Penn Township officials consider borrowing up to $5M
Penn Township commissioners might borrow as much as $5 million to help repave and improve the worst roads in the township.
Commissioners on Monday authorized finance manager Linda Iams to seek potential financing from banks or state-government programs for road work.
“Go find us some money,” Commissioner Paul Wersing told her after the vote.
Officials have acknowledged for a while that the township has fallen behind on maintenance of roads throughout the municipality. In December 2012, the commissioners' decision to impose a new fire tax was couched as a way to set aside a dedicated funding source for the volunteer fire companies and enable the township to devote additional funding to road projects.
Commissioners are in the early stages of determining which roads will be targeted for work in the 2014 paving program and in the project covered by the loan. The length of the financing term, in part, will be affected by the interest rate.
The township's ability to repay the loan principal and interest with liquid-fuels funding from the state also will be a factor. Commissioner Ed Sullivan said a $5 million loan for 10 years might be too expensive for the township to repay but that a 20-year term could mean the township would be paying off the work longer than it will last.
Still, getting a loan would take “a big bite” out of the township's immediate paving needs, which would enable commissioners to spend less on maintenance of roads in subsequent years, Sullivan said.
Chris Foreman is a staff writer for Trib Total Media. He can be reached at 412-856-7400, ext. 8671, 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.
- In historic vote, Pa. Senate approves bill selling state liquor stores
- Halliburton closing Indiana County office
- Duquesne extensions contract of men’s basketball coach
- Oakland hotel deal could aid Pittsburgh Athletic Association
- Trump Plaza casino would stay closed for 10 years or more under plan
- Ferris wheel goes up to help get Regatta rolling
- Plum teacher’s lawyer says latest allegations don’t measure up
- Route 22 in Delmont open after tractor-trailer crash at cloverleaf
- Starkey: Cervelli’s inspiration
- Coroner: Police-involved shooting in Latrobe was justified
- One dead in Washington Township crash