Monday, March 11, 2013
Last month, the township's bond underwriters sold $8 million in bonds, in order to fund the construction of a recreation community center and refund a portion of a $5.5 million 2012 bond.
Montgomery Township last month has increased its indebtedness by $8,745,000 through the sale of bonds that will be applied to the construction of a recreation community center and the refunding of a $5.5 million bond from 2012. Finance Director Shannon Drosnock said the increase of indebtedness of Montgomery Township could not exceed $10 million through a 2013 bond offering. "Proceeds of this bond offering will be used for two principal purposes: finance certain capital improvement projets in the township, including the design, construction and equipping of a recreation community center, and to refund a portion of the township's general obligation note series 2012," she said. That 2012 general obligation bond totaled $5.5 million, of which…
Thursday, January 31, 2013
Montgomery Township also boosted its bond rating to AA+, which allows it to borrow a $10 million bond to help fund construction of a proposed community center
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Thursday, January 31
Montgomery Township Solicitor Frank Bartle informed the public Monday that — while it has been a suggestion at the behest of few residents — a referendum on the November 2013 ballot on whether a township community center should be built is not possible, according to The Reporter. Bartle told the public Monday that a binding referendum must be laid out by statute, which indicated “what matters need to be by binding referendum.” “This is not one of those matters,” Bartle said in the article by Dan Sokil. A public library question was the issue of a previous referendum vote, but that was subject to a referendum by state law. The potential community center is not an issue subject to a referendum by state law, according to the article. …
Tuesday, December 4, 2012
Council voted last week 8-0-1 to borrow $10 million to help fund $20 million in proposed infrastructure repairs. Interest rates are at a 47-year low, according to asset management firm Boenning & Scattergood
Lansdale Borough is going to do business like it’s 1965. Last week, council voted 8-0-1 to approve the borrowing of a $10 million bond at an initial interest rate of .75 percent — a historic rate that hasn’t been seen in 47 years. The bond will be put toward the funding of $20 million in capital infrastructure and building repairs and refurbishments. The balance of the capital reserve funds in 2013 is proposed at $10.9 million; this amount is after a $2 million transfer to the general fund reserve balance, and $11.5 million in investments paid or to be paid. The debt service in Lansdale at present stands at $1.6 million, or 5 percent of the entire proposed 2013 budget. “The debt service will never go over that $2 million threshold,” said …
John Q Public
11:54 am on Thursday, January 31, 2013
Montgomery township will get to compete with the Community Center in Lansdale, which is also in trouble. They are the same distance for me. Montgomery Township does not even have a leaf and chip recycling center, while encouraging the proliferation of trees. Many more people in this community have trees than the need for a public space. When do these people come up for re-election? more ›