Upper Darby OKs $18M bond issue for public works

Monday night, Upper Darby council authorized $18 million in general obligation bonds at 5 percent to fund a variety of projects after a public hearing that drew no comments from residents. According to Finance Chairman Thomas Wagner the bonds would fund a five-year capital program from 2017 to 2021. the program would fund new street lights throughout the township, provide upgrades in township parks and new equipment and vehicles for the police department.

Scott Shearer, managing director of PFM Financial Advisors, announced the purchase of the bonds would have no impact on the 2017 budget. Mayor Thomas Micozzie thanked the Finance Department for the A-plus rating from Standard & Poor’s Rating Services. Continuing Mayor Micozzie stated that, “The stable outlook reflects our opinion of Upper Darby Township’s improved financial operations and position and its efforts to reachstructural balance,” the S & P report states. “We recognize that the township has taken corrective action in the form of levy increases and cost reductions to address some of its budgetary pressures.”

The Mayor also announced that the annual Christmas tree lighting and caroling for the community will be 6:15 p.m. Dec. 5 at the Tower Theater, 69th andLudlow streets, when Upper Darby School District students will perform. mayor-micozzie-2

 

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