DUBOIS – The second reading of Council Bill No. 1833, concerning the selling of bonds for the City of DuBois, was proceeded by news that all of the bond have been sold and more good news for the city.
Earlier discussions revolved around an interest rate of 5.35 percent and a locked in agreement of 10 years minimum for paying off the bonds. The city is now receiving a five year period before the bonds could be paid off, and an interest rate of 5.31 percent. At this interest rate DuBois will save $130,000 over the life of the loans, until 2034, should the city not pay the bonds off early.
The city also moved ahead on the H20 PA Grants for work on the Anderson Creek Dam project and Orange Alley-Parkway Drive sewer replacement project. The former will be 50 percent matching with a more favorable matching rate for the Anderson Creek Dam as it is high hazard dam.