The Frankfort Electric and Water Plant Board on Tuesday approved a resolution to release the fourth and final note to finance the construction of the Full Service Network.
The utility will borrow an additional $7,580,329 from Farmers Bank to complete the system upgrade. This is the fourth increment of the FSN financing.
The FSN is owned by Frankfort Plant Board Municipal Projects Corporation, an entity created by the plant board and containing the same board of directors. The FSN is then leased from the municipal projects corporation.
The board interrupted its regular meeting to hold a meeting of the municipal project's board of directors Tuesday.
Lease payments will be paid off by 2015, according to Bill Davis, a Louisville attorney who specializes in bond counsel.
For more on this story, see the latest State Journal.