MILFORD - Pike County plans borrow up to $10 million. The county will float 2 bonds.

A $3 million Series A bonds for will be used Scenic Rural Character Preservation.  Up to $10 million for that goal was approved by voters three years ago.

The Series B bonds for $7 million will fund several county projects. At present, the county is looking to build an emergency services training facility and renovate county office space.

“The county is in negotiations for a building in downtown Milford to help with the office space problem", said County Commissioner Richard Caridi. He could not name the building because no contract has been signed.

Ray Lowery a representative from PNCB Bank said that Pike County was financially in excellent shape and because of this the interest rate on the loan will be 4.15%. He said that the county’s fiscal management is extremely well run. The county has a short repayment time for its existing debt, 13 years, and there is a manageable sustained growth of the county.

The county should be able to get its funds by September 30.  

The tax impact is not yet known, but the annual debt service will be over $400,000, for this borrowing.