The Star Beacon; Ashtabula, Ohio

May 1, 2013

Commissioners move forward with debt consolidation


For the Star Beacon

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.