City of Somerset Council Meeting Minutes February 2025
Lease Financing Approved With Kentucky Bond Corporation
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Description
The Somerset City Council approved Ordinance 25-07 authorizing a lease agreement with the Kentucky Bond Corporation to finance improvements to Somerset Park, the municipal water park, and related utility extensions. The ordinance pledges general obligation tax revenues and maintains a sinking fund as security for lease payments.
Contract Details
Vendor
KENTUCKY BOND CORPORATION
Agency
City of Somerset, KY
Contract Type
FINANCIAL_SERVICES
Document Date
February 24, 2025
Renewal Info
Lease agreement includes general obligation pledge and use of an existing sinking fund for security; specific term details are not provided in the minutes.
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