Northampton County Council will wait for a more favorable bond market before taking action on a bond refinancing plan.

Heeding the advice of the county's financial advisor, council members at their July 2 meeting agreed it was best to delay a plan to refinance the county's 2006 debt and add $11.4 million for bridge repairs and Gracedale improvements.

An unexpected spike in bond interest rates last week made it a poor time to issue new bonds or refinance old ones. With the bond ordinance good for 30 days, Bob Fuller, the county's financial advisor, told council the plan now is to present a package with financing terms at council's July 18 meeting.

"If bonds sold in this market, it would have cost the county more in interest because of rising interest rates," said Fuller, who estimated about $2 million would have been added to the cost of the bond terms.

Council also discussed options to separate the two bond plans and to just borrow the money for the needed bridge repairs and Gracedale capital projects. The county plans to spend about $7 million for bridge work and $4 million for new generators at Gracedale. The county has prioritized 18 bridges which PennDOT has evaluated as unsafe and needed to be repaired in a three-year time period.

Fuller said he expected the bond market to settle down and that the bond refinancing and new debt would go forward close to the original payment terms.

In other business, council delayed taking action on changes to the distribution of hotel room rental tax revenues. The change would allow funds up to $500,000 to go for the completion of the final phases of the Bethlehem Skate Park Complex. The current ordinance divides the county's 12.5 percent of revenues between ArtsQuest and PBS Channel 39, also known as the Lehigh Valley Public Telecommunications Corporation, until a total of $1 million to each nonprofit has been distributed.

At the request of Bethlehem Mayor John Callahan, council President John Cusick moved to table the ordinance change until council had reviewed a feasibility study for a convention center anticipated for the City of Bethlehem.

Council's next regular meeting is at 6:30 p.m., July 18 at Northampton County Courthouse's third floor, 669 Washington St., Easton.