MANSFIELD — Taxpayers could save up to $1.5 million under a bond refinance plan discussed by Richland County commissioners on Tuesday.
It would be similar to what commissioners did in 2019 when it refunded some long-term bonds and replaced them with lower-interest notes.
Working again with Hilltop Securities, commissioners voted Tuesday to move ahead with the plan to refund bonds issued in 2014 and 2015 to pay for the county jail and the wastewater treatment plant.
Hilltop, the nation’s second-largest financial advisory firm, handles the underwriting on the county’s debt. Commissioners’ approval will allow Hilltop to prepare the paperwork for the refunding effort.
Interest rates have consistently fallen during the last decade and many governmental entities have achieved savings by refunding bonds issued at higher rates of interest and replacing them at lower rates.
The county would also benefit from the fact it earned a “AA-” bond rating in 2019, the best in the county’s history.
“The chance to save that kind of money doesn’t come around very often,” Commissioner Darrell Banks said.
Commissioner Tony Vero said it appeared the county could save anywhere from $1 to $1.5 million if it proceeds with the effort.
“We have done it before,” he said. “If you can save the taxpayers that kind of money, that is something you have to do.”
Also on Tuesday, commissioners discussed with Auditor Pat Dropsey and representatives from his office the possible conversion from its current Mitel phone conferencing system to Zoom, a system that allows phone conferencing, video conferencing and live-streaming technology.
Under its current Mitel system, only 75 participants can participate in county phone conference meetings at one time.
The auditor’s office discussed purchasing 10 Zoom licenses that would allow each host to engage up to 300 participants in a variety of telecommunications formats. Commissioners said money for the effort could from the county’s portion of CARES Act funds.
The City of Mansfield has used Zoom-meeting technology to conduct public meetings since the COVID-19 pandemic reached Ohio in March.
No final decision was made on Tuesday.
Commissioners also opened six bids for a culvert replacement project along Millsboro Road, just east of Home Road. County engineer Adam Gove estimated the project at $155,000. The Crawford Construction Co. in Galion submitted the lowest bid at $121,360.80. Gove will review all six bids and come back to commissioners with a recommendation.
During the conference-call meeting, Mansfield resident Latonya Palmer asked Gove how local businesses are notified of such bidding opportunities.
Gove said the county advertises the projects in the newspaper, places them on the county website and also contacts businesses with whom the county has worked in the past.
