South Waverly Borough Council adopts 2010 budget
Published: December 8, 2009
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share thisSOUTH WAVERLY - The South Waverly Borough Council adopted the 2010 budget, said good-bye to its current president and took steps towards the start of a road construction planned in the borough Monday at its regular meeting.
At the beginning of the meeting, David Talenti, vice president, presented outgoing president Roxanne Stevens-Testen with a plaque honoring her dedication and years of service to the council. Stevens-Testen failed to win re-election in the November municipal election.
The 2010 budget stands at approximately $460,000, around $366,000 of which will come from taxes, according to budget documents. The tax rate for 2010 will remain unchanged from last year, at 11.5 mils.
Jonathon Cox and Ben Reid, attorneys from the firm of Rhoads and Sinon, LLP, which is acting as bond counsel for a road improvement project in the borough, were present at the meeting to discuss the terms of financing for the project. The project will be financed through a maximum $1 million line of credit loan through First Citizens National Bank, Cox explained. The first year of the loan the borough will pay only the interest on the loan at a rate of 3.85 percent, Cox said, and the interest rate of the loan will reset every three years.
Council voted to adopt an ordinance authorizing and directing issuance of its general obligation note in the maximum principal amount of $1 million for the road project. The project will fund repaving projects on four roads in the borough: Loder Street, Fulton Street, Pennsylvania Avenue and South Street, Stevens-Testen has said.
Council also opened bids for the construction project, with the bid amounts as follows: Dalrymple Gravel and Contracting Company - $779,011.60; Calvin C. Cole - $907,878; Bothar Construction - $979,693.40; Douglas Brothers Paving - $899,899; W and D Smith and Sons Construction - $812,098.50. Council voted to accept the lowest responsible bid, contingent on a review of the bid by the borough's solicitor and engineer.
Construction on the project is expected to begin the spring, Stevens-Testen has said.
Brian Bishop can be reached at (570) 888-9652; or e-mail: bbishop@thedailyreview.com.
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