WILMINGTON — Clinton County commissioners heard a presentation Monday on options to finance the county’s renovation of county government buildings rather than paying cash.
Omar Ganoom, managing director of public finance for Boenning & Scattergood, discussed a scenario where the county would finance $4 million in the renovation project. He estimated an investment earning of $315,000 above the bond’s interest expense during a 10-year period.
Using a financing option also would allow the county to get back into the capital markets and have its credit re-established, said Ganoom.
“There’s value to that,” Ganoom said of the credit rating aspect.
The financing would be a public offering, so there would be full disclosure, he added.
Commissioners said they wanted more time to study the proposal, and took no action on it Monday.
On another matter, commissioners decided to keep the same $11,000 annual lease amount for the Clinton County Health Department during a new three-year term. Clinton County Health Commissioner Pam Bauer on Aug. 31 asked county commissioners to consider making the lease amount lower as her agency waits to hear how much an insurer will cover on $26,000 worth of unusable vaccine.
The vaccine must be replaced, she said, and what isn’t covered by the insurer will have to come out of the health department’s general fund, she said. The refrigerated vaccine could no longer be administered after a Saturday storm in May knocked out power in the Annex Building, where the health department is housed.
The lease amount includes utilities, according to the commissioners’ discussion Monday. Clinton County Commissioner Patrick Haley said the health department’s situation is a one-time problem.
Bauer did not immediately return a phone call seeking possible comment late Monday afternoon.
In other business:
• Commissioners accepted and awarded a $158,172 bid from Aero-Mark Inc. for fiscal year 2016 pavement marking.
• They also accepted a proposal from Xenia Glass and Lock to repair handicap doors at the Annex Building for $3,848.
Reach Gary Huffenberger at 937-556-5768 or on Twitter @GHuffenberger.
RECOMMENDED FOR YOU