The City of Midway hosted a groundbreaking for its new fire and emergency medical services station on Monday.
The Kentucky League of Cities assisted the city in financing construction of the building that will offer 24-hour emergency services. The new station will fill a significant need for the citizens of Midway.
KLC’s Kentucky Bond Corporation facilitated the long-term fixed-rate financing of $2.75 million via a bond sale. The city amortized the construction cost over 30 years and gained immediate access to the construction funds. As a participant in the KBC program, the City of Midway had no out-of-pocket expenses and quickly achieved the necessary legislative approval during two city council meetings.
The KLC Kentucky Bond Corporation has an AA credit rating from S&P Global Ratings, allowing the city to issue higher-rated investment-grade debt without going through the full credit rating process independently.
KLC’s member cities and other municipal entities have borrowed more than $388 million in fixed-rate obligations since the Bond Corporation’s inception in 2010. The program helps cities of all sizes access the municipal bond market to help fund their projects. For more information, contact KLC Financial Services Manager Steven Pickarski by email or phone at 859.977.3743.