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Susquehanna County Commissioners Alan Hall, Michael Giangrieco, and Mary Ann Warren met from 9 to 9:04 a.m. on Wednesday, April 25, for regularly-scheduled county business. On the morning after Pennsylvania’s Primary Election, notable for its light voter turnout, commissioners tackled a meeting agenda which appeared equally light.

The meeting’s routine business was dispatched forthwith. Approved were the meeting minutes of April 11; Cash Disbursement Journal and EFTPS payments; one seminar request for two county employees at zero cost to the county; Purchase of Service Agreements by the county with two out-of-county Children & Youth Services organizations; and two personnel actions, a hiring and a firing.

At the beginning of the April 17th meeting of the Susquehanna County Career and Technology Center board meeting, Mr. Les Bear spoke to the board regarding financial matters. The district, he said, had taken out a bank loan for the SCCTC expansion/renovation project of 7.6 million dollars with an interest rate ranging from 3.5% to 5% over a 20 year payout. If the district paid the maximum interest rate during the life of the loan, the total payments would be in excess of 10 million dollars. The district had looked at different options to minimize the impact to those paying for the project. One was to refinance with a 15 or 20 year bond issue. The interest rates, he explained, were low, like had not been seen in 45 years, currently ranging from .85% to 3.25%, rates which he termed incredible. The reduced interest could save the district an estimated 1.4 million dollars. The district currently had no other outstanding debt, which was unusual. He thought that the rating agency would be complimentary of this, and that he believed the school could get an A+ rating, a distinction only about 20% of Pennsylvania districts would achieve. He said that the school was at the high echelon of financial stability.

When Mr. Tewksbury asked about a time frame, it was confirmed that if the board acted on the subject that night it would be three or four weeks before a rating and interest rates would be returned. Mrs. Teel asked if there would be a cost to the district should they decide, at that point, to scrap it. Mr. Bear responded that there would be an $8,000 charge for the rating agency; none of the other professionals would charge. When Mr. Curley questioned him about bond insurance, Mr. Bear replied that he expected it to be about 40 cents per $1,000, about $36,000 in total cost for the district. Should they purchase the insurance, however, it would give them a double A- rating, the highest rate they could get with bond insurance companies. Doing so would allow them to get a lower interest rate. This amount would be paid for at closing, but was factored into the numbers. It would pay for itself double. Mr. Place asked if the district had cash money, if it could apply it to the principal. The district would be able to do so after 5 years without penalty, Mr. Bear responded, so long as they gave a 30 day notice and did not refinance it. The transaction would be a fixed rate transaction.

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