Monroe County approves ordinance to seek preapproval for up to $13 million in general-obligation bonds

The Monroe County Commissioners approved Ordinance 2025‑01 on May 7, 2025, authorizing the county to seek Pennsylvania Department of Community and Economic Development (DCED) preapproval to issue general‑obligation debt with a maximum principal amount of $13,000,000.

The action lets the county proceed with underwriting and market timing while preserving flexibility on maturities and final par amounts. David Payne of PNC Capital Markets, the county

ppointed underwriter, told commissioners the county expects to market bonds in about 45 days and that the actual borrowing will most likely be about $10,000,000. "We're gonna put together the county's official statement ... and forward it to the rating agency," Payne said, noting Standard & Poor's recently rated the county "AA, stable." Payne provided a preliminary estimated true interest cost of about 4.329 percent under current market conditions and said the structure would aim to limit early‑year increases in annual debt service to about $550,000.

County bond counsel Laura Kurtz described the ordinance as standard under the Local Government Unit Debt Act and said filing a maximum authorization gives the county flexibility to time the sale and set final maturities. "This document again follows the procedures required under the Local Government Unit Debt Act," Kurtz said, adding the ordinance authorizes filing required notices, the official statement and the closing documents.

The commissioners and staff identified several intended uses for the bond proceeds: reimbursement of recent general‑fund expenditures (including a $663,890 contract payment for helix work), repairs to the courthouse deck and correctional facility, a new well and water tower for the correctional facility, upgrades to the sewage treatment plant that serves the old Pleasant Valley Manor and the correctional facility, and other infrastructure projects. Payne said preliminary estimates show an approximate par amount of $9,460,000 and an expected bond premium of about $673,000 that would reduce net new‑project borrowing.

The ordinance authorizes a $13,000,000 maximum for filing and DCED preapproval; Kurtz and Payne emphasized the county does not expect to borrow more than $10,000,000 and may borrow less. The DCED review period for the filing is 20 days; final pricing will occur once the county and underwriter choose market timing.

Action: The commissioners approved Ordinance 2025‑01 to authorize filing and bond issuance parameters under the Local Government Unit Debt Act. The transcript does not specify the motion maker, seconder, or a roll‑call tally; the board signaled approval and the chair declared the motion carried.