PSD Approves $2.5 Million Bond Issue

Sunday December 28, 2008

The Pocahontas Times

Tuesday December 23, 2008
PSD approves $2.5 million bond issue
Geoff Hamill
Staff Writer

The Pocahontas County Public Service District (PSD) unanimously approved a number of bond resolutions at a special meeting on December 16. The PSD will issue sewer revenue bonds in the amount of $2.5 million. The proceeds of the bonds will be used to pay the costs of acquisition of the Snowshoe facilities; to pay the PSD’s 2004 A and B notes; to fund a reserve account for the 2008 A bonds and to pay certain costs of issuance of the bonds and related costs.

The bonds are payable solely from revenue generated by the ownership and operation of the PSD’s sewerage systems and will be administered by the West Virginia Municipal Bond Commission.

Snowshoe Sewer and Water, Inc., will continue to operate Snowshoe’s sewage treatment plants until June 30 under a vendor agreement approved at the meeting.

The deed transfer of the Snowshoe facilities to the PSD is scheduled for December 30.

The vendor agreement will allow the PSD six months to transition into their role as operators of the facility.

In other business during the special meeting, the PSD:

appointed Rick Barkley, PSD plant manager, as its Expenditures Operations Manager. The additional authority allows Barkley to spend up to $1000 without PSD approval for emergency equipment and repairs. officially changed the name of the district to the Pocahontas Public Service District. The official name previously was the Upper Greenbrier Public Service District. authorized PSD president Mark Smith to accept an insurance quote from Philadelphia Insurance Company to cover the Snowshoe facilities.

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