Delaware County Treasurer Michael Ringle announced Feb. 2 that his office will purchase bonds for $2.4 million for Liberty Township to refinance the YMCA.
“This is truly a win-win proposition for both sides,” Ringle said. “By purchasing the bonds, we can offer Liberty Township a lower interest rate than they can obtain on the open market. These bonds will save taxpayers more than $120,000 in interest payments over the life of the bonds. At the same time, all Delaware County taxpayers will benefit as the interest payments are higher than what’s available to us on the open market.”
Rick Karr, Liberty Township fiscal officer, said, “I have been reviewing financial opportunities to deliver tax savings to the residents of Liberty Township. The time was right to refinance the debt the Liberty Township and Powell taxpayers owe on the YMCA building. The term will remain unchanged, and the YMCA will be paid off in seven years.”
As the treasurer, Ringle oversees the investment portfolio for Delaware County, which has an average balance of $250 million. Karr oversees the financial operation and investments for Liberty Township.
Ringle said his office would purchase $2.4 million in bonds to refinance the Liberty Township/Powell YMCA at 7798 Liberty Road. The YMCA and an Ohio State Wexner Medical Center rehabilitation facility are tenants in the building, which is owned by Liberty Township.
“These are the types of projects we’re looking for when considering investments for Delaware County,” Ringle said. “When you keep money local, it benefits the taxpayers that support the county on a daily basis. This was a total team effort. I was assisted greatly by Treasurer-elect Donald Rankey, Rick Karr, and (Liberty Township) Trustee Bryan Newell. A lot of hard work went into this to pull it all together.”
Submitted by Yocum Communications.