At last night’s Clymer borough council meeting, they took care of two projects. One of them concerned the borough’s water, and the other the borough’s streets…
Clymer council approved adopting an ordinance authorizing the municipal authority to incur debt for the water system improvement project. The municipal authority can borrow the money for the water system project, but the borough is required to guarantee it, meaning if the authority can’t pay, the borough would be on the hook.
The other motion last night: borrow $500,000 for ten years with annual payments to First National Bank of PA at a fixed interest rate of 3.17%, which was the lowest and most secure interest rate they could get when the loan was put out for bid. Rob Barto, acting borough manager, talked about the project’s details.
The yearly amount due for the borough will be $59,000 a year for ten years.
