SHARON -- Mercer County commissioners Thursday agreed to guarantee the city of Sharon's bond refinancing.

The city plans to refinance a 1994 $4.1 million bond issue and issue new bonds for a total bond issue of $6.2 million.

The city will save money on bond interest payments starting this year, and have money for capital improvements.

The county guaranteed the original bond issue and would be responsible for paying if Sharon defaults. The city to repay whatever money the county would put out if the city defaults.