Commissioners Trying to Refinance Bonds

by Kelly Choate on November 28, 2011 at 5:36 am

The Muskingum County Commissioners are trying to refinance about $3,000,000 worth of bonds.

On Monday, the commissioners met with Mark Miller, Stan Harris and Thomas Foster from PNC Bank.  Commissioner Jerry Lavy said he’s interested in securing a lower interest rate for the bonds maturing in December of 2012.

"They have two different options that they offered to us – a public option and a bank purchase, and there are significant differences between the two," said Lavy.  "One of them the bank holds on their purchase, and they actually hold the bonds on their portfolio.  With the other one, it would go out into the market."

Several other banks are also presenting their ideas, which will be reviewed by the Muskingum County Auditor.  Lavy said it all comes down to which bank can save the county the most money.

"We’re looking at every way that we can save some money, because things are very tight," said Lavy.  "Our revenues are down, of course, so we’ve asked other elected officials and department heads to watch their expenses as the year comes to an end."

Lavy said there’s no deadline in place for the commissioners to make a decision, but they expect to receive the rest of the proposals soon.