After nearly four years of negotiations, Duke Energy Indiana has the authority it needs to sell bonds to help pay off the debt on its Edwardsport power plant.
The agreement allows the utility company to sell up to 27-million dollars in bonds over a 25-year period. Duke spokesman Kurt Phegley says Knox County is in no way liable should DUKE default on the bonds nor will it impact the amount of tax revenue received by governmental entities in the North Knox area.
The agreement was signed by four governmental entities including the Knox County Commissioners and County Council. Under the agreement a portion of the TIF allocation area will be used to pay off the bonds.
County Council president Bob Lechner says the reason it took so long for the deal to be completed is they wanted to be sure that the county’s interests were protected.