Greene Co. to refinance bond issue
WAYNESBURG — Greene County commissioners agreed Thursday to refinance a $5.7 million bond issue at a lower interest rate, which would generate a savings of $241,000 that would be primarily used for various capital improvement projects.
Commissioners and representatives from the county’s investment banker, Piper Jaffray & Co. of Pittsburgh, and the county’s bond counsel, Dinsmore and Shohl LLP of Pittsburgh, explained that the county intended to refinance the 2006 bond issue in November at a lower interest rate, but because the rates spiked at that time, officials decided to wait until they dropped.
Thomas B. Kinney of Piper Jaffray & Co. said his company continued to carefully watch the market since that time and everyone involved currently decided that the time was right to refinance.
“All parties agreed that it was best to wait until the time was right to pull the trigger,” said Commissioner Pam Snyder.
The county will refinance the five-year-old bond issue at interest rates of between 2 and 3.7 percent, which is significantly lower from the old rates of between 4 and 4.3 percent, officials said, resulting in the county saving $241,000.
The county will receive the savings in one lump sum once the deal is completed in September. Snyder said the money will be mostly used for capital improvement projects that were previously identified in the 2006 bond issue, such as various construction and water and sewer projects. Snyder added that many improvements also will continue to be addressed, such as redevelopment projects and repairs to county facilities.
“It has been a very challenging year for maintenance and other departments,” she said.
Commissioners also agreed Thursday to purchase several items, including a generator and fire alarm system that were damaged in a fire that occurred at the county office building in June.
The new generator will be purchased from Palco Inc. of Westmoreland County at a cost of $24,672 and the new alarm system will be purchased from Secure US of West Virginia for $32,699. County Chief Clerk Jeff Marshall said almost all of the costs for both items will be covered by the county’s insurance company.
The county is also buying a new boiler system from CS&E of Pittsburgh for the Fort Jackson Building at a cost of $52,100, which Marshall said will be paid for mostly through the county’s insurance and state grant funding.
The county will also buy a new crane boom truck from Royal Trucking of Coopersburg at a cost of $57,800; Marshall said the purchase will be paid for through a combination of a state grant and the county’s liquid fuels tax proceeds. The truck is used mostly for county bridge maintenance, Marshall added.
Commissioners also agreed Thursday to appoint two members and reappoint two existing members to the county’s Workforce Investment Board.
The board’s purpose is to direct federal, state and local funding to workforce development programs, and conduct and publish research on these programs and the needs of their regional economy.
Reappointed to the board were John McNay and Dave Fox, and appointed as new members were Nancy Davis and Shelly Brown. Each will serve a three-year term.
In other business, commissioners announced that the county intends to purchase its second agricultural conservation easement in Cumberland Township. The purchase of 53.7 acres of cropping farmland owned by the James F. and Pearl Willis Living Trust Farm is expected to be finalized in early 2012.
The total cost of the easement is $85,960, with a state Department of Agriculture grant covering $72,223 and the county contributing the remaining $13,737. The county’s contribution is made up from a percentage of Clean and Green rollback taxes and annual allocations for easement purchases.
Commissioners accepted the agreement of sale for the conservation easement Thursday and the county Farmland Preservation Board is expected to soon approve the sale as well.
The Willis easement follows the county’s first agricultural conservation easement purchased in 2008 from William and Lura Ann Cree of Cumberland Township. The Crees’ 108-acre dairy farm was the first Greene County farm entered into the state’s Farmland Preservation Program.
Agricultural conservation easements can be used to permanently protect family farmland from future non-agricultural development, expand or improve farm operations or help with estate planning for landowners. Eligible properties must be located within an agricultural security area and be listed as an agricultural security property, in addition to other requirements.
The Greene County Conservation District is taking applications for future agricultural conservation easements. For more information, call the conservation district at 724-852-5278 or e-mail gccd@co.greene.pa.us.