County approves first reading of bond issue bill

Lehigh County Board of Commissioners Sept. 14 approved a first reading of a bill by a vote of 8-0 to allow the issuance of general obligation bonds totaling roughly $20 million.

According to Michael Setley of Concord Public Finance, the bonds will be used to fund $19 million in county capital projects. The county will ultimately have to borrow $20 million, he said.

The funding will be used to fund Leigh County courthouse renovations, county software and repairs to Coca-Cola Park.

The bonds, Setley said, would amortize between 2016 and 2025, at which time they would be fully paid.

“In each of those years, debt service will actually be lower than the debt service shown in the 2016 year budget,” Setley said. The debt service in the 2016 budget is $17.8 million.

Commissioner Dr. Percy Dougherty asked if revising the 2017 budget will impact the bonds.

“None of this would create a delay in the bond issue,” Setley said. “None of this would hold us up.”

The second reading on the bill will occur at the board’s Sept. 28 meeting.

Commissioner David Jones Jr. was not present at the meeting.