Lansdale May Borrow Additional $10M in Bonds
The 2010 Lansdale Borough General Obligation Bond is down to about $3.1 million of its original $18 million. In order to fund some $11.5 million in capital projects, administration and finance recommends more borrowing at record rates
With the original $18 million 2010 General Obligation Bond down to about $3.1 million, Lansdale Borough Administration and Finance Committee has recommended an additional $10 million in bank-qualified borrowing to cover $11.5 million in infrastructure improvements. Committee Chairman Dan Dunigan informed council this month that a vote would be coming in December on the proposed borrowing. The committee was working on advice from the bond counsel and financial advisor of Boenning & Scattergood. Dunigan said the original $18 million included $9 million in refinancing and $9 million in new funds. "We have on our list about $11.5 million in capital projects to be done or that will be done shortly. We have roughly $10 million of available funds…
