County elects to pay off bond early

CHENANGO COUNTY – Hoping for some flexibility in the budgeting process this fall, Chenango County’s financial leaders voted Thursday to pay off a short-term bond on the Public Safety Facility a year ahead of schedule.

Pressures from unknown 2008 compensation rates and departmental budgets, plus a combined $4.8 plus million needed for constructing a new cell at the Pharsalia landfill and new office space in Norwich, factored into their decision.

Treasurer William E. Evans said a continuous positive cash flow from a one percent dedicated sales tax - which has gone from $3.9 in 2003 to $4.7 million in 2006 - and his study of investment rates would make it possible to pay the note off early. Tax receipts collected through June were $2,303,028.

The dedicated tax was imposed in 2002 to build, operate and maintain the new $26 million Chenango County Public Safety Facility in the Town of Norwich. The tax will be used to afford the 25 new corrections officers hired for the larger facility as well as a $3.5 million county-wide emergency communications system.

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