Thu, Jul 24 2008
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Published May 14, 2008 01:06 am - A refinancing plan approved by Ashtabula County’s Board of Commissioners Tuesday night could save taxpayers $200,000 in interest payments related to the Lodge and Conference Center at Geneva State Park, officials said. Officials approve new plan for lodge Refinancing could save county $200,000By MARK TODDBy MARK TODD By MARK TODD - Staff Writer - mtodd@starbeacon.com Star Beacon CONNEAUT — A refinancing plan approved by Ashtabula County’s Board of Commissioners Tuesday night could save taxpayers $200,000 in interest payments related to the Lodge and Conference Center at Geneva State Park, officials said.
Commissioners unanimously agreed to take one smaller, lodge-related note — valued at $7.33 million — and put it on the market to take advantage of lower interest rates now pegged between 2 and 2.5 percent. The refinance plan has been in the works for awhile, and involved the cooperation of several county officials, said Daniel Claypool, board president. “We wanted to explore the opportunity to refinance for the long term to gain lower interest rates,” he said. “We won’t know the exact amount until the bonds are sold (this morning).” “I hope they do well (today),” joked Commissioner Joe Moroski. The county’s bond counsel anticipates a savings of $200,000, Claypool said. “We think it’s significant,” he said. “We explored all possibilities available to the county. It’s a good day.” That estimated savings includes the cost of bond counsel, Moroski said. The bond will be good for 12 months, which gives the county time to evaluate and prepare for a venture into the long-term market, Claypool said. Experts advised the county to avoid any long-term refinancing plan at the present, he said. “(The 12-month option) is a bridge,” Claypool said. Ashtabula County Auditor Roger Corlett attended the meeting, and said the refinancing plan makes good economic sense. “We looked at it like any other business,” he said. “We’re making the right decision.” In addition to Corlett, County Treasurer Robert Harvey and County Prosecutor Thomas Sartini also worked on the refinance plan, commissioners said. “All of the county offices are coming together for a wonderful outcome,” said Commissioner Peggy Carlo. Involved was the smaller, $7.33 million bond. The action does not involve a $14.2 million note pertaining to the lodge’s construction, Moroski said. The commissioners came to Conneaut City Hall Tuesday night, part of their program to convene one meeting a month in different locations across the county. 
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