Marple may borrow $4 million for capital improvements

Marple may borrow $4 million for capital improvements
Marple Township Commissioners recently approved exploring borrowing options to fund approximately $4 million in proposed capital improvement projects and purchases. The list includes LED street lights ($1.1 million); renovations to the Paxon Hollow Country Club façade, roof, HVAC system and kitchen ($1 million); exterior construction and site work for the new police station ($650,000); demolition of the current police station ($60,000); public works department vehicles ($530,000); a contribution to the Broomall Fire Co. to purchase a new truck ($400,000); road repaving ($125,000); township building audio-visual and security systems ($75,000); and replacing the public works garage roof ($60,000). Interest rates are extremely low and the township could choose to borrow the needed funds through a bank loan or bond issue, said Chris Bamber, of Public Financial Management. The former would be subject to a rate reset, such as 2.45 percent for the first 10 years and a cap rate of 4.75 percent, while the latter would have a fixed rate for the life of the bond. A bank loan would require proceeding through the RFP process, with a possible total cost of $4.05 million, while the estimated cost of the bond could be $4.1 million, he added. Bamber and bond counsel Marc Stein will review the options and return to the board in May to present the possible borrowing choices and possibly receive authorization to proceed. Settlement on a bank loan could be completed as early as June; a bond would require an additional 30 days.
Source: Daily Times; 4/16/2016
Steve Sisman
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