For the first time for long-term financing, Lycoming County Commissioners voted to use the services of a bank to refinance bond debt. The move was prompted by Peoples Security Bank & Trust Company, Scranton, providing an opportunity that will save the county approximately $440,000, double the amount they had set as the minimum for refinancing.
Last month, commissioners voted to explore the possibility of refinancing general obligation bonds for non-election debt. They had set a minimum savings of $220,000 as the threshold for refinancing bonds totaling $8,960,000.
At their meeting this week, commissioners learned that switching from a bond to a bank loan for refinancing would actually save nearly double the amount the county could make.
The debt repayment term will not change and is expected to end in 2038.
Kristin McLaughlin, SEDA Council of Governments Program Analyst, was present at the Commissioners’ meeting to seek approval of a Community Development Block Grant sub-recipient agreement with Montoursville for 202 CDBG grant funds. The funds, totaling $77,843, are allocated to the borough under the agreement with the county. They will be used for residences in need of the borough for the reconstruction of sidewalks and for the reconstruction of sidewalk curbs.
Other agreements approved by the Commissioners include:
• A grant agreement from the Department of Environmental Protection’s Watershed Emergency Program. The grant is $97,080.
• An amendment to an agreement with ESI Equipment, Inc. regarding equipment for the coroner’s office.
• A rental agreement with Best Line Equipment for the landfill machine for mulching.
• $150,000 PennDot Transportation Planning and Programming Grant Agreement to fund the implementation of 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 road.
• A Community Action Plan sub-recipient agreement with the Township of Fairfield for $139,058 for shoreline stabilization along Bennett’s Run.
• An equipment maintenance contract with Marco Technologies, LLC for 12 copiers that were purchased for the county.
The next meeting of Commissioners will be at 10:00 a.m. on May 19, in the Board of Commissioners Room, 1st Floor Executive Plaza, 330 Pine St.