The Star Beacon; Ashtabula, Ohio

Local News

May 1, 2013

Commissioners move forward with debt consolidation

JEFFERSON — Ashtabula County Commissioners approved multiple resolutions, Tuesday, pertaining to the consolidation of several of the county’s financial obligations.

The county is seeking a bond rating to consolidate a number of obligations into one bond. The move could save the county more than $3 million in interest over the next decade.

The consolidation will include a portion of the lodge debt, the debt for the expansion of the Ashtabula County Department of Job and Family Services, debt from the county’s 4-H building as well as outstanding debt from the Ashtabula County Nursing Home and outstanding various purpose improvement bonds.

The bond rating will determine the interest rate, and consequently the amount of savings, the county will be able to obtain in the market.

Two of the resolutions passed Tuesday pertain to the lodge debt. The first resolution provides for the issuance and sale of bonds in a principal amount not to exceed $6.4 million to pay costs of construction, equipping and furnishing the lodge. The second resolution provides for the issuance and sale of bonds in the principal amount not to exceed $7 million to refund a portion of the county’s outstanding taxable economic development revenue bonds for the lodge.

Additionally, a resolution was passed providing for the issuance and sale of bonds in a principal amount not to exceed $2.2 million to pay costs for the ACDJFS expansion project.

The final three resolutions pertaining to the debt consolidation provide for the issuance and sale of bonds in a principal amount not to exceed $125,000 to refund the county’s outstanding 4-H Building bond; $3 million to refund the county’s outstanding nursing home bond; and $3 million to refund the county’s outstanding various purpose improvement bonds.

In other business, commissioners approved a sewer and water builder’s license for Carney & Carney – Roto Rooter.

Commissioners also approved a licensing agreement with eConnect-Direct for the Ashtabula County Treasurer’s Office.

Commissioners also authorized the posting of unused or obsolete equipment and vehicles on the county’s Web site for public sale. Some of the items include a 2001 Chevy Astro van; a 2001 Chevy Malibu; a 2002 Ford Taurus; a Dell computer; 15 televisions; desks; a Tilt Gate Mulcher; a Hol-Gar generator; and various other items.

Text Only
Local News
Ashtabula County Alive
July 4 Celebrations 2014
Summer off to Big Start
Ashtabula County Flag Day 2014
Northeast Ohio Soap Box Derby 2014
Tour de State Line and Boating Season
Ashtabula County Memorial Day 2014
Sam Magill Sr. Memorial
Armed Forces Echo Taps 2014
Lakeside Loop Color Run
Keeping Ashtabula County Clean and Healthy
Canoe Race and Ashtabula Easter Events
The Taping of the Teacher: A sticky Sitation
18th Annual Polar Bear Plunge at Geneva State Park
House Ads
AP Video
NDN Video
Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid Kanye West Tells-All on Wedding in "GQ" Interview Tony Dungy Weighs in on Michael Sam Scarlett Johansson Set To Marry In August New Star Wars Episode XII X-Wing Revealed Obama: Putin must push separatists to aid MH17 probe Michigan inmates no longer allowed to wear orange due to 'OITNB' Adam Levine Ties the Knot Sebastian The Ibis Walks Beautiful Bride Down The Aisle | ACC Must See Moment NASA Ceremony Honors Moon Walker Neil Armstrong Faces of Souls Lost in Malaysian Plane Crash 105-year-old woman throws first pitch Man Creates Spreadsheet of Wife's Reasons for Turning Down Sex 'Weird Al' Is Wowed by Album's Success