Citizen Portal
Sign In

Lackawanna County holds first reading of $15 million tax anticipation note ordinance

Board of Commissioners of Lackawanna County · October 30, 2025
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

At its Oct. 15 meeting, the Lackawanna County Board of Commissioners held a first reading of Ordinance 300 to authorize a tax and revenue anticipation note of up to $15 million for fiscal 2026; county finance officials said the note would likely be privately placed and priced later in the year, with final action scheduled for Nov. 5, 2025.

The Lackawanna County Board of Commissioners on Oct. 15 held the first reading of Ordinance 300, a measure authorizing the issuance of a tax and revenue anticipation note (TAN) of up to $15,000,000 in anticipation of 2026 revenues.

David Bolzoni, Lackawanna County chief financial officer, said the county intends to complete a private placement of the note. "The note will very likely be sold to Vanguard Investments," Bolzoni said, adding that a private placement offers "ease and efficiency and the ability to negotiate rates directly with the purchaser." Bond counsel Brian Koslanski joined Bolzoni at the meeting to describe legal and structuring details.

The ordinance text presented at the first reading specifies that the notes would be general obligations of the county, secured by a pledge of taxes and other revenues received while the notes are outstanding, and that signatures of two members of the board and the county seal would be required on executed notes. Bolzoni said issuance costs "may approximate up to $200,000" but are built into the pricing of a privately placed note and can be offset by short-term investment of proceeds until they are needed in the general fund.

Commissioners did not vote on the ordinance at the Oct. 15 meeting. The board scheduled final consideration and a vote for its Nov. 5, 2025 meeting, and Bolzoni said market pricing will likely be determined in mid-December. The county named Essex Securities LLC in the ordinance as the purchaser/placement agent for the private placement, with Fidelity Deposit and Discount Bank of Dunmore authorized as paying agent.