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Commissioners consolidate six note issues into one Series 2026A borrowing to fund roads, sewers and drainage
Summary
The board consolidated six earlier bond anticipation notes into a single consolidated Series 2026A issue to save issuance costs and approved multiple project-level notes (Sandstone Parkway, Lake Avenue, SR 82, South Boone, county drainage, and Western sewer). The consolidation was adopted unanimously.
The Lorain County Board of Commissioners voted unanimously to consolidate six separate bond anticipation note issues into a single Series 2026A issue on March 24, a step county officials said reduces issuance costs by limiting the number of separate financings.
KC Saunders, the county finance staff member who explained the consolidation, described the benefit: "this practice of consolidation notes saves the money in issuance costs with one transaction fee rather than multiple." The consolidated package covers previously authorized note issues for Sandstone Parkway (up to $6.46M), Lake Avenue sewer ($1.625M), the SR 82 sewer extension ($3.37M), South Boone sewer ($2.2M), drainage improvements ($1.51M) and Western sewer land acquisition ($6.025M).
The board also adopted the individual resolutions authorizing each separate note issue prior to consolidation, which means the consolidated Notes will be apportioned back to those projects in the county's accounting. County officials said repayment sources vary by project (TIF, special assessments and sewer revenues), and in several cases developers have guaranteed shortfalls. Several commissioners reiterated that those repayment structures are intended to protect the county's general fund.
The consolidation brings all six Series 2026A notes under a single paying/registrar arrangement and authorizes the sale to the original purchaser at not less than 97% of par. County staff said proceeds will be apportioned by project per the authorizing resolutions and the practice is intended to reduce issuance fees and streamline administration.
