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Sewer Authority approves S&T Bank loan pursuit and adopts resolution for township bridge loan up to $1.2M
Summary
The board authorized moving forward with a $1.25 million tax-exempt S&T Bank loan at a 5.58% fixed rate and adopted a resolution authorizing acceptance of a township bridge loan up to $1.2 million to cover timing gaps if bank proceeds are delayed.
The Paradise Township Sewer Authority on Feb. 3 authorized pursuing a $1.25 million tax-exempt, 10-year fixed-rate loan from S&T Bank and adopted a resolution authorizing a township-provided bridge loan of up to $1.2 million as a contingency if bank proceeds are not available in time to make payments.
The board reviewed an updated financing memo from Raymond James describing the proposed S&T Bank loan: $1.25 million, tax-exempt, 10-year fixed rate of 5.58 percent, intended to complete capital projects. Following the presentation, Dave Bowman moved and J.B. Stoltzfus seconded a motion to move forward with the S&T Bank loan; the motion carried unanimously.
The board then discussed a township bridge loan that would be used only if the Authority did not have bank loan proceeds in time to make payments. The board adopted a resolution authorizing acceptance of a bridge loan from the Township up to $1.2 million (motion by J.B. Stoltzfus, seconded by Dave Bowman). The minutes record no additional terms for the bridge loan in this meeting.
Both financing actions were approved by unanimous vote of the members present.
