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The City of La Grange will refinance its current bonds related to the Oldham Reserve property in hopes of lowering payments and havng a quicker payoff.
At the monthly city council meeting Monday, the council approved an ordinance authorizing the refinancing through the Kentucky Bond Corporation, an offshoot of the Kentucky League of Cities.
The refinancing will lower the city’s bond payments to $1.2 million a year, just under what the occupational tax projects to pull in for revenue. It will also eliminate an $8 million lump sum payment due in 2015.
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