County touts bond rating, issues $22 million to fund sanitary improvementsTweet
By Justin Wier
Fresh off receiving its highest 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 Tuesday’s meeting, the commissioners authorized the issuance of $19.5 million in sanitary bonds.
Of that, $2.45 million will roll over 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.
The county also issued $1.85 million in economic development bond notes to fund the construction of a 500,000-gallon water tower and new waterlines in Canfield Township. The county had already obtained $750,000 in grant funding from the Ohio Public Works Commission for the project.
“Our goal is to keep our infrastructure as current as it possibly can be,” Coleman said. “We’re looking for efficiency and dependability. These improvements will help us meet that goal.”
Also, the commissioners approved an agreement between the Carbon Limestone Sanitary Landfill in Poland Township and the Mahoning County Board of Health.
The agreement will allow county residents to continue receiving free recycling services over the life of the landfill, which is estimated to be between 50 and 100 years.