Saturday, July 12, 2014

Council seeks loan to aid budget

February 16. 2013 6:05PM
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FORTY FORT – Borough Council voted unanimously on Monday to apply for a loan to help with budget woes caused by the slow receipt of earned income tax dollars collected through the Centax/Don Wilkinson Agency.

The $256,000 anticipation note will be underwritten by Franklin Security at an interest rate of 1.79 percent with a six-month interest-only option, payable in one year and secured by grant money due the borough.

Council voted to empower the borough solicitor to seek all legal recourse to recoup all fees and interest associated with the note from Centax.

Numerous municipalities have encountered problems receiving revenue collected by Centax, which was hired by the county to comply with a state law mandating a single agency to collect all earned income taxes in the county.

Due to the borough's ongoing budgetary issues related to the tax-collection shortfall, council split 3-2 on a vote to pay current bills.

In other business:

• Council voted to advertise the flood plain ordinance in advance of its submission to the Federal Emergency Management Agency.

• Council also agreed to advertise its revised storm water management ordinance and to submit a memorandum of understanding to the Luzerne County Conservation District regarding the storm water law.

• Council voted unanimously to accept DeNaples Auto Parts bid of $500 to buy the borough's 1994 Chevy Blazer and to reject DeNaples' offer of $750 to purchase the borough's 1998 Chevy pickup truck.

Council stated it will seek other avenues to maximize the sale price of the aging truck.

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