Limiting speed on East High Street also is on the agenda.
SANATOGA PA – Like parents who co-sign for a loan to help their son or daughter buy a car, the Lower Pottsgrove (PA) Township Board of Commissioners tonight (Thursday, Feb. 17, 2011) is scheduled to consider an ordinance that would put the municipality’s full faith and credit behind a multi-million dollar bond issue of the township Sewer Authority.
It’s no flashy four-wheeler the authority covets. Instead, it plans to invest about $4.7 million in improvements for Lower Pottsgrove’s connection to the borough of Pottstown water treatment plant. The remainder of what was discussed during October (2010) as a $13.76 million bond release is intended to refinance $9 million in debt the authority already owes.
Possible approval of the ordinance is on the agenda for the board’s second meeting of February, to be held beginning at 7 p.m. in the municipal building, 2199 Buchert Rd., Pottstown PA. It is open to the public. A copy of the agenda is available for download from the township website, here.
Authority members chose to refinance existing debt because it will cost less, thanks to interest rates that have been reduced as a result of the weakened economy. The improvements address state demands to fix problems with the sewer system, as well as prepare the township for what is expected to be continued commercial growth surrounding the Sanatoga interchange of U.S. Route 422.
Installation of a new sewer force main, paid for by the bond sale, is already under way.
Bond buyers are happy to hand the authority their cash, so long as their earn a reasonable return on their investment – it was estimated late last year to be about 3.5 percent – and commissioners guarantee the township will repay the loan if the authority defaults.
Also on tonight’s agenda:
- A public hearing on, and possible approval of, the transfer of a liquor license from an East Norriton PA holder to the Sunnybrook Foundation for use at Sunnybrook Ballroom;
- Discussion of vehicle speed limits on a portion of East High Street; and
- Potential approval of bids for renovations to the municipal building.
Related (to the Lower Pottsgrove Board of Commissioners’ Feb. 17 meeting):
Photo from About.com
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[...] Lower Pottsgrove A Likely Co-Signer For Sewer Loans Lower Pottsgrove commissioners tonight are expected to use the township’s good credit rating to guarantee repayment of millions of dollars in bonds sold by the Sewer Authority. [...]