$3.5M bond to go toward Pitcairn maintenance projects
The $3.5 million worth of bonds issued by Pitcairn last month could help to address crumbling bridges and a collapsing hillside in 2014, borough officials said.
The bond issue was done through Piper Jaffray, an investment bank and asset-management firm headquartered in Minneapolis.
The maintenance projects are long overdue, Pitcairn Council President John Prucnal said.
“It's always been Band-Aids that we've put on this stuff, for the last 20 years,” Prucnal said.
A list of maintenance projects in Pitcairn includes bridges on Third Street, Eleanor Street, Diamond Alley and Electric Alley, a portion of Center Road that winds uphill toward the borough building and a culvert near Hillside Avenue, borough manager Malisa Migliori said.
The borough already received $200,000 from the Redevelopment Authority of Allegheny County earlier this year, which could be combined with bond money to help repair the bridges, Migliori said.
The borough could begin repaying the loan as early as next year and likely will make payments for the next 30 years, Migliori said Monday.
Borough engineers will prioritize 2014 maintenance projects, while bond money being saved for later projects will be moved to a separate savings account where it will accrue interest for the municipality, officials said.
Kyle Lawson is a staff writer for Trib Total Media. He can be reached at 412-856-7400, ext. 8755, or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.