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Centre County approves $10 million loan to finance Public Safety Training Center
Summary
The Centre County Board of Commissioners unanimously adopted Ordinance 1 of 2026 on June 16, authorizing up to $10 million in general obligation notes to fund the Public Safety Training Center and accepting a Juniata Valley Bank loan proposal at a fixed 4.73% rate with closing planned for July 23.
Administrator John Franek Jr. told the Centre County Board of Commissioners on June 16 that Ordinance 1 of 2026 would allow the county to borrow up to $10,000,000 to finance the 2026 capital projects, chiefly the Public Safety Training Center. The Board voted unanimously to adopt the ordinance on a motion by Commissioner Amber Concepcion and seconded by Commissioner Steven Dershem.
The ordinance, presented under the Pennsylvania Local Government Unit Debt Act, accepts a bank loan proposal from Juniata Valley Bank at a fixed rate of 4.73 percent. John Franek Jr. said the financing includes a draw-down feature that allows the county to borrow as construction costs are incurred, which he said helps minimize interest expense. Jennifer Caron of Eckeart Seamans, who reviewed ordinance specifics for the Board, noted the note is prepayable and that closing is set for July 23.
Board members thanked county staff and outside advisors for their work securing the financing. Garrett Moore of PFM was also acknowledged for his role in arranging the loan proposal. The ordinance also establishes a project fund and a sinking fund, and pledges the county's taxing power to secure repayment, per the ordinance language the Board considered.
Next steps: the county expects to close the financing on July 23 and proceed with project disbursements under the draw-down structure described by staff.
