GLASGOW – Barren Fiscal Court has been given the go-ahead from state officials for a bond issue.
The approval comes from Dennis Keene, commissioner and state local debt officer, and is for the issuance of general obligation bonds not to exceed $5 million.
The bonds will be used to fund improvements to the new South Cooper Industrial Park along New Bowling Green Road.
The announcement about state approval was made during the fiscal court’s May 25 meeting.
The Barren County Economic Authority is seeking bids for the grading of two sites at the South Cooper Industrial Park.
Bids were scheduled to be opened June 11, but Maureen Carpenter, executive director of BCEA, said the organization felt the timeline to bid was too short and wanted to give additional time for potential bidders to participate.
BCEA has awarded a bid to Scotty’s Contracting and Stone for $835,490.38 for a project that calls for the widening of New Bowling Green Road near the industrial site, as well as the addition of turning lanes and an access road into the industrial park. The bid was awarded by BCEA on June 11.
The bond issue will also used by the city of Cave City through an interlocal agreement with the fiscal court for the grading of three 10-acre sites at the Chapatcha Industrial Park in Cave City, Carpenter said.
The city of Glasgow is not participating in the bond issue.
“We’re not participating in anything with the county at the industrial park. They are on their own. We’re probably going to do one on our own or just out-and-out build a spec building,” said Glasgow Mayor Harold Armstrong. “We are doing about 90% of the cost out there and the county about 10 (percent). Now that they’ve got this big bond, they are going to be a lot bigger percentage than what they were. We’re looking at spending, between the infrastructure and the building, probably about $4 million just on our own down the road.”