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Five-year interest forgiveness ends; borough faces higher firehouse loan payment
Summary
The borough’s temporary interest-rate forgiveness on the firehouse loan expires this year, and payments will revert to a higher amortization schedule; council discussed options including renegotiation, a bond or North Londonderry paying its share.
Palmyra Borough officials were told the five-year interest-rate forgiveness on the new fire station loan has ended and the borough will revert to its original amortization schedule, increasing annual payments.
Staff said the borough has paid about $75,000 on the loan during the forgiveness period but that the annual payment will rise to…
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