Water District Refinances Debt, Says Ratepayers to Save Nearly $6 Million
The Northern Kentucky Water District refinanced its debt, and stated that local ratepayers will save nearly $6 million.
The transaction was structed by RSA Advisors, a Lexington-based firm that served as the municipal adviser on the $22,325,000 water district refunding revenue bonds, series 2020.
The bonds, rated Aa2 by Moody's Investors Services, were sold competitively Nov. 5 at a true interest rate of 1.71% for a 15-year term.
The bonds will used to refinance two previous bond issues.
Ratepayers will save $5,828,769 over the life of the bonds due to the debt being refinance at a lower interest rate.
"This is another example of how RSA works closely with government and public service agencies to help manage their finances and save ratepayers money," said RSA Managing Director Joe Lakofka.
Northern Kentucky Water District is a long-time client of RSA. The Northern Kentucky Water District is the lawful successor to the Campbell County Kentucky Water District (originally established in 1953) and the Kenton County Water District No. 1 (originally established in 1926).
Northern Kentucky Water District is the largest water service special district in the Commonwealth of Kentucky and the largest supplier of potable water outside of the major metropolitan areas of Lexington and Louisville and serves more than 300,000 customers in the northern Kentucky area.