Aston floats $12M bond; $7M for new fire station
By Loretta Rodgers, Times Correspondent
POSTED: 02/05/18, 10:19 PM EST | UPDATED: 2 HRS AGO 0 COMMENTS
ASTON >> Commissioners adopted an ordinance to float a bond in the amount of $12,250,000 for a host of capital improvements.
The improvements include $7 million for the construction of a new fire station, renovations to the township community center, a special needs playground, streetscaping on Concord and Pennell Roads, new municipal building and police station, security cameras, new software for code enforcement, new public works facility, a new sanitation truck, roundabout at Concord and Donnelly Roads, improvements to Newsome’s Pond, and a new sound system for the commissioner’s meeting room.
“All of these items average out to about $15 million,” said Commissioners President Jim Stigale. “These things are part of the township’s vision plan and we feel as though it is important to follow through with these projects and reinvest in our community.”
Stigale said in addition to the loan, which will be secured through the Delaware Valley Regional Finance Authority, administered by Calhoun Baker Inc., the township is also applying for grants.
Lucien Calhoun of Calhoun Baker Inc. was on-hand to explain the process.
Del Val was created in 1985 by Bucks, Chester, Delaware and Montgomery counties to provide loans to local governments in Pennsylvania. Loans are limited to funding “capital projects” as defined in the Local Government Unit Debt Act. DelVal does not originate loans for tax and revenue anticipation, industrial development, higher education facilities, or health care facilities. Each loan must be secured by the pledge of the full faith, credit and taxing power of a local government unit or a similar enforceable contractual agreement. Since 1985, DelVal has originated $3.15 billion of loans to 195 different local governments, including Aston Township in the past.
Stigale said the public will be informed of the interest rate, which is based on the market, at next month’s commissioners meeting, adding that the rate may not exceed 15 percent