LG&E obtains $40 million tax-exempt pollution control financing
Clients Louisville Gas and Electric Company
Jones Day represented Louisville Gas and Electric Company (LG&E), as borrower, in connection with the issuance by the Louisville/Jefferson County Metro Government of $40 million of tax-exempt Pollution Control Revenue Bonds, 2005 Series A, due February 1, 2035 (Louisville Gas and Electric Company Project). These bonds were issued to refinance bonds that originally had been issued to finance air pollution control at several of LG&E's generating stations. The new bonds were secured by a series of LG&E First Mortgage Bonds and also were insured by a Municipal Bond insurance policy. The new bonds were issued as Variable Rate Bonds, with the initial interest rate mode being a dutch auction rate mode.