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Saint Marys approves Infrastructure Bank loan to support road maintenance
Summary
The council approved a Pennsylvania Infrastructure Bank loan intended to provide revolving capital for street resurfacing and road repairs, amid council concern about rising interest rates and how the funds will be used.
The Saint Marys City Council approved a resolution authorizing the city to enter a loan agreement with the Pennsylvania Infrastructure Bank to provide revolving capital for roadway maintenance and resurfacing.
City staff told the council the loan is used periodically to create a pool of funds for roadway projects and to bridge funding gaps in multi-year paving rotations. Staff said the loan proceeds are placed in a separated account…
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