![]() The authority doesn’t have to begin paying off the 1.82 percent interest, 20-year loan until the existing debt is paid off in 2017. However, the authority also had to take a $14 million, low-interest loan from the state to pay to build the piping infrastructure to connect Baxter International’s plant to the city of Covington’s wastewater plant. It recently refinanced two bonds and rolled them into one bond at a lower rate, saving $318,000 in payments over the life of the bonds. The authority has about $10 million worth of outstanding debt, which will be paid off by 2017. It bases rates on how much revenue it needs to run its operations, pay off existing debt from prior projects and plan for new projects. The authority has raised its rates every year since 2007, except for 2009 however, Hopkins said that’s because the authority has raised prices slightly each year as opposed to having one big price hike. ![]() “While no one is fond of price increases in these economic times, we must stay the course on our mission of protecting public health by delivering safe and reliable drinking water at a competitive rate, improve public safety with broad fire protection, and protect our environment and waterways through efficient wastewater treatment.” ![]() “These adjustments are necessary to cover the costs of inflation, investment in system improvements, repair and replacement of aging pipes and equipment, and relocation of lines to clear road construction,” Hopkins said in a press release. ![]()
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