Louisville Metro Government will borrow ten million dollars from the Louisville Water Company to settle its lawsuit with firefighters.
The city owes retired firefighters 14.2 million dollars because of years of miscalculated overtime. The other 4 million will come from the city’s reserve fund.
The Courier-Journal reports the Board of Water Works will vote on the loan on Tuesday, and is expected to approve it. The council will vote on it later next week. Mayor Greg Fischer says the loan will save the city money because it won’t involve an outside lender.
The water company has about $64 million in the bank.