Commissioners extend authority to issue bonds
NEW CASTLE, Pa. -- The Lawrence County Industrial Development Authority will be around for another 50 years.
Lawrence County Commissioners extended the authority's life after learning that a 50-year limit placed on the commission's existence in 1969 was making it hard to do business.
The authority's main focus is issuing bonds to industrial companies that will help them expand and create new jobs.
Joseph Bullano, authority solicitor, told commissioners last week that the authority has been asked to issue bonds that would last longer than the authority was expected to exist.
It was chartered by Lawrence County Commissioners on April 14, 1969.
The extension granted on Tuesday will allow authority members to issue bonds that can extend over a 30-year period.
Previously, they were limited to the life of the authority, which had been down to less than 20 years.