The Louisville and Jefferson County Metropolitan Sewer District is selling about $68.6 million of sewer and drainage system revenue bonds today.
Proceeds will be used to current refund debt sold in 1996 and to advance refund debt sold in 1997.
The bonds will be sold competitively with First American Municipals and Public Financial Management as co-financial advisers. Wyatt, Tarrant & Combs and Pedley Zielke Gordinier & Pence are co-bond counsel.
The bonds will be rated triple-A based on insurance provided by Financial Security Assurance.
Sewer district finance director Marion Gee said he expected a net-present-value savings of about 6%, or at least $2.5 million.
We could sell $50 million of new-money bonds during the later part of this calendar year or next calendar year, he said. The last new-money offering from the district was in January 2004, when $100 million of bonds were sold.
