Created on Wednesday, 19 May 2010 23:45
Borough council Wednesday night approved a bond issue totaling just under 18-million dollars. The borrowed money will be used to retire old debt and finance road projects as well as other infrastructure upgrades. Borough Council Member Dan Dunigan says the recent selloff in the stock market has put downward pressure on interest rates and is making almost $140,000 more available for projects than originally anticipated. Borough Council Members Jack Hansen and Rich DiGregorio gave the bond issue a thums down. Hansen says he voted no because the bond resolution did not include a schedule of projects. The bond issue will generate short term savings on interest this year and next while debt service payments ramp up to the annual one-and-a-half million dollar level where they will remain until the year 2026.