The Louisville Metro Council has approved a plan to borrow $35 million to finance the remainder of a settlement with firefighters over miscalculated overtime.
The council’s budget committee had recommended this week that the settlement be financed with a combination of bonds and $10 million from the city’s rainy day fund.
But at the full council meeting Thursday, an amendment offered by Councilman Brent Ackerson to pay for the entire settlement with a ten year bond issue was narrowly approved, 13 to 11.
Ackerson said the city should protect its reserve fund in the event of a disaster, citing the flood recovery effort underway in Nashville.
Last year, Metro Government reached a $45 million settlement with hundreds of firefighters who had filed suit over the miscalculated overtime. The city has already paid the first installment of the settlement.