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Morrisville council approves $1.625 million DelVal note to repave borough streets; vote 7–1
Summary
The borough approved a $1.625 million Delaware Valley Regional Financing Authority note to fund a 2025 road paving program, with council voting 7–1 after questions about fees, amortization and worst‑case interest rates.
Morrisville Borough Council voted 7–1 on April 15 to adopt an ordinance authorizing non‑electoral debt of $1,625,000 to finance a boroughwide road‑paving program in 2025.
The parameters ordinance presented by Jeffrey Calhoun of the Delaware Valley Regional Financing Authority (DelVal) authorizes the borough to execute loan documents, pledge full faith and credit, and file with the Pennsylvania Department of Community and Economic Development. Calhoun told council the ordinance uses a parameters approach with a 15 percent statutory maximum interest rate under the Pennsylvania Debt Act but that…
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