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Office of the Judge-Executive
Shelby County Fiscal Court
News Release
November 24, 2009
Shelby County Fiscal Court Takes Advantage of Low
Interest Rates on FAC
SHELBYVILLE, KY.
The Shelby County Fiscal Court seized the
opportunity to take advantage of the
unprecedented low interest rates by refinancing the
Family Activity Center (FAC) bond, thus saving hundreds
of thousands of dollars and reducing the length of the
note.
The current FAC bond
just became available for refinancing, with no fees
associated. The new loan through Kentucky Association
of Counties (KACo) is set at a variable interest rate of
4.30 and is scheduled to be paid off April 20, 2020,
nearly 18 months sooner than the previous note.
Shelby County Treasurer
Paula Webb is eager to make the switch stating, “The
loan provided through KACo will prove to be a wonderful
savings for the county.” The conversion from the
current bond to the new KACo loan will result in a total
savings of $213,836 over the life of the note.
The FAC was dedicated
in April of 1999, with construction being completed in
2000. It hosts an array of activities and events.
-END-
For
more information contact:
Paula Webb, Treasurer
419
Washington Street
Shelbyville,
KY 40065
Paula.webb@shelbycountykentucky.com
502-633-1220
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