Elizabeth OKs 10-year loan
By CHRISTINE HAINES
chaines@yourmvi.com
Elizabeth borough, which paid off its 2019 tax anticipation note last week, took action Thursday that could mean not needing a TAN for the next 10 years, but that’s just a side benefit, according to borough officials.
The borough council met in special session Thursday and unanimously approved a 10-year, $350,000 loan through Farmers Bank at a rate of 3.97%. That rate is slightly lower than the rate the borough has been paying for the TAN.
More importantly, the loan will make it possible for the borough to pay off vehicles in order to sell them as well as providing the capital to purchase a new front-end loader and other needed vehicles and equipment.
“There are things we need, like a vehicle for the streets, that we can get now at a lower interest rate,” said council President Paul Shaner.
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