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The county infrastructure bank will continue

April 17, 2019 Digital Media Exclusive

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FILE - Mark Gordon, the county director of planning and economic development, requesting the approval of an ordinance that would allow the county infrastructure bank to borrow up to $10 million to lend to municipalities for various infrastructure projects in October 2018.

The county infrastructure bank that was formed in 2017 and took flight last year will continue into 2020.

Mark Gordon, the county chief of economic development and planning, asked the county commissioners at their Wednesday meeting to approve a resolution allowing municipalities in the county to request funding from the infrastructure bank for water, sewer, transportation or other infrastructure projects they might be finding difficult to fund.

The infrastructure bank provided $8.5 million for four projects last year at a 1.5 percent interest rate and 10-year loan term in its initial round of funding. Wednesday's resolution, which was approved by the commissioners, allows a second round of funding.

The low-interest rates provided by the infrastructure bank affords townships, boroughs and Butler the opportunity to complete projects that would be otherwise unaffordable.

This is an excerpt — read the full article in Thursday's Butler Eagle for the commissioners' comments on the infrastructure bank.

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