Council to refinance KCTCS bonds
The Versailles City Council heard first reading Tuesday of an ordinance authorizing the city's public properties arm to issue $4.1 million in first mortgage revenue refunding bonds to essentially refinance two earlier bonds at a lower interest rate. The city's public properties corporation is a nonprofit entity that owns the property formerly owned by Texas Instruments, which it acquired when that plant closed down in 2001. The Kentucky Community and Technical College System headquarters occupies the site and pays the public properties corporation under a lease/purchase agreement, money from which makes the payments on the bonds. The initial bonds financed improvements on the site, including the construction of 130,000 square-feet of building area on the 16.4-acre site. The bonds will be put out for competitive bidding. Lexington Road traffic Mayor Brian Traugott asked the council to think about ways in which the $2.73 million in 2016 state road funds allocated for access management improvements to the stretch of Lexington Road from the U.S. 60 Bypass to Marsailles Road might be used to make that area safer. Police Chief James Fugate told the council that, year-to-date, 12 accidents have occurred on that length of highway. Traugott pointed out that there are 13 access points to Lexington Road along that stretch, perhaps the most dangerous being the entrance to Market Place in the middle of that stretch. Many of the accidents that occur at that intersection involve vehicles attempting to turn left from Market Place onto outbound Lexington Road. Other matters . The council heard first reading of an ordinance which would forbid the erection of utility poles without a permit from the city's public works director. . First reading was held for an ordinance to annex 4.991 acres at the intersection of Huntertown Road and Tuscan Way, which is part of the Huntertown Glen Estates Subdivision. . The council heard second reading and approved an ordinance setting 2016 property tax rates. On a total assessment of real property of $759,525,289 in the city, the council set the rate at 5.6 cents per $100 of assessed value. On a total assessment of $79,882,646 of personal property, the council set a rate of 10.35 cents per $100, and on a total assessment of $60,758,760 on motor vehicles and water craft, the council set the rate at 12 cents per $100. . The council approved the purchase of two vehicles for the public works department - one a 2017 Ford F-150 for the water distribution department for $23,204, and the second 2017 Ford F-350 for the sewer department for $44,930. Both vehicles will be purchased from Jack Kain Ford at the state contract price. . After an executive session, the council approved a motion to accept an offer from Branch Creek, LLC, of 4.07 acres of donated land at the end of Bellview Avenue in exchange for two water taps and exempting the company from having on-site retention where they are building. "This will allow us to better manage storm water runoff in the Wilson Avenue - Lexington Road area," Traugott wrote in an email. The property would also connect to a future paved trail along the bypass, he wrote.