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Penvest considers $5.2M supplemental loan for emergency connection project

October 23, 2023 | Lock Haven, Clinton County, Pennsylvania


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Penvest considers $5.2M supplemental loan for emergency connection project
The City of Lock Haven held a special council meeting on October 23, 2023, primarily focused on funding for an emergency connection project. The discussion highlighted the financial implications stemming from the need to lower a pool to facilitate contractor work, which was further complicated by adverse climatic conditions.

City officials discussed the project's funding, which is supported by a Penvest loan totaling approximately $5.2 million at a low interest rate of 1.75% over 20 years. A key point raised was the potential for additional funding through a supplemental loan. To pursue this, the city must submit a "letter of no prejudice" to Penvest by November 1, outlining the reasons for the funding request and detailing associated costs.

The council noted that if approved, this funding could cover essential expenses, including permanent piping, pumps, and consulting fees. The plan is to capitalize these costs over the loan's duration, integrating them into the city's financial framework.

While the council expressed optimism about securing the necessary funds, they acknowledged the urgency of the situation, emphasizing the need to act quickly before the holiday season and hunting season begin. This meeting underscored the city's proactive approach to managing infrastructure challenges while navigating funding complexities.

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