Lackawanna County approves parameters to issue up to $35 million in bonds to fund roads, bridges and capital projects

Lackawanna County commissioners voted April 16 to approve an ordinance authorizing the issuance of up to $35 million in general obligation bonds to refinance short-term borrowing, reduce the interest rate on earlier financing and provide short-term funding for additional capital projects including roads and bridges.

County Chief Financial Officer Dave Bolzoni told commissioners the ordinance covers three components: (1) refunding an interim note of about $11.9 million issued in December 2023 that funded phase 1 of the capital program; (2) a rate modification to a $14,225,000 note from December 2023, lowering its rate from about 5.3976% to roughly 4.75%; and (3) a short-term borrowing of approximately $17,000,000 to fund phase 2 work, primarily roads and bridges. Bolzoni said the short-term piece will mature in two years and could be reduced if additional…