Commission approves replacement of White Oaks bond trustee; engagement letter for bond counsel also approved

Harrison County Commissioners voted to approve an engagement letter with Steptoe & Johnson to provide bond-counsel services and adopted resolutions to replace the trustee for tax increment revenue bonds tied to Development District No. 3 (White Oaks Business Park) and District No. 4 (White Oaks Industrial Park).

County counsel explained the trustee change would move responsibilities and accounts from United Bank to WesBanco and that Steptoe & Johnson's fees for the legal work would be paid from the districts' tax increment revenues. The commission approved both the engagement letter and the formal resolution and order necessary to effect the trustee replacements.

Officials said the trustee handles monthly receipt of tax-increment revenues, bond payments, construction project funds, and any reserve accounts; moving the trustee therefore requires executed trustee replacement agreements and coordinated transfer of multiple accounts. Commissioners confirmed that the trustee's annual fees would be paid from the TIF revenues and that the county itself should not bear direct additional cost beyond its role as a contracting party under the trust indenture.

The vote to approve the engagement letter and the two resolutions passed by voice vote; no individual roll-call tallies were recorded in the public transcript. Commissioners asked for confirmation from county staff that the documents would be returned signed and that WesBanco and United Bank would work together to transfer funds and accounts following the executed agreements.

The actions complete a series of administrative steps tied to the White Oaks projects and follow prior discussion about TIF districts, bondholder concerns and related litigation elsewhere on the agenda.