MILFORD, PA — Pike County can anticipate savings of at least $190,000 this year in the county’s bond indebtedness after the commissioners’ decision to refund Pike’s 2010 general obligation bonds, according to David M. Payne, director of PNC Capital Markets LLC.

Payne appeared at the commissioners’ October 21 meeting, where the county panel approved Ordinance 26, which in part authorized Pike’s borrowing of a maximum of $7 million, the refunding of the 2010 bonds, and acceptance of PNC’s new 2015 bond purchase agreement.

Payne said that based on the Federal Reserve’s trend of no change in the prime rate—the rate banks pay for borrowing—over its last three meetings, that the county’s 2015 savings could be as much as $280,000, dating from February of this year.

He noted that the county’s 2010 principal indebtedness of $5.04 million has not changed and the $7 million figure in the ordinance was there to provide sellers flexibility in marketing of the new bonds. “You’re only borrowing $5 million,” he said.

Projected future savings amount to $99,000 in 2016, $80,000 in 2017 and $70,000 in 2018. As with the original bonds, the new bonds mature in 2023.

Payne credited the financial stewardship of commissioners’ chief clerk Gary Orben and office manager Domenica Campanella with Pike’s 2014 bond rating upgrade from A+ to AA. “You were one of the few municipalities with upgrades in their bond ratings,” he said.

That upgrade removes the necessity for bond insurance, which he said produces additional savings of “tens of thousands.”

Bonding attorney Joseph Pierce of Eckert-Seamans said the 2010 bonds issued by TD Bank would be retired upon the approval of the PA Department of Economic Development, which should occur 15 to 20 days after the filing of the new bonding.

Since his daughter is an employee of the PNC Bank, Commissioner Karl Wagner abstained from the approval vote.

In other business, the commissioners heard Erin Gilpatrick of Catholic Social Service report that under the county’s discounted $27,500 contract, Pike had received the value of $76,000 in substance-abuse treatment at the county correctional facility. The voluntary program has treated 39 males and 31 females. Twenty-four are currently in treatment.

In related announcements, there will be another presentation of the “Reality Tour,” youth drug prevention program at the Milford Bible Church on November 19.

The commissioners heard Lana Romeo of the Pike Area on Aging office announce the need for volunteers to serve as ombudsmen, to help provide oversight at senior care residential facilities.

Attorney Elizabeth Kameen and Kelly Gaughan announced the second free PA Bar Association program to provide wills to members of the county’s emergency services. The program will take place at the county training center in Blooming Grove, where volunteer attorneys will be on hand on November 7, from 11 a.m. to 3 p.m. For more information, call 570/576-1959.

A spokesman for Penn State Cooperative Extension’s Master Gardeners program detailed plans to build a memorial garden in memory of slain Trooper Brian K. Dixon at the Blooming Grove State Police Barracks. Donations of products and some funding have been made, but additional donations are being sought. Call 570/296-3400 for more information.