Mahoning County issues bonds for treatment system
YOUNGSTOWN — Fresh off receiving its highest-ever bond rating from Moody’s, Mahoning County issued about $22 million in bonds to improve the county’s sewer collection and treatment system.
Moody’s upgraded the county’s general obligation bonds from A1 to Aa3 and maintained the same rating on its sanitary sewer revenue bonds.
The rating tells investors the county has a strong capacity to meet its financial commitments.
Commissioner David Ditzler said the county has made tremendous strides to improve its financial and fiscal stability.
Bill Coleman, manager of the county sanitary engineer’s office, said he was happy to maintain the sanitary bond rating despite taking on new debt to fund upgrades.
At today’s meeting, the commissioners authorized the issuance of $19.5 million in sanitary bonds.
Of that, $2.45 million will rollover debt from current projects, $8.55 million will refund current debt at a lower rate and $8.46 million will fund new upgrades.
Coleman said the debt will fund upgrades and improvements at Campbell, Meander Reservoir, Poland Township and Craig Beach wastewater treatment plants. It will also allow the county to purchase trucks, replace old and deteriorating roofs at treatment plants and make minor upgrades and improvements to the sanitary engineer’s business office on Industrial Road.
For the complete story, read Wednesday's Vindicator and Vindy.com