Refinancing Could Save County Six-Figures
County Commissioners Pat Fabian and George Skami commented on the possible bond refinancing during their public meeting yesterday morning.
by Jonathan Weaver
The new group of Armstrong County Commissioners hopes to save nearly a million dollars by refinancing a series of bonds this year.
County Commissioners Pat Fabian, George Skamai and Jason Renshaw yesterday unanimously approved to appoint bond counsel from Susquehanna Group Advisors/PNC to begin reviewing bond-refinancing opportunities.
County Director of Administration Jennifer Long explained the County could save nearly $850,000.
“Our 2011 Series A bonds are callable this year – meaning they are eligible for some refinancing opportunities,” Long said. “We could perhaps look into getting some better interest rates over the course of the bond, reducing the cost by several hundred thousand dollars.
“And, hopefully, it would be front-loaded, so we could get some big cost-savings here in 2016-2017.”
Commissioner Skamai said Thursday’s action did not require commissioners to pay a fee to bond counselors.
A fee would only be assessed if commissioners closed on an offer, Long added.
Early last year, commissioners also announced taxpayers would save more than $1.4 million during the next six years after commissioners refinanced a 2010 bond.
In other news, it was announced that as part of Manor Township’s Community Development Block Grant project to improve storm sewers along Short Street, a gas line had to be relocated – incurring an additional $2,700 in costs by Senate Engineering.
However, Planning and Development Assistant Director Carmen Johnson said township supervisors had enough CDBG funds to cover the additional expense and approved the change order during their January 4 public meeting.
A former Manor Township supervisor coincidentally during the CDBG project, Commissioner Chair Pat Fabian said the construction was done already under the State allotted amount.
Commissioners approved the change order as well, but it is subject to Solicitor Chase McClister’s final review.
Local News | jweaver January 22, 2016
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