County to pay more in interest for a short-term loan

By: 
Ted Lutz
Staff Writer

SMETHPORT — McKean County will be paying more in interest over the next six months for an annual short-term loan.
The county plans to borrow up to $3.5 million to pay for operating expenses until 2019 taxes arrive in the spring.
Acting at a meeting Tuesday, County Commissioners Cliff Lane and Carol Duffy accepted the low bid for interest fees for the annual Tax Revenue Anticipation Note. Commissioner Al Pingie did not attend the forum.
Juniata Valley Bank, which has an office in Port Allegany, submitted the low bid for the loan with an interest rate of 2.81 percent.
The same bank provided this year's TRAN with an interest rate of just 1.24 percent. 
The interest paid for the TRAN this year was $1,108.75, according to the county treasurer's office. Because the rate for the new TRAN is higher, the county can expect to pay more in interest for the latest loan.
The county expects to pay off the tax-anticipation note by June. The 2018 TRAN was paid off April 12, according to county sources.
Other bidders for the 2019 TRAN include Northwest Bank, Bradford, 2.85 percent interest rate; PNC Bank, Pittsburgh, 3.25 percent; and Citizens & Northern Bank, Coudersport, 3.31 percent, plus a $500 fee and state filing cost.
In other business at the 12-minute meeting at the county courthouse, Commissioners Lane and Duffy:
• Approved a Health Reimbursement Plan for county employees. The fund reimbursements include $750 for employees and $1,500 for employees and their family.
• Approved an agreement with A Partnership in Housing of Smethport. 
The agency will handle "rapid re-housing and homeless prevention" programs in the county through May 30, 2020. 
Expenses can't exceed $86,137, which is the amount of a grant received by the county for the services.
• Approved an agreement with the Young Women's Christian Association of Bradford to handle "street outreach and emergency shelter" services through May 30, 2020. 
Expenses can't exceed $26,122, which is the amount of a grant received by the county for these services.
Linda A. Thompson, the housing and homeless service coordinator for the county Redevelopment and Housing Authority, said the operation of the shelter at the YWCA is "a great concern" due to insufficient funding. She said the 16 beds at the YWCA shelter are "always full" with "homeless men, women, and families."
• Authorized County Finance Director Lori Coffman to oversee the procurement cards issued to county personnel. 
The cards are obtained through the Pennsylvania Local Government Investment Trust, which also offers interest-bearing accounts for municipalities.
The action approved Tuesday provides Coffman with access to view and initiate transactions, open and close accounts, receive statements and handle other issues with the cards.
• Heard a brief message from Christine A. Perneski, director of enterprise development at the Ridgway-based North Central Regional Planning and Development Commission.
She said the agency is seeking more dialogue with the counties and municipalities it serves.
• Heard Duffy urge county residents to complete an online community survey to help guide the county in planning for the future.
Visit the internet website of www.surveymonkey.com/r/NorthernPa to take part in the survey.

For full article, check the Dec. 12, 2018 printed or e-edition of The Kane Republican.

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