Louisville Mayor Jerry Abramson filed an ordinance this morning with the Metro Council, outlining his plan to pay a $45-million settlement to hundreds of active and retired firefighters.
About a third of the payment would be made in cash in December, and mayor’s spokesperson Chris Poynter says the rest of the settlement would be paid in two installments and by taking out bonds.
“We don’t have 45-million dollars sitting around, or we would pay it all in cash,” says Poynter. “That’s why we’re proposing part of it paid in cash and the other two payments paid through bonds.”
The final payment is scheduled for July 15th of next year.
The Metro Council must approve the plan before the payments can be made. A first reading of the ordinance could come at this week’s meeting.
The settlement would put to an end the long-standing legal dispute between the firefighters and the city over years of miscalculated overtime pay.