SOUTH BEND Pacific County may hop on the refinancing bandwagon as the Board of Commissioners approved on Tuesday two measures to refinance the bond that built the South County facility.
Administrators are preparing to secure the countys credit rating from Standard and Poors Rating Service. That rating is key to whether the county can save enough by refinancing to make it worth the expense.
County Administrative Officer Kathy Spoor told the commissioners she will have a conference call with the ratings person on Thursday.
The commissioners voted Tuesday to approve an underwriting engagement letter with DA Davidson & Company.
We have a practice session today with a gentleman from DA Davidson to review what our responses will be, Spoor said. Once they do well get a preliminary guess to how our ratings going to come, and then DA Davidson will provide a presentation to us to say Given that you scored a double-A or a D-minus heres where it may come in; then we can choose to move forward or not at that point.
Commissioner Steve Rogers (Dist. 1) said, What were trying to do is save the county money.
Almost half a million dollars over the remaining course of our loan, Spoor replied, if our rating comes in at A or higher and the interest rates stay where theyve been. Its about $34,000 a year.
The board also approved engagement for bond counsel services with K&L Gates for the refinance. It will cost $10,000 but only if the county decides to move ahead with the refinancing of the South County facility.
The board approved hiring workers for the 2013 spartina program. Dalton Collins, Cody Davis, Leo Mendoza and Nathan Reitz have been hired for the summer eradication program.
The board approved tourism development vouchers for the Long Beach Peninsula Visitors Bureau, $10,308.33; the Ocean Park Area Chamber of Commerce, $3,200; and the Columbia Pacific Heritage Museum, $1,666. The vote was 2-0 with Commissioner Frank Wolfe (Dist. 2) abstaining because of a conflict of interest.
The board recognized jail workers Jaime Souvenir and Corey Flynn for five years of service; Nichol Duff at the Department of Community Development and Marie Guernsey at Board of County Commissioners office for 10 years; and Becky Nissell and Sheryl Crosse in the Assessors Office for 25 years of service.
Its nice to have that kind of commitment from employees, said board chairperson Lisa Ayers (Dist. 3).
In other business, the commissioners approved a quitclaim deed to add to the property of Dale E. McKee.
The board met in executive session to discuss personnel matters and a contract issue.