Council moves forward on KCTCS bonds
In a special meeting Thursday, Oct. 25, the Versailles City Council voted 4 to 0 to hold a first reading of a $6 million revenue bond issuance to fund renovations at the Kentucky Community and Technical College System (KCTCS) headquarters.
The council also voted 4 to 0 in favor of a resolution authorizing the bond sale. Council Members Laura Dake and Ann Miller were absent. The meeting was followed by a meeting of the city’s Public Properties Corporation, which also signed off on the deal, and leases the building to KCTCS. The city owns the building.
At the council’s Oct. 16 meeting, bond attorney Stan Kramer said the target date for closing on the bonds was Dec. 1, and requested the special meeting to clear the way. New carpeting and an additional 20,000 square feet of space are among the improvements planned for the headquarters, which came to Versailles 14 years ago and is a key employer in the city. Mayor Brian Traugott said the more the city allows KCTCS to do, the better chance the headquarters will remain here.