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Lycoming County revises standby letter of credit for RMS to $33.35 million
Summary
County finance staff amended a previously issued standby letter of credit for RMS, reducing the figure from a prior $40 million to $33,353,517; commissioners approved the revision on the commissioner's motion.
Lycoming County commissioners on Thursday approved a revised standby letter of credit for the RMS account, reducing the previously stated amount to $33,353,517.
County staff told commissioners the earlier letter of credit had been $40 million and that the new figure reflects current financial planning for RMS-related projects. A motion to amend the action item to read the revised amount was made and approved by voice vote.
No additional details on the use of the funds or the schedule for drawing the letter of credit were presented; staff said the revision is part of broader financial management for RMS-related capital plans.
