Lower Rate On Bonds Sought
Ohio County’s commissioners plan to once again take advantage of lower interest rates to refinance the county’s existing bond debt.
During a regular meeting Wednesday, Commissioners Tim McCormick, Randy Wharton and Orphy Klempa approved a resolution to allow the county to refinance its existing bond debt.
Administrator Greg Stewart said the original bond notes were used for the infrastructure and earth-moving work to create The Highlands.
”Originally we had a little over $51 million in bond anticipation notes. We’ve since reduced that to $23 million. This resolution will allow us to re-authorize the $23 million and have it … reduced to $20 million and take advantage of some lower interest rates,” Stewart said.
”And it will reduce the annual amortization on those notes. This was drafted by our bond counsel, Taunja Willis-Miller, at Jackson and Kelly,” he said.
After the meeting, Stewart noted the taxpayers of Ohio County do not have to worry about being held liable for the debt.
It is stipulated in the bond agreements, he said, that the bondholders cannot attempt to claim any of the county’s or Ohio County Development Authority’s assets.
”So far it has worked out for everyone,” he said.