Commissioners save $440K, doubling refinancing savings

For the first time for long term financing, the Lycoming County Commissioners voted to use the services of a bank in order to refinance bond debts. The move was prompted by Peoples Security Bank & Trust Company, Scranton, offering an opportunity that will save the county around $440,000, double the amount they had set as a minimum for refinancing.

Last month the commissioners had voted to explore the possibility of refinancing general obligation bonds for nonelectoral debt. They had set a minimum savings of $220,000 as the threshold for refinancing the bonds totaling $8,960,000.

At their meeting this week, the commissioners received word that switching from a bond to a bank loan for the refinancing would actually save almost double the amount the county could realize.

The length to repay the debt will not change and is set to end in 2038.

Kristin McLaughlin, program analyst at the SEDA Council of Governments was present at the commissioners meeting to seek approval of a Community Development Block Grant subrecipient agreement with Montoursville for 202 CDBG grant funds. The funds, totaling $77,843, are allocated to the borough through the agreement with the county. They will be used for homes in need in the borough for sidewalk reconstruction and for curb cut reconstruction.

Other agreements approved by the commissioners include:

• A Department of Environmental Protection Emergency Watershed program grant agreement. The grant is for $97,080.

• An amendment to an agreement with ESI Equipment, Inc., relating to equipment at the coroner’s office.

• A rental agreement with Best Line Equipment for the machine at the landfill for grinding mulch.

• PennDot’s Transportation Planning and Programming grant agreement for $150,000 for implementation funding for the Central Susquehanna Valley Transportation project.

• An amendment to an agreement with Fred Hamm, Inc. to add the new magistrate’s office to the garbage route.

• A Community Action Plan subrecipient agreement with Fairfield Township for $139,058 for bank stabilization along Bennett’s Run.

• An equipment maintenance agreement with Marco Technologies, LLC for 12 copiers that were purchased for the county.

The next commissioners’ meeting will be at 10 a.m. May 19, in the Commissioners’ Board Room, 1st floor Executive Plaza, 330 Pine St.


Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *


Starting at $4.62/week.

Subscribe Today