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Letter to the editor

Paying too much Editor, The Sun: The Woodford Fiscal Court's agreement to accept a loan from the Kentucky Association of Counties (KACo) for the courthouse renovations strikes me as odd given that Woodford County has a higher credit rating (Moody's Aa2) than KACo's pool loan program (S&P AA-). They accepted a rate of 3.5 percent for a $1,000,000, seven-year loan when my firm sold a $1,025,000, nine-year bond issue for the Harlan Independent Schools (Moody's Aa3) at a rate of 2.218 percent on July 11. I think that means that the county is paying a 37 percent premium over the lower credit-rated Harlan City schools, or to put it into dollars, $38,454 in excess interest payments for the $1,000,000. Stan Kramer Versailles

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