Cal bond savings to go for capital improvements
CALIFORNIA — California Borough Council will vote Thursday to issue a $25 million bond to refinance an old bond at a lower interest rate.
Last week, during a special meeting, council voted to use the estimated $700,000 savings from the refinancing for capital projects. Those projects could include building expansion, infrastructure improvements or road paving projects, according to council president Jon Bittner.
Bittner said the exact use of the money has not yet been determined.
“There is a time limit we have to expend the money. I think it’s as long as three years. In the next several months we’ll be looking into our options,” Bittner said.
Bittner said council has talked about possibly expanding the borough building, but never to the point of getting cost estimates.
“We’ve never even explored it,” Bittner said. “We would have to give it to an architect to design.”
Bittner said the building has a metal roof that is good for another 50 years, so expanding outward could be a better option than expanding upward.
Bittner said there are also no figures on road paving projects, which would depend on the roads to be paved.
“We do have some preliminary figures on expanding the infrastructure,” Bittner said.
Bittner said only four members were present at the special meeting Sept. 27: Anthony Mariscotti, Edwin “Chip” Glab, Ryan Encapera and himself. Bittner said the remaining council members had not voiced any objections to using the money for capital improvements.