With enticement, encouragement and cooperation of 3 local banks,
1st Summit and
First National, the Borough has embarked on a plan to combine cash in accounts to consolidate and pay off our higher interest dam debt and pay down others. Our residual debt should be around $2M, a far cry from where we thought we could be and from where we started.
The resulting interest payments will be less than half what we have been paying and budgeting. This should make possible paying the debt down completely in a few years, or continuing to lower taxes further and giving current taxpayers a bit more of a break, or maybe a little of both. The picture and strategy will be far clearer later in the Summer and into next year's budgeting cycle beginning in October.
Our sincerest thanks to
FNB, and to Council members, past and present, for putting us in this enviable position.