Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Commissioners endorse up to $65M tax‑exempt bond issuance for Albright College
Summary
The Berks County Board of Commissioners voted to approve a resolution endorsing a municipal‑authority issuance of tax‑exempt bonds, not to exceed $65 million, to refinance debt, purchase two dormitories and fund capital improvements for Albright College; county officials emphasized the county will not guarantee the debt.
The Berks County Board of Commissioners voted to approve a resolution endorsing the Berks County Municipal Authority’s proposed tax‑exempt bond financing for Albright College, described by bond counsel as "not to exceed $65,000,000." Peter Edelman of Stevens & Lee told the board the proceeds would be used to restructure existing indebtedness, purchase two dormitories the college currently leases and fund additional capital improvements.
Edelman told commissioners the county’s action is a public‑approval requirement under the Internal Revenue Code and stressed the county "is not a guarantor of the bonds," saying the lenders would look solely to the college for repayment. He also said a municipal‑authority public hearing had been held and no members of the public attended.
Commissioner Michael Rivera moved to adopt the resolution and the motion was seconded by Commissioner Leinbach; the board carried the motion by voice vote. The resolution, as presented, declares the project desirable for the health, safety and welfare of the area served by the college but includes language that the county will not pledge its credit or taxing power for repayment.
Next steps include final actions by the Berks County Municipal Authority and any bond market or lender approvals required by the college and its counsel. No fiscal obligation to Berks County was created by the board’s approval.
