County to Refinance $12M in Bonds
WHEELING – Ohio County commissioners Monday voted to refinance more than $12 million in older bond notes, with an expected savings to the county of $1.8 million over the next 22 years.
Commissioners will refinance $12,055,000 in bond notes from 2006 at a rate of 5.325 percent, according to County Administrator Greg Stewart. The savings will be about $1.8 million through the life of the new bond, which matures in 2036. The transaction is being facilitated by Crews and Associates of Morgantown.
“The other benefit is we will be able to put back into our cash reserves $1,488,000, reducing our letters of credit with BB&T,” Stewart said.
Commissioners also took action Monday agreeing to renew the county’s membership with the West Virginia Prosecuting Attorneys Institute at $4,800.
They also approved the allocation of $2,500 in hotel/motel tax funds to the Wheeling Symphony’s July 4th concert at Heritage Port, and $500 to the Joe Too Cool to Smoke campaign provided to local schools by the Ohio County Health Department. Recreational activities are expected be part of the school presentations this year, Stewart told commissioners.
Prior to the start of the commission meeting, the Ohio County Development Authority convened in the commission chambers, and members approved a lease agreement to bring a new tenant to The Highlands.
Mooey’s self-serve frozen yogurt will move into the Town Center 5 location in the West Liberty Building. The business will occupy 1,140 feet of space, and pay an annual lease of $24,410, according to Stewart. It is expected to open by May 20.
Commissioners indicated agreements to bring a Primanti Brothers restaurant to Ohio County are not yet in place.