Thursday, April 18, 2024
71.3 F

Northumberland looks to borrow for radio upgrade

HEATHSVILLE—With a price tag of roughly $4.5 million dollars, Northumberland supervisors on May 11 voted 5-0 to move forward with a non-binding agreement to pursue funding for an emergency radio upgrade while they continue to work on the upcoming fiscal year’s budget.

Kyle Laux, senior vice president with Davenport & Company, presented three financing options from a recent request for proposals (RFP). The recommended and chosen Bank of America option would finance $5 million over 12 years at a 3.1723% interest rate, costing the county an additional $508,000 every year, with $1.1 million in interest over the life of the loan. The board is expected to vote on final approval at the June 8 meeting and close on financing later that month.

In a related presentation, Laux highlighted the fiscal improvement….

There's more to this story...
Are you a subscriber? 

 Log in

Many more news articles, photos and ads are available only to those
subscribe to our printed newspaper or our online e-Edition.

Pick up a copy or Subscribe today!

Follow us on Social Media

Your Local Weather

broken clouds
71.3 ° F
73.2 °
68.7 °
66 %
75 %
76 °
63 °
64 °
61 °
54 °