Commissioners announce $7 million revenue bond to fund infrastructure; reassessment questions addressed

Commissioners reported that the county issued a $7 million revenue bond to cover infrastructure needs including 9-1-1 communications towers and other projects, and that the financing attracted the full order of funds quickly. The county’s fiscal officer, identified in the meeting as Brett, worked with PNC Bank and the county obtained an A+ bond rating from Standard & Poor’s, officials said.

A commissioner told the meeting that the bond was filled within fifteen minutes and that the county preserved a fixed interest rate of 4.875% for the financing. The board said the millage increase voters approved — described during the meeting as about $50 per year for the average taxpayer — will help support the projects tied to the bond proceeds.

In a separate discussion, commissioners addressed community concerns about the countywide property reassessment and the “sticker shock” some property owners have reported. Commissioners said the reassessment is being conducted by a licensed third-party vendor with multi-state experience, that informal reviews and formal appeals timelines are in process, and that the county’s statutory millage maximum for county property tax is 25 mills.

Officials cautioned that reassessment cannot produce a county “windfall” because state rules require neutrality within limits and that final millage rates and revenue impacts will be clearer after formal appeals and in the months ahead; the board asked for patience while the process proceeds.