Comms: $1 million to be saved for capital projects
The Lycoming County commissioners said they intend to save the $1.2 million realized in bond refinancing.
Due to low interest rates, the commissioners announced in early August that the Build America Bonds — which were issued after the collapse of the economy in 2008 and scheduled to term out in 2040 — would be refinanced for significant savings.
“I think it’s a good opportunity,” said Commissioner Jack McKernan. “The interest rates, the way they’ve been going, it’s been going in our favor. We’re able to do this and keep the terms of the original bond the same and payment the same but the county ends up saving $1 million.”
The HVAC system upgrades for the county courthouse, for example, will cost around $3 million, he said.
“We’re basically going to put the money aside for now so that we don’t have to run out and borrow money to make those repairs when they occur over the next year-and-a-half or two years,” said McKernan.
Christopher Brewer, a public finance attorney, will be at the commissioners’ meeting Thursday to explain the ordinance.
Commissioner Rick Mirabito said there are several other projects where the money could be used.
“In the final language, it looks like it’ll mention the leachate tank as a possible use of those funds, as well as the 911 emergency system,” he said.
In other business, the commissioners approved the Ready Rosie invoice of $19,600 for one-year access to 17 campuses in Lycoming County. The program works with preschool-aged children to ensure they’re ready for primary school.
The county is expected to receive the voting machines purchased in May. There are about 115 machines in total, 30 of those are compliant with the Americans with Disabilities Act.
The commissioners also approved of exonerating Sam’s Real Estate Business Trust of $4,189.62.
In the next meeting, scheduled for 10 a.m. Thursday in the briefing room at the Executive Plaza, 330 Pine St., the commissioners will consider the following:
• A purchase agreement with Intab LLC. in the amount of $11,213 for the lowest compliant bid for voting booths.
• A purchase request to Susquehanna Motor Co. Inc. for maintenance for about $16,662.71.
• Service provider agreements for at-risk youth residential treatment facilities in the 2019-20 fiscal year; to Northampton County, at the rate of $265 a day; Erie County, at the rate of $250 a day; Adelphoi, for various rates; and Abraxas, for various rates.
• Pennsylvania Housing Affordability Fund grant for $1,150,000.
• Various child welfare services contracts.
• Lycoming County Children and Youth and Juvenile Justice needs based plan and budget request for July 1, 2020 to June 30, 2021.