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Monroeville hears primer on municipal borrowing as public-works project nears decision
Summary
Raymond James delivered a brief primer to Monroeville Council on debt options, credit ratings and borrowing capacity as the borough prepares decisions on a planned Public Works building and a five-year capital program.
Monroeville Borough Council received a presentation Tuesday from Mike McKay, managing director of public finance at Raymond James, introducing options for borrowing to finance upcoming capital projects including a planned Public Works building.
McKay told council, "It's a loan. It's a debt," and explained the practical differences between bank loans and municipal bond issues, while noting the borough's strong credit standing. "Monroeville has the ability to borrow in excess of a hundred million dollars according to the state," he said, summarizing a state borrowing-base calculation he described in the briefing.
Why it matters: Council is preparing a five-year…
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