The county commissioners on Wednesday authorized the county infrastructure bank for 2020.

Mark Gordon, the county's chief of economic development and planning, said five projects throughout the county total $7.2 million.

The 3-year-old infrastructure bank has helped multiple municipalities complete essential projects via low-interest loans.

The county is expected to authorize borrowing for the infrastructure bank at its April meeting. However, it is not bound to do so should the economy bottom out due to COVID-19.

Bids for the projects would be advertised once funding is approved.

Commissioner Kevin Boozel said while he appreciates all the good work completed through loans from the infrastructure bank, he reminded Gordon the commissioners agreed to fund the program for 10 years.

“My only concern overall is where we are positioning the county for long-term debt,” Boozel said.

Gordon said he continues to seek a 10-year term for the bank.

Boozel asked Scott Shearer, managing director at PMF Group, if federal interest rates in the face of COVID-19 will allow the county to responsibly borrow the money for the infrastructure bank.

Shearer said he plans to go with bank loans, as the bond market “has pretty much shut down.”

“Time will tell,” he said. “It will have to work itself out.”

Leslie Osche, commissioner chairwoman, said it is important to support the banking business and businesses in general to maintain continuity in the financial realm.

“The more we can be consistent in our support, yet smart and cautious, that will bring us back to some level of stability,” she said.