Lycoming County maintains a good A+ credit rating
Lycoming County will save upward of $500,000 on payments of a 2007 bond that was used to purchase the TJ Maxx Plaza on East Third Street, county Deputy Director of Fiscal Services Brandy Clemens said Tuesday.
When the bond was issued it was 100-percent taxable because the plaza was 100-percent occupied, Clemens said.
Now, with the plaza roughly 40 percent vacant, Internal Revenue Service regulations state that a portion of the bond can be refunded and applied toward the payments remaining on the original bond.
If the refunding process moves forward, the county cannot rent the vacant space, but it will bring down monthly payments on the remaining amount significantly, Clemens said.
The process requires an ordinance to be passed, which the county commissioners will vote on Thursday.
Clemens also told the commissioners that the county has maintained its “A+ stable” credit rating from Standard and Poor’s, one of the three major credit-rating agencies in the country.
The rating indicates “a strong capacity to meet its financial commitments,” according to the company’s website.
The commissioners also opened two sealed bids for electrical work to be performed at the county’s recycling center in Montgomery:
Lecce Electric, 1843 Liberty Drive, for $192,245
Tra Electric, 2650 Whitmoyer Road, Watsontown, for $125,435
Jason Yorks, county resource recovery manager, said that the Resource Management Services department had estimated the work – which will include the wiring of new single-stream recycling equipment to existing panels and upgrading the building’s overall wiring – to cost roughly $265,000.
Commissioner Tony Mussare wondered why that amount was so different from the bids submitted, but said that “it’s not a bad thing if it costs the taxpayers less.”
The commissioners also will vote Thursday to approve the auctioning of four lots of county-owned surplus equipment, ranging from vehicles to cameras to typewriters.
The next county commissioners meeting will be held at 10 a.m. Thursday at the Pine Street Executive Plaza, 330 Pine St.