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Columbia council adopts ordinance authorizing $5.03 million BIOS loan; repayment schedule based on sale assumptions
Summary
Council voted to adopt Ordinance 9-62 to enable borrowing under the borough's BIOS funding package. Solicitor staff said state debt-law procedures required a formal amortization schedule, so the ordinance assumes phased repayment tied to future property sales.
Columbia Borough Council on July 15 adopted Ordinance 9-62 to authorize a $5,028,030 loan portion of the borough's BIOS funding package and to comply with state debt-proceeding requirements.
The ordinance, approved by a motion from Councilperson Stahl and seconded by Councilperson Fisher, passed with the council voting in favor; the mayor will sign the ordinance on Monday. Legal staff explained the ordinance had to include a formal repayment schedule to satisfy state review even though council's intent is to repay most or all of the loan from project proceeds or property sales.
Evan, a staff member who presented the ordinance language, said, "anytime the borough…
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