business," said Commissioner Joe Hood.
The commission also voted to rehire the auditing firm of Miller, Mayer and Sullivan of Lexington. Although Craig Butler CPA presented a lower figure, Miller, Mayer and Sullivan provides the software that does maintenance and updating of the property tax and insurance premiums tax data base. The company would not provide that service if another company got the auditing contract.