New Albany Sewer Board retires bonds - WDRB 41 Louisville News

New Albany Sewer Board retires bonds

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LOUISVILLE, KY. (WDRB) -- New Albany, Indiana's Sewer Board approved a resolution intended to save the city five years of interest payments on sewer bonds.

The board voted unanimously to retire the bonds which were issued in 1999 for $500,000.  The remaining principle on the bonds was $195,926 plus any accrued interest. 

New Albany Mayor Jeff Gahan, who is also president of the Sewer Board, made the recommendation along with City Controller Mary Ann Prestigiacomo.  "This action will not only reduce our overall debt, but it will further our goal of improving the overall financial strength of the sewer utility," stated Mayor Gahan in a news release.

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