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    Home News Bradford City Council looks to refinance bond
    Bradford City Council looks to refinance bond
    Local News, News
    November 9, 2016

    Bradford City Council looks to refinance bond

    Bradford City Council passed on first reading the refinancing of the 2012 general obligation bond.

    The ordinance related to the refinancing was only just introduced Tuesday and must be passed a second time before being enacted.

    “It’s going to save the city some money,” said City Administrator Teri Cannon.

    Councilman Fred Proper explained after the ordinance reading — which authorized “an increase in the non-electoral debt of the City of Bradford, McKean County, Pennsylvania by authorizing and approving the issuance and sale of $4,755,000 general obligation bonds” — was “not new debt for the city” but rather the city’s equivalent of “refinancing our mortgage.” The move, which will include a lower interest rate, is expected to save “a substantial amount of money over the course of this bond issue,” he explained.

    Council also introduced and passed on first reading updates to a zoning ordinance related to floodplain management. The ordinance sets forth guidelines for entities who must obtain a permit before starting construction or development in floodplain areas.

    Cannon said the floodplain ordinance is expected to become effective in December after the second reading — and final vote by council — is complete. She confirmed that she has a set of maps related to the ordinance, too.

    Keeping up with the floodplain ordinance is important for anyone who is required to get flood insurance, and the city can face other penalties, too, if the requirements are not met, according to Cannon.

    The full text of both proposed ordinances is available by talking to executive secretary Elaina Lucco, Mayor Tom Riel noted.

    Meanwhile, Sara Andrews, executive director of the Office of Economic and Community Development, said she is still awaiting the return of most of the family income surveys mailed out recently.

    The surveys will help determine how Community Development Block Grant (CDBG) funding is spent, she explained.

    “Everything is kept confidential,” Andrews added after the meeting. “I really appreciate this help and participation by returning the survey,” she said, noting the information will be used for community projects.

    The surveys were given a due date of Friday. For surveys that aren’t returned, students from the University of Pittsburgh at Bradford will go door to door inquiring about them. Andrews noted the students “will have proper identification.”

    Andrews said about 50 more of the surveys will be sent to 50 more random households, as about that many from the first batch returned because they were sent to vacant lots.

    Council approved resolutions related to improvement projects by the OECD.

    Officials voted to start soliciting engineering design proposals for streetscape improvements to the downtown business district, an area that includes Main, Congress and Pine streets and Veterans Square. Funding will come from an ARC Grant and local sources.

    The OECD has also received approval to submit a grant application to the Pennsylvania Office of the Budget to receive a $1,750,000 Redevelopment Assistance Capital Program Grant for the Bradford Historic Streetscape project. Gov. Tom Wolf has authorized the grant, but city officials must submit the application in order to receive it.

    Another project of the OECD, the South Davis Street Gateway Improvement Project, was given the greenlight to have construction inspection services performed by the EADS Group. The cost of the services — an amount not to exceed $53,610.32 — will be paid for through a $464,000 federal Transportation Alternative grant the city secured for the project.

    Related to the 2017 budget process, council approved the preparation of documents for 2017 tax anticipation borrowing of $750,000.

    Also at the meeting, council appointed Terry Fuqua and Kolin Strawcutter as full-time probationary police officers.

    Chief Chris Lucco noted there is not an increase in the number of officers; the city is simply filling in two vacancies left by two officers who recently resigned.

    Also regarding the police department, council accepted a quote of $15,725 from Markl Supply Co. to purchase protective vests for officers. Private donations funded a portion of the vests.

    Riel said council held an executive session prior to the regular meeting for personnell reasons and added the session would continue after the regular meeting.

    Tags:

    council funding official ordinance refinancing sara andrews tom riel
    RUTH BOGDAN Era Reporter r.bogdan@bradfordera.com

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