Millvale Council approves $2.0 million in loan commitments from First National Bank
Summary
On April 14, Millvale Borough Council approved two Loan Commitment Letters from First National Bank — $1.55 million and $450,000 — in motions that passed unanimously, authorizing borough financing expected to support upcoming capital needs. Both motions were added to the agenda and approved 5-0.
Millvale Borough Council voted April 14 to approve two Loan Commitment Letters from First National Bank, totaling $2.0 million. The council approved a $1.55 million commitment and a separate $450,000 commitment after amending the agenda to include both items.
Council President James Machajewski presided as the motions were introduced and carried unanimously. "Motion by Mrs. Rudar, second by Mr. Stout, to approve Loan Commitment Letter of First National Bank in the amount of $1.55 Million dollars," the record shows, and the second loan was recorded similarly: "Motion by Mr. Stout, second by Ms. Mason, to approve Loan Commitment Letter of First National Bank in the amount of $450,000.00. Motion carried 5-0." The amendments to add the loan items to the published agenda were recommended by Solicitor Jack Cambest and approved earlier in the meeting.
Council did not specify in the public minutes the projects or line-item budget lines these commitments will underwrite; no amendment text or repayment terms were provided in the minutes. The motions carried by a 5-0 vote of the five members present. The council noted the items were added to the agenda during the workshop review and will be reflected in forthcoming meeting materials.
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