Port Authority Completes Economic Development Transaction

Port Authority met Wednesday morning at the Muskingum County Welcome Center.

The Port Authority completed an economic development transaction to re-finance some bonds for the Grove City Church of the Nazarene School. Attorney for Dinsmore & Shohl in Columbus, Marc Kamer told us more.

“The benefit to the school is that we’re doing the bonds tax exempt.” said Kamer, “It’s a lower interest rate so they pay less in interest, they can use that money to plow back in to books and you know, school operations.”

The Grove City educational facility is not the only one who will benefit from the bonds. Kamer said Port Authority will benefit as well.

“The benefit to the Port Authority is that these bonds are not their debt and they get a small fee for being the bond issuer and the tax code requires that there be a political subdivision in the middle of the bond transaction.”

The total amount of the bonds is not to exceed seven point two million. Kamer said it will be slightly less because of the re-financing and the amount of accrued interest to date. The bonds were issued back in 2006 and are expected to be re-issued by the end of June.