Schuylkill County hopes to save $500,000 by refinancing

Spend a little, save a lot. That’s a phrase not often tossed about in county government.

During a Schuylkill County Commissioners’ meeting Wednesday, Finance Director Paul Buber said that since the beginning of the year, he’s been keeping an eye on the bond market. He believes the county may save $500,000 by refinancing.

When bond prices are rising, lowering their yields, interest rates are falling.

“We believe that now is a good time to refinance certain outstanding debt — the debt service fund,” Buber said. “We got six proposals and a local firm presented the best response.”

The commissioners took action, hiring the law firm of Cerullo, Datte and Burke, PC, to serve as bond counsel for the refinancing of the debt service fund. The firm will be paid $7,500 for the work.

In other action taken during the meeting, the commissioners:

• Approved a $158,400 contract for design services with Alfred Benesch & Co., Pottsville, for engineering work for county bridge #67, which is on Mount Eagle Trail Road, Porter Township. The project will be funded through the county’s Act 89 liquid fuels account.

• Adopted the 2019 Schuylkill County Hazard Mitigation Plan. The Federal Emergency Management Agency has reviewed the plan and reports that the plan meets all required criteria. All participating Schuylkill County municipalities will be required to adopt the plan through resolution.

• Reviewed two bids received for the reroofing of the county archives building and public entrance of the county courthouse. Budget Renovations & Roofing, Shamokin, bid $108,421; and Spotts Brothers Inc., Schuylkill Haven bid $98,000. The contract will be awarded at a later date.