Lansdale 2010 Bond Depleted, $10M 2012 Bond Might Be Used for Infrastructure Upgrades

A $9.4 million 2010 general obligation bond has been depleted and now a $10 million 2012 general obligation bond might be tapped into for future infrastructure improvements in Lansdale, as reported by borough finance director Brian Shapiro earlier this month.
"We have exhausted all funds of the 2010 bond for our investment list and capital plan, which is a good thing," Shapiro told the administration and finance committee. "Obviously, we have to spend that money within three years of that issuing statement or else we get penalties."
Lansdale Borough Council will vote on using the 2012 bond or the capital reserves for future "Big C" capital improvement needs.
"What makes up a bulk of the capital reserves is, we did receive $7 million from Merck--which represents EDU tapping fees, which are required by ordinance for future upgrades and infrastructure improvements and that's the purpose of how they determine that calculation--and $8 million unrestricted from a Rate of Return fund," Shapiro said. "Again, that sole purpose of that investment fund were for capital upgrades to the borough."  
Borough Manager Timi Kirchner said those two fund sources are specifically for capital reserves, as enforced by council, and not reserve funds. They are to be used for infrastructure improvements, she said.
"Certainly, that is in keeping with the philosophy of council," she said. 
She said the borough has played "catch up" in infrastructure improvements in the last four years.
"It's important to keep that momentum going," she said. "This is infrastructure that constantly needs to be improved."
In November 2012, council approved a $10 million bond borrowing to fund long-term building and road repairs, among other infrastructure improvements. 
According to The Reporter, Lansdale Council had the option to borrow again in 2013.
Future infrastructure improvements planned in Lansdale include the municipal complex renovation and nearly $4 million in improvements to 311 W. Main St.