Uncertainty about the impact of the federal Tax Cuts and Jobs Act has led Warren County Fiscal Court to move more quickly on refinancing $12 million in general obligation bonds.

The magistrates voted 5-0 Friday to refinance the bonds, which were originally issued in 2010, after hearing from Lexington attorney Gil Johnson about the expected impact of the federal legislation. It was the first reading of the ordinance, so a special fiscal court meeting will be at 10 a.m. Nov. 27 for the second and final reading.

Johnson said the tax bill that passed the U.S. House of Representatives includes provisions eliminating advance refunding of bonds and tax-exempt private activity bonds. The Senate version being debated would also terminate advance refundings, which are bond issuances in which new bonds are sold at a lower rate than outstanding ones.

The proceeds are then invested, and when the older bonds become callable they are paid off with the invested proceeds.

“We have to close on the bond refinancing before Dec. 31 in order to realize savings,” Johnson said.

“We have to do this a little quicker than we wanted to,” Judge-Executive Mike Buchanon said. “We want to refinance to take advantage of lower rates.”

Johnson estimated the county could save more than $100,000 per month in interest payments by doing the refinancing.

In other action Friday, the magistrates voted 5-0 to appropriate $50,000 to the Boys and Girls Club of Bowling Green for roof repair.

“We regularly assist them in some of their activities,” Buchanon said. “The roof is leaking so bad that they can’t use the gym. They’re doing a fundraiser, but that money is earmarked for a teen center. They work with children every day and help them develop brighter futures.”

The magistrates also voted to grant authority to advertise for an occupational tax coordinator, which would be a new position.

“We’re trying to keep up with the growth in Warren County with this position,” Buchanon said. “It may be part-time. We’re trying to determine what our needs are.”

The magistrates also approved two expenditures related to work on the air conditioning system at the Warren County Justice Center, one for $8,094.45 to Brock McVey for copper and fittings and one for $6,580 to Western Crane for use of a crane to set five condensers on the Justice Center roof.

An expenditure of $22,918 for fencing and gates at the joint stormwater and parks building at Buchanon Park was approved, as was an expenditure of $3,850 to Knight Electric Heating and Cooling for modifications to the exhaust hood at the SoKY Marketplace commercial kitchen.

An increase in plywood costs led to approval of a change order for $6,000 going to Scott, Murphy & Daniel for work at the new Buchanon Park gymnasium.

Warren County Parks and Recreation Department Director Chris Kummer reported that the gyms being built at Ephram White and Buchanon parks are on target, with the White park gym projected to open in December and the Buchanon Park gym expected to open in January.

In other action, magistrates approved the second and final reading of an ordinance rezoning property at 555 Dunbarton Ave. to single-family residential and planned unit development. They also approved on first reading six other rezonings recommended for approval by the City-County Planning Commission of Warren County.