Commissioners roll over $14.69M notes

Bond anticipation notes provide money for projects such as the old courthouse

Lorain County commissioners rolled over a number of bond anticipation notes for various projects across the county.

The notes are valued at $14.69 million and they provide funds for projects like the Old County Courthouse and renovations to the Lorain County Job and Family Services facility.

Lorain County Administrator James Cordes said despite the startlingly high dollar amounts, these are not new funds being used or requested by the administration.

“A lot of this is just rolling of notes that we’ve already had,” Cordes said. “The market’s up a little bit, so we’re trying to tap the market a bit so we can get the greatest advantage when we go to permanent financing.”

He said he’s had calls with ratings agencies and the county remains in good shape.

“As you know, we were one of the few political subdivisions that did not receive a downgrade throughout the Great Recession, even though we were drawing down cash balances and carrying over interest and income was down,” Cordes said. “We informed them what our strategy was every time we went to rating. So, we had a strategic retraction instead of a free fall.”

These notes would have come due in November, but they are rolling into next year, he said. Cordes believes the county will make the move to permanent financing next year as well.

“We’ll just have to watch the market,” he said.

In other news, the commissioners awarded a pair of contracts as part of the Ohio Development Services Agency Community Housing Impact and Preservation program.

• Concrete & More Inc., of Avon Lake, will receive $4,950 for separation of a storm and sanitary lateral at a house in the 100 block of Oakwood Drive in Avon Lake.

• Burnett’s Septic Service, of LaGrange, will receive $6,300 for septic system repair on a residence in the 16000 block of Whitehead Road in LaGrange.

Also, commissioners approved a $6,626 change order to Crown Commercial Construction for additional work at the Elyria Title & Passport Office.

The additional work includes changing all the outlets, furnishing and installing floor prep/leveling at trench, and demolishing a wall.

The commissioners also heard a presentation from Lorain County Probate judge James T. Walther and County Recorder Judy Nedwick about the Good Deeds program.

The program is collaboration between Walther, Nedwick and the Lorain County Bar Association, which provides residents the opportunity to learn about estate planning issues and ask questions of professionals specializing in probate and estate law, specifically in reference to land titles.

Walther said if residents speak with an attorney and get their title holdings in order, they can avoid visiting Probate Court which can incur hefty fees.

“We have plenty of business there, we don’t need anymore,” he said.

Nedwick said the attorneys who take part in the events do not charge for their advice.

The event previously was held in Brookside High School in January and Lorain County Community College in September.

Walther said LCCC has been approached to attempt to schedule another Good Deeds program.