Commissioners approve Lycoming College bond request through county authority

The Lycoming County Commissioners voted to approve resolution 2026-14, allowing the Lycoming County Authority to issue conduit debt on behalf of Lycoming College to finance campus renovations and technology upgrades.

At a June hearing convened under federal tax-code procedures, Pepper, representing the Lycoming County Authority, said the county’s role is ministerial under the Tax Equity and Fiscal Responsibility Act and carries no financial obligation for county taxpayers. "The county has no responsibility whatsoever for the bonds," Pepper said, adding that the debt is nonrecourse to the authority and all debt service will be paid by the college.

Jennifer Maker, the college’s vice president for finance and administration and chief financial officer, told commissioners the proposed issuance would be used primarily to renovate student housing (including installing air conditioning in additional residence halls), renovate a hall in serious disrepair, upgrade the college’s enterprise resource planning system and support development of new academic programs such as sport management/exercise science, a master’s in education and a nursing program. "Those bonds are going to be used primarily for campus improvements in the form of construction, renovation of existing housing for our students," Maker said.

Maker and Pepper said the college also intends to defease its 2019 bonds as part of the transaction and that the total financing request is a maximum of $50 million but likely nearer $45 million. Commissioners asked clarifying questions about the county’s role and whether public dollars would back the debt; staff and the authority reiterated that the county would not be liable and that the financing functions as conduit debt under the tax code.

After discussion, a motion to approve resolution 2026-14 was made and commissioners voted in favor by voice. The commission’s vote constituted the municipal approval required under the Tax Equity and Fiscal Responsibility Act for conduit financings; no county funds or guarantees were added to the bond. The resolution passed by voice vote and no roll-call tally was recorded in the transcript.

The next procedural steps are for the Lycoming County Authority and the college to complete the financing paperwork and proceed with bond marketing and closing according to the timelines established by the authority and the college.