Montco. to Borrow More Money

Montgomery County officials are getting ready to borrow more money. The Commissioners approved an ordinance Thursday that authorizes two bond issues totaling about 65 million dollars.

Most of the borrowed money will be used to fund long term capital projects including technology upgrades, parks and trails as well as renovation and expansion of the courthouse campus in Norristown. County Chief Financial officer Dean Dortone told the Commissioners the other 15 million dollars will be used to refinance existing debt.

“That would include funding the campus project, our parks and trails improvement, our large equipment purchases and loan stop replacements and that includes our capital contribution and Septa and our technology projects across the organization, that’s just a sample of the projects that are outlined in our 2-17 budget, which is available online.”

The total county debt at this point is about 400 million dollars.