AVALON – Avalon Borough Council introduced two bond ordinances April 26.
One ordinance called for appropriating $5.1 million and a maximum of $4 million in bonds or notes for general borough capital improvements. The other was specific to the self-financing water and sewer utility, appropriating $3.2 million for water and sewer projects.
After a multi-year effort to rid the borough of long-term debt obligations, the borough is again turning to the strategy of higher than required downpayments and the use of one-year bond anticipation notes.
Business Administrator Scott Wahl told the public that the borough’s approach of “pay as you go capital improvements” has placed the municipality in a “very strong financial position.”
Chief Financial Officer James Craft said that all projects would exceed the required 5% down payment, with almost all at 20%.
