Westmoreland commissioners approve airport bond refinancing
Jan. 19—Westmoreland commissioners have approved refinancing more than $5 million in bonds for the county's airport authority, a move officials said will save taxpayers nearly $140,000 annually through 2029.
Tuesday's unanimous vote completes the required approvals needed to move forward with the financial plan that commissioners and the airport authority board initially signed off on in December. The action was required as part of the financial deal between the county and airport authority to continue the financial relationship that has been in place for decades and calls for county taxpayers to foot the bill for debt incurred to operate the Arnold Palmer Regional Airport in Unity and a smaller airport in Rostraver.
The county's final 2022 budget allocates more than $2.6 million to the airport authority, including $769,000 earmarked to continue paying off existing debt.
"The money we are saving doesn't go to the airport. It's a saving for county taxpayers," said Commissioner Gina Cerilli Thrasher.
The county has a similar financial arrangement with the Westmoreland County Community College, which this year is slated to receive a $3.5 million allocation from taxpayers to cover $1.5 million in debt repayments. Commissioners said any potential refinancing plan for the community college will have to originate from the school's board of trustees.
Rich Cholodofsky is a Tribune-Review staff writer. You can contact Rich at 724-830-6293, rcholodofsky@triblive.com or via Twitter .
