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Firehouse loan payment to rise as interest forgiveness ends, officials say
Summary
Council heard that the five-year interest-rate forgiveness on the firehouse loan is ending; annual payment will increase and officials discussed options including renegotiation and North Londonderry paying its share.
Borough officials told council that the five-year interest-rate forgiveness on the loan for the new firehouse has ended and the scheduled payment will revert to the original amortization, significantly increasing the borough’s annual debt service. Roger, the borough representative for public-safety finance matters, said the borough has paid about $75,000 on the loan…
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