Penn St. blasts Longwood

COMMENTARY: SYLVIA ALLEGRETTO AND MARC DOUSSARD Upsize wages of fast-food workers

First Posted: 12/5/2013 WILKES-BARRE &#8212; The city expected to save money by refinancing a series of bonds and found out Thursday it would be nearly a half million dollars over the 13-year payment period.
The newly upgraded credit rating helped, said Mayor Tom Leighton, adding the administration&#8217;s fiscal management also played a big role.
&#8220;This is great savings for our taxpayers and the city of Wilkes-Barre,&#8221; Leighton told City Council at its regularly scheduled meeting.
The rate dropped to 3.77 percent from 4.88 percent for a blend of five bonds totalling $7.5 million, resulting in approximately $461,000 savings. The bonds could be called or reviewed for refinancing again after five years. Less money spent on bonds meant more for the city and covered the nearly $200,000 it cost to demolish condemned properties, including three of its own, in the downtown.
The city still has to borrow $3 million in the form of a tax and revenue anticipation note, but as with the bonds, it can do so at a favorable rate of 1.68 percent, compared to 1.88 percent for this year&#8217;s note. The TRAN provides funding to the city to pay its bills for the first few months of the year until its tax revenues are collected. The note issued by PNC Bank has a maturity date of Dec. 31, 2014.
Council approved the measures by a vote of 3 to 1. Councilman Tony George opposed both, but said he mistakenly voted against the TRAN.
Leighton stressed the importance of the upgrade this week by Standard & Poor&#8217;s Rating Services to A- with a positive outlook from A- with a negative outlook, saying it allows for borrowing money cheaply and places the city, even with a debt of approximately $74 million, on much better footing than other municipalities that are struggling financially.
&#8220;Our biggest accomplishment is on the financial side,&#8221; he said. &#8220;We&#8217;re paying our bills. Other cities aren&#8217;t paying their bills.&#8221;
Still residents brought complaints to the council on several problem properties in their neighborhoods.
Jim Walsh, an 88-year-old World War II veteran, reminded council that Saturday is the 72nd anniversary of the bombing of Pearl Harbor and paused for a moment of silence to remember those killed in the attack on Dec. 7, 1941. He then chided council for failing to deal with George Decker whose property behind his flower shop on Mayer Street is filled with garbage. Walsh said he brought the matter to the council&#8217;s attention two weeks ago and nothing has changed.
But Marie McCormick, city administrator, told Walsh the property owner was notified and given five days, starting today, to clean up the mess.
Walsh was pleased to hear of the city&#8217;s efforts, but wanted to see results. &#8220;I&#8217;m going to keep close tabs on it,&#8221; Walsh said.
Again Jim Burden of Taft Street raised concerns that a drug house is located on East Northampton Street. Despite it failing inspection by the city, people are living in the apartment building, he said.
&#8220;The ball&#8217;s in your court now,&#8221; Burden said.
A house near his on Taft Street is dilapidated and raccoons are living in it, he said. He worried that the roof is going to cave in when heavy snow accumulates on it.

Refinancing bonds saves W-B nearly half million dollars